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(16) Nonetheless, over 35% of wildfire victims are still waiting years later for their settlements and the vast majority have asked for reconsiderations, challenging the Trusts settlements as unfair and their claims as woefully under paid. We are looking for a Governor to vote for that can help us get "fair" compensation as promised by PGE bankruptcy Judge Dennis Montali. 141 0 obj <>/Filter/FlateDecode/ID[<5282CBEF541C3F44B3C7ABABD9F0131F><7AF137A6936E014296BF315C2A3AFEF3>]/Index[115 39]/Info 114 0 R/Length 117/Prev 236867/Root 116 0 R/Size 154/Type/XRef/W[1 3 1]>>stream After this sale, we now own about 21%. Quick and fair compensation rang through the courtroom and, at last, us victims felt financial retribution was finally on the way after waiting now 5, 3 and 2 years after our respective fires. Without all your input I have no idea how we could have recovered. Read the lettershere. The Tort Claimants Committee (or TCC) is designed to give the individuals and families most affected by the 2017 and 2018 fires an independent and official voice throughout the bankruptcy case. The number of claimants, variety of claims, quantity of claims, and size of the multi-billion dollar fund make this one of the largest and most complex mass tort settlements in California history. (14), The PGE Bankruptcy Court settlement, which Governor Newsom approved, favors and fully compensates everyone except the wildfire victims. But KQEDs review of documents identified more than half a dozen law firms and financial institutions that have profited from the Fire Victim Trust. If you suffered losses in the following or related fires, you may be entitled recover legal damages from PG&E: We invite North Bay and Butte County fire survivors to contact our office at any time to review your case and understand your legal options. VIDEO: Will new regulations do enough to keep homeowners from losing fire insurance? At this time, the court has not yet issued a claims Bar Date (the deadline for submitting claims), nor has the court approved an official claim form for wildfire losses. Please fix it. Retrieved June 5, 2022, from https://www.kqed.org/news/11891626/hedge-funds-cash-out-billions-in-pge-stock-fire-survivors-suffer-and-wait, (2) Trust Distributed $1.69B to PG&E California Fire Victims in 2021. SAN FRANCISCO (AP) A trust approved by a federal judge to help compensate victims of deadly California wildfires sparked by Pacific Gas & Electric equipment paid survivors just $7 million while racking up $51 million in overhead in its first year of operation, KQED News reported. CHP Responds To Fatal Rollover Crash On Hwy 128 In Napa County, Napa County Under Coastal Flood Advisory, Flood Watch, Wind Advisory, Most Napa County Government Offices Closed Martin Luther King Jr. Holiday. Trotter, who has faced increased criticism in the last six months, including a letter from the Butte County Board of Supervisors asking for more transparency, said at the end of his letter to victims that the decision to resign before the end of July was an effort to keep a promise to his family that he would retire after just two years on the job. {-k3}- &l=g`ns u' And, again, our deal was crafted by these players such that victims would receive a $13.5 billion dollar settlement, but half of that amount (i.e., $6.75 billion) was to be paid to the victims in PG&E stock, only to find out that when PG&E exited bankruptcy the victims stock was already over $1.5 billion underwater. Trotter pointed out that the insurance trust received $11 billion in cash to satisfy its claim of having to payout $16 billion to its insureds and for maintaining an additional $4 billion in reserve. We speak to claimants every day and know how hard this has been for everyone. Retrieved June 5, 2022, from https://www.insurancejournal.com/news/west/2022/05/06/666497.htm, (10) ALLYN, J. Furthermore, Gov. At the time of that delivery, the stock was trading at approximately $9 per share, he wrote. PGEs trust to pay wildfire victims is millions short; bill proposed would bail them out, but how? He said his rent is triple what he paid for his mortgage in Paradise. Newsom. 7305 to amend IRS Code of 1986 for certain fire survivors' claimants. After Getting Burned By Wall Street, California Fire Victims Fight To Reclaim Their Power. You brought an important and unique perspective to the hearing, that of homeowners themselves., Whenever I felt confused about any topic I first looked it up in the yellow book. (2022, May 6). Were making every effort to keep Fire Victims and their attorneys apprised of our progress each step of the way. North Bay Wildfires (includes 22 major fires), Cathy Yanni appointed Administrator of Wildfire Assistance Program, PG&E and Tort Claimants Committee reached $13.5 billion settlement, Hon. Retrieved June 5, 2022, from https://www.capradio.org/articles/2021/05/17/a-cascade-of-outrage-follows-investigation-into-pge-fire-victim-trust-expenses/, (5) California Legislative Information. And Trustee Trotter, in his not-so-infinite wisdom, has already sold 100 million shares of the victims PGE stock at $12.04 per share for a $212 million loss. Instead, all claims for fire-related damages will be incorporated into and resolved as part of the bankruptcy proceedings. 52. Who may act as Legal Representative for a Minor Claimant, and what Rather, each wildfire claimant (or unsecured creditor) must file a separate claim in the bankruptcy court to safeguard their right to compensation. PG&E was forced into bankruptcy after its equipment sparked the Camp Fire that killed at least 85 people and nearly wiped out the Northern California town of Paradise. My goal is to keep the cost of administration below or as close to 1% as possible, Trotter wrote of the Fire Victim Trust. Reach us by phone or through our brief online form at any time to discuss your claim. California established a $21 billion wildfire safety net for state utilities that PG&E can tap if it has over $1 billion of fire claims in a year. Under the terms of their bankruptcy, PG&E pledged to pay victims $13.5 billion in cash and expected stock sales. RELATED: Fire Victim Trust answers questions about $51 million spent as CA wildfire victims await payments. As of March 15, PG&E had paid out $3.04 billion in preliminary and pro-rata payments and awarded another $7.04 billion in determination notices. As part of the bankruptcy proceedings, the U.S. Governor Newsom. Gov. Your attorney will continue to represent you throughout the remainder of the proceedings until your case is resolved. Many, many thanks., The disaster recovery resources you provided helped many individuals and families., Certificate of Appreciation in recognition of your outstanding contributions to the Third Supervisorial District and the County of San Diego., (United Policyholders) provided helpful insights into the state of the current insurance market for earthquake, fire and flood coverage, and the critical rile insurance plays in the ability of our communities recover from such catastrophic events. PARADISE, Calif. - There is a new The material on this site is for informational purposes only and is not a substitute for legal advice. The Trust issues Determination Notices daily and issues payments twice a month. We are in good hands! The initial pro rata payment will be 30% of the total approved and accepted claim amount. Under the direction of the Trustee, the Honorable John K. Trotter (Ret.) PG&E declared bankruptcy in 2019 amid wildfire-related claims of $30 billion. Contacts For Fire Victims and Attorneys, Throwback OCP&R Tip: storms can cause power outages. And all of the victim attorneys (with just a couple of exceptions) said at the time that this was the best deal the victims could probably get, and if we rejected it, PG&E could file for Chapter 7 and we could lose almost everything and it could take years for that to happen. Today @GavinNewsom announced Nancy Ward as the next Director of Cal OES. Legislation could make PG&E settlement money for CA wildfire victims tax-free from the federal government, but the bill is stuck in Congress. "This trust was set up to help people get back on their feet and recover after a destructive fire. The attorneys representing wildfire claimants will work with financial experts to arrive at an aggregate estimation of claims, i.e., the total liability PG&E faces for all wildfire damages. Republican Assembly Leader James Gallagher (R-Yuba City) said there had been many challenges with the trusts administration. (18), (1) Jamali, L. J. 0 I believe that we needed an open line of communication with the trust which I did not get the feeling Justice Trotter supported that, but I do believe we have that going forward with Cathy Yanni.. He leaves his leadership at the Trust at the end of June 2022. "They have these enormous legal costs and theres not much to show for it.. Gavin Newsom and U.S. Bankruptcy Judge Dennis Montali and is being implemented. "I think scheduling for committee time, floor time," said LaMalfa. This increase was made possible by the Trusts recent sales of Pacific Gas & Electric stock. "Did they provide any explanation as to why it took them 5 months to get back to you," asked Woodrow? They were just asking legitimate questions on behalf of their constituents. That is stinging traders who bet the central bank would be forced to widen a 10-year government bonds trading band again, having expanded it to 0.50% from 0.25% in December under market pressure. The Claims Resolution Procedures approved in PG&Es bankruptcy cases require the Trust to issue a single Determination Notice that includes all claims in each Claims Questionnaire. ), Trustee of the Fire Victims Trust, announced in a letter to fire victims Tuesday that he will be retiring effective June 30. This creates a multi-step process under which if even one claim is missing information, the Trust must notify the Fire Victim (or their lawyer, if represented) and await supplemental documents before finalizing its review and issuing a Determination Notice. Our experienced mass tort attorneys provide consultations at no cost and with no obligation. The fund had been criticized by fire victims, who complained about slow processing times and administrative costs taken out of the settlement. opt-out claim, and issuance 90% of all Determination Notices. While you may submit a claim on your own, we highly recommend consulting an attorney before submitting a claim form and electing to represent yourself in a complex bankruptcy matter. Primarily, those debts and liabilities relate to wildfire claims. When recently challenged by a letter from the Butte County Board of Supervisor's who presented legitimate questions about the pace and process of the Trust's claims processing, the thin-skinned Trustee refused to respond to the Supervisors and called them "you people" "politicians" with "uninformed, slanderous conclusions". It is an important development for fire survivors, and I share the press releaseissued today for more details. Nine of the 10 biggest conflagrations in California since 1932 have occurred in the past decade, and PG&E told regulators that its equipment may be linked to the giant, currently raging Dixie Fire, too. Whether you are traveling, We support the Federal Insurance Office in their efforts to gather national data to get a clear picture of how insurers are adapting their operations in response to climate change, and how their actions are impacting property insurance affordability and availability across the nation.. In the aftermath of each fire, thousands of people sought refuge in their vehicles, emergency tent communities or FEMA camps. "I have heard from constituents across our community who are deeply, deeply concerned that they will face a tax burden upon receiving a payout from PG&E," Thompson said in a news release. The victims approval of the bankruptcy deal ($13.5 half in cash and half in PG&E stock) which by itself was unprecedented, that is, that victims would have to take a stock from its defendant for half of their settlement. An unidentified spokesman for the Fire Victim Trust told KQED the fund has now increased its payments to families, putting $195.2 million into the hands of those who lost loved ones, homes and businesses to fires caused by PG&E. He said the trust had begun to make partial payments to about 9,500 of the 67,170 victims. These include the more comprehensive data now available to the Trust as more and more fire victims claims are filed and analyzed.. The IRS letter echoed articles you have WebThe PGE 2020 Bankruptcy and PGE Fire Victim Trust PGE's bankruptcy workout plan to pay for victims' losses from the 2015, 2017 and 2018 Northern California wildfires was approved by California Gov. and Cathy Yanni appointed Trustee and Claims Administrator of the Fire Victim Trust (FVT), Bankruptcy Court confirmed PG&Es Chapter 11 Plan of Reorganization, FVT established and funded with $5.4 billion cash and PG&E stock, FVT began accepting claims information on FVT Portal, FVT began issuing Preliminary Payments to Fire Victims, Original Claims Questionnaire filing deadline (later extended to 2/26/21), $758 million cash payment received from PG&E, Claims Questionnaire filing deadline (extended from 12/31/20), FVT began issuing Pro Rata Payments to Fire Victims, $592 million cash payment received from PG&E, Cathy Yanni becomes Trustee of the Fire Victim Trust. Closing this discount would more than double its $18 billion market capitalization. Victims, however, have been waiting 4, 5 and 6 years for their compensation which, when it comes to the lucky few, is pennies on the dollar. If you have previously retained an attorney for your wildfire claim, you do not need to take any further action. The Tort Claimants Committee (or TCC) is designed to give the individuals and families most affected by the 2017 and 2018 fires an independent and official voice throughout the bankruptcy case. The industry leader for online information for tax, accounting and finance professionals. (2019, July 12). He (and now Ms. Yanni) has complete discretion over when and how much to sell the victims PGE shares. It was done on our dime before being done by the attorneys before the trust was established., We recognize that because of PG&Es bankruptcy, the fire victims have been waiting a long time for compensation, Trotter said in a statement. They need help now: In Gold Country, PG&E fire victims have waited 6 years for payment. ABC7News. Retrieved June 5, 2022, from https://abc7news.com/pg-e-fire-victims-victim-trust-fund-ca-wildfire-not-paid-taxpayer/11593929/, (7) Jamali, L. J. Here we are devastated by our losses, wondering how we could ever recover, and our attorneys are saying this settlement offer is our only hope. More information about the PG&E bankruptcy is provided below. All such claims must still be filed on an individual basis. "It shouldn't be a taxable event upon them because they're victims of fire," said California Congressman Doug LaMalfa. And, Trustee Trotter, 86 when he was appointed by Judge Montali is now 88 draws a salary of $125,000 per month as the Trustee. KQED. Wildfire victims do not lose their right to compensation because of the bankruptcy and should consult an attorney about preparing a claim. Every day we are forced to hold the stock, leads to more costs and more taken away from victims, for sure, said Will Abrams, who lost his home in the 2017 Tubbs fire in Santa Rosa. According to claims data as of September 30th from the Fire Victim Trust, nearly half of the close to 70-thousand claimants are still waiting to receive a 45% partial payment from the trust. 1 Sansome Street, Ste 2830 By filing for Chapter 11, PG&E will be allowed to continue its business operations while restructuring its debts and resolving liabilities. Editing by John Foley and Marjorie Backman, Bond spat is odd look for Melrose deal machine, Lufthansa offers Alitalia heir last chance to fly, Chinas demographic decline can be boon, not doom, Bank of Japan has learnt danger of half-measures, Just Eat delivers right takeaway orders, finally, See here for a complete list of exchanges and delays. So, if you receive $100,000 and give 25% to your attorney, you are still taxed on the full $100,000. These preliminary payments, which have totaled $79 million to date, will continue to be made on an ongoing basis. And Gov. Thank you @GavinNewsom for the appointment of #NancyWard. [1/2]A PG&E tracks passes the line of the Dixie Fire near Taylorsville, California, August 10, 2021. Her office says it's currently in the Finance Committee. The Un-Trustworthy PG&E Fire Victim Trust (PVT). (12) The victims' owned about 24% of the stock in PGE. That price created a shortfall of approximately $2.4 billion less than expected, and it has lingered between $10 and $12 and closed at $9.78 as of Friday, June 17, 2022.. (2), This petition also addresses the actions that embellished and continue to embellish these legal, financial, and government entities and politicians who benefited and continue to benefit from wildfire victims disaster recovery. Trustee appointed 11 fire victims to serve on an official committee of tort claimants. As part of the bankruptcy proceedings, the U.S. The investigation by KQED found that in its first year of operation, the trust spent nearly 90% of its funds on overhead while fire victims, many of whom lost their homes, waited for reimbursement. In addition to the program statistics below, you can access Trust information using the Information and FAQs menu tabs above. SAN FRANCISCO (AP) A trust approved by a federal judge to help compensate victims of deadly California wildfires sparked by Pacific Gas & Electric equipment paid But if the toll from fires exceeds whats in that pot, PG&Es solvency might even be at risk. Prior to this months sales, the FVT had sold 230 million shares across five sales Jan 31, 2022 (40 MM shares); April 14 (60 MM shares); Oct 4 (35 MM shares); Oct 27 (35 MM shares); Dec 12 (60 MM shares). Most of the PG&E fire lawsuits are contingent fee lawsuits which means that the attorney fees cannot be excluded from the gross award ( Comm v Banks ). Landslide Debris Cancels ACE Train Service Through Niles Canyon, Water Agencies Seek Solution to Unhoused Residents Living in Creek Beds, Man Accused in Wife's Murder Made Shocking Google Searches in Days After Her Disappearance, Michigan Family Gets Life in Prison for Killing Family Dollar Guard Over Face Mask Dispute, SF Residents Give City Officials Earful About Increase in Crime, Decrease in Quality of Life, Rain Wednesday Will Add to Historic Wet Period in Bay Area. On January 9 and 10, 2023, FVT sold 60 million shares of PG&E stock. Never pay out-of-pocket fees or expenses. Turns out were still getting soaked while the lawyers, insurance companies, cities and counties, Hedge Funds and Trust fund managers were and continue to be paid in full. Check out Bay Area safety tracker, Bay Area Life; Sundays at 6:30 p.m. on ABC7, Fire Victim Trust answers questions about $51 million spent as CA wildfire victims await payments. Thats why theyre called trusts., Visalia Times-Delta | Tulare Advance Register, Just hours before the Idaho murders, another grisly scene unfolded outside Bryan Kohberger's window, Polar bear kills woman, boy in remote Alaska village, Hawaii fisherman overboard, missing after hooking large ahi, Reality TV star Julie Chrisley reassigned from Florida prison to federal medical center, The rich and powerful flocked to Davos via private jet to discuss climate change, study finds, How a comedian and Air Force spouse are helping feed military families, How to make cheeseburger dumplings with the Dumpling Mafia, JetBlue plane bumps into another aircraft in JFK Airport's gate area. The House and Senate will be in session in mid-November. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. "It was really disappointing that many members of Congress signed a letter asking for clarification and they took five months fooling around getting back to us," said LaMalfa. @TheDaraKam is back in the Terracotta Room talking about property insurance, this week with consumer advocate Amy Bach, executive director of @UPHelp He pointed out that more than 85% of the victims voted for the plan, and on July 1, 2020, when the utility emerged from bankruptcy, paid $6.75 billion in cash and delivered 478 million shares of PG&E stock to the trust. Https://Inthesetimes.Com/Article/California-Fire-Victims-Awaiting-Payment-from-Utility-Company Retrieved June 5, 2022, from https://inthesetimes.com/article/california-fire-victims-awaiting-payment-from-utility-company, (11) Morris, J. M. (2021, August 23). All local city and county governments, large financial Hedge Funds that were investors in PGE, PGE and its attorneys, and the victims lawyers are and have been paid in full and quickly from the PGE bankruptcy $55 billion dollar settlement. Newsom, you approved this bankruptcy plan and you have the authority and resources at your disposal to correct the inequities to victims created by this plan. Opinions expressed are those of the author. Newsom and the California State Legislature enacted Senate Bill AB 1054 which provides full (100%) compensation for future wildfire victims after July 2019, but does not cover the 2015, 2017, and 2018 wildfire victims whose plight spawned the legislation and who are currently being paid about 60% of their bona fide claims losses and Trustee John Trotter is only paying 45% of the 60%. Congressman LaMalfa says the IRS took 5 months to get back to lawmakers about how fire victims who received PG&E settlement money should file their taxes so they wouldn't overpay or underpay and be facing penalties or fines. Trotter, a retired California Appeals Court judge, charges $1,500 an hour, according to court filings, while claims administrator Cathy Yanni bills $1,250 an hour. As part of a settlement, the Fire Victim Trust received half of an expected $13.5 billion payout in stock and the rest in cash. The Fire Victim Trust was set up to compensate 67,000 victims as part of a bankruptcy settlement. The court-ordered trust of over $13 billion was established for survivors of devastating Northern California wildfires including the 2015 Butte Fire, the 2017 North Bay We never share your information with third parties. Today, the Fire Victim Trust holds almost a quarter of PG&E shares. All Rights Reserved. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. On November 14, 2022, the Trust sent letters in support of H.R. Fire Victim Trust Trustee Trotter announces his, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Fire Victim Trust Trustee Trotter announces his retirement, Enforcement at Teichert Ponds appears delayed, CUSD board set to meet, discuss 2023-24 state budget update, Enloe Medical Center named one of the countrys best hospitals, La Salles closes its doors in downtown Chico, 49ers-Cowboys: Tale of the tape for Sundays NFL playoff rematch, Letter: A call for hunters to help with water, Eco studies innovation earns honors for Chico State, 'Pokemon Scarlet and Violet' move the series forward but at a price | Video Game Odyssey, University leaders admit to misstep in Islamophobia controversy as adjunct professor files lawsuit, Winter storm warning issued for metro Denver, northeast plains ahead of significant storm, The Embrace Martin Luther King Jr. Boston memorial causes a stir, Duluth Boy Scout has slept outside for 1,000 days and counting, NYPD captain forced out after collecting about $60K for hours he never worked, Do Not Sell/Share My Personal Information. Assembly Bill No. . Legislators have presented a bipartisan bill that would exempt federal taxes on the money survivors get from the Wildfire Victim Trust Fund. Justice John K. Trotter (Ret. (2021, June 25). Instead he chose to take a huge loss for us. The shares have lost 15% of their value in a month. Read the press release here. Attorneys will begin working with the administrator of the trust to fairly allocate the funds amongst the individual wildfire claimants according to the facts of each case and the unique damages sustained. KQED analyzed federal bankruptcy court filings, court transcripts and correspondence between victims and staff of the Fire Victim Trust. A total of 71,394 Fire Victims filed claims by the February 26, 2021, deadline. Director Ward is one of the nations foremost emergency managers with broad experience working at @DHSgov @fema @FEMARegion9 as well as Cal OES. For many Fire Victims, the pro rata payment will not mark the first time they have received compensation from the FVT. Read the responses here. These individual victims should not be left to fend for themselves in a creditor class outnumbered by sophisticated and deep-pocketed financial institutions and insurance companies.. A 15% increase was tacked on to the 30% pro-rata payments most claimants have already seen, meaning fire victims should have received 45% of their full approved claim. (4), And the legions of lawyers and consultants from the Greenberg law firm in North Carolina (who Trustee Trotter hired) are surely making handsome consulting fees, though the Trustee keeps these fees close to his chest wonder why? Scott McNutt, a former California State Bar governor and veteran bankruptcy attorney, told KQED the amounts charged are excessive for the meager results obtained so far and that the trust has been completely non-transparent about what its doing for this money., One of the hallmarks of the bankruptcy process is transparency, he said. Newsom put his imprimatur on this deal and soon thereafter gave PG&E a safety regulation pass so they could exit the bankruptcy process and continue to operate with business as usual, that is, with little ongoing responsibility for making major wildfire mitigation efforts to their electric service lines and a backstop of California tax payers funds to payoff their next victims at 100% of their losses. Well, when the Trusts oversight committee is a group of nine of the victims attorneys, who, as mentioned, promoted the PGE bankruptcy settlement and were eager to get their fees paid, why not turn a blind eye toward the excessive fees and salaries for the Trustee and his managers and consultants.
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