These preliminary payments, which have totaled $79 million to date, will continue to be made on an ongoing basis. Broadly, the process involves the following steps: With support from the Governors office and the California legislature, PG&E is expected to emerge from bankruptcy under a reorganization plan in secure (or investable) financial condition. 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. 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. He said that they ended up hiring 500 people along with a processing firm BrownGreer that was in charge of receiving, reviewing, and valuing the claims. Read Assembly Bill No. The trust, which he took over two years ago, was funded with $13.5 billion, half in cash and half in the PG&E common stock. After Appeal (or any earlier point at which the Fire Victim accepts their determination), the determination becomes final, and the claims move into the payment process. 10/31/22 . 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, (4) Jamali, L. J. San Francisco, CA Cathy Yanni, Trustee of the Fire Victim Trust (FVT), announced a pro rata payment increase from 45 percent to 60 percent effective January 31, He noted that the bankruptcy court created two pots of money, one for the insurance companies and another for fire victims, including federal and state agency claimants. 7305 to amend IRS Code of 1986 for certain fire survivors' claimants. (8), In fact, the funds earmarked for wildfire disaster victims have first, quickly and more than fairly gone to the unwieldy and ineffectively operated PG&E Fire Victim Trust bureaucracy, (with excessive fees paid to the Trust managers and consultants); to the insurance companies that received full reimbursement of their homeowner insurance subrogation claim payments, and; complete payouts and large stock bonuses to the Hedge Funds for accepting the bad (half-stock) deal they all agreed to offer to the wildfire victims. This petition requests that Gov. More fires are a virtual certainty. 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. 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. In a letter to fire victims in April, fund trustee John Trotter said it had retained Richmond, Virginia-based BrownGreer to process claims and that the firm has 300 staff members committed to this project, including attorneys, project managers, analysts, claim reviewers, and software developers.". As of a week ago, the trustee had paid $4.05 billion to more than 46,000 victims. Fire Victims may accept this initial determination or may request additional review and submit supplemental claim materials as part of the Reconsideration and Appeals processes. Apparently, no one can stop Trustee Trotter from selling victims shares at a loss. %PDF-1.6 % My goal is to keep the cost of administration below or as close to 1% as possible, Trotter wrote of the Fire Victim Trust. Less than 1% of all claims have been appealed. - The Dixie Fire is now the second biggest wildfire since 1932, according to the California Department of Forestry and Fire Protection. Sound rich to you? The Un-Trustworthy PG&E Fire Victim Trust (PVT). My goal from day one has been to put money into the pockets of wildfire survivors as quickly as possible, while ensuring we follow the letter of the law and treat every single claimant fairly and with compassion, said Justice Trotter. Theyre paying themselves very well," Cook said of the overhead costs. Cook, 70, and his family are scraping by, living in a rented home 100 miles (161 kilometers) away in Davis, where he shares a three-bedroom rental with his 68-year-old wife, Leslie, their four adult children and three grandchildren. (2022, May 25). (2019, July 12). NORTH BAY, CA U.S. Rep. Mike Thompson (D-St. Helena) co-introduced legislation Wednesday that would ensure fire survivors are not taxed on payments received from the PG&E Fire Victims Trust. While the TCC acts in the collective interest of all tort claimants, the committee does not represent any individual homeowners, renters, businesses, or other wildfire victims in their damage claims against PG&E. 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". 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). This increase was made possible by the Trusts recent sales of Pacific Gas & Electric stock. In January, PG&E made the final installment on its promised trust fund contribution, adding $592 million to the fund. On January 11, 2023, the Trust announced a pro rata payment increase to 60% following additional stock sales. And Gov. What's wrong with this picture? This increase was made possible by the Trusts recent sales of Pacific Gas & Electric stock. While Gallagher has said that he isnt supportive of taxpayers picking up the bill on the shortfall, he wants to see his legislation passed exempting settlement payments from state income taxes, which he says is one of his highest priorities. Will new regulations do enough to keep homeowners from losing fire insurance. 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.. Https://Www.Pbs.Org/Newshour/Show/Most-Fire-Victims-Are-Still-Waiting-to-Be-Paid-by-Pges-Fire-Victim-Fund-Investigation-Finds Retrieved June 5, 2022, from https://www.pbs.org/newshour/show/most-fire-victims-are-still-waiting-to-be-paid-by-pges-fire-victim-fund-investigation-finds, (9) Trust Distributed $1.69B to PG&E California Fire Victims in 2021. (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. If you have previously retained an attorney for your wildfire claim, you do not need to take any further action. KQED. Legal claims arising out of the 2017 North Bay Fires and the 2018 Camp Fire will now proceed to resolution through the bankruptcy court rather than the civil courts. Each and every claim must be substantiated and evaluated by the FVT in a comprehensive and methodical process carried out by an experienced team of professionals under the direction of court-appointed Trustee Justice John K. Trotter (ret.) Fire Victim Trust to Increase Pro Rata Payments to California Fire Survivors From 45% to 60% Based on Recent Stock Sales. Gov. Today @GavinNewsom announced Nancy Ward as the next Director of Cal OES. 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. These include the more comprehensive data now available to the Trust as more and more fire victims claims are filed and analyzed.. At the time, before the vote of approval by the victims, several the victims lawyers concurred that it was a good deal and victims would be paid right away. 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. Trotter also said that the trust is hoping to maximize their assets by getting a loan from the state of California or from some other instrument that will allow the trust to complete and increase their prorated statements without having to sell more shares in a down market. He leaves his leadership at the Trust at the end of June 2022. (2022, May 25). They now collectively own almost a quarter of the companys shares. This time period may be shorter than the statute of limitations that might otherwise apply in the civil court. While insurers and municipalities took cash during the restructuring process, individual victims accepted a $13.5 billion bundle of cash and stock, to be injected into a trust on their behalf. Read the responses, , the Trust sent letters in support of H.R. After this sale, we now own about 21%. Trotters response to the Butte County Board of Supervisors letter was to leave a voicemail criticizing the board. 2023 United Policyholders The material on this site is for informational purposes only and is not a substitute for legal advice. Newsom arbitrarily approved their safety rating while they continue to start fires and the California Public Utilities Commission (CPUC), also appointed by Gov. The shares have lost 15% of their value in a month. Furthermore, Gov. On September 29th, Governor Gavin Newsom signed a bill which will make PG&E wildfire victims' settlement payments state tax-free, but as of right now fire victims must still pay federal taxes on the award money. The trust has also dealt with 100 emotional distress claims along with more than 20,000 loss of income claims and 38,000 real and personal property claims, which include the value of loss of vegetation and the cost of tree replacement. We will continue to move diligently on behalf of the fire victims to attain the highest level of compensation permitted under the Bankruptcy Court orders and the governing Trust documents., Copyright 2023 NBCUniversal Media, LLC. 115 0 obj <> endobj 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. "This trust was set up to help people get back on their feet and recover after a destructive fire. And we certainly should not be asking them to pay taxes on funds that are going to their lawyers this would be double taxing the settlement dollars. Many more fire victims are struggling to do the same. VIDEO: PG&E stock sale may mean more cash for California wildfire victims. In addition to ensuring survivors would not be taxed on trust payments, the new law includes a provision exempting attorneys' fees from taxation to ensure that recipients of PG&E funds do not pay taxes on lawyers they did not hire. In a bankruptcy settlement, claimants may not ultimately receive the full value of their claims, but they must all receive the same proportionate pro rata value. opt-out claim, and issuance 90% of all Determination Notices. So, out of the gate our settlement went from $13.5 billion to $12 billion, and today the stock is about $1.1 billion underwater and victims have experienced a $212 million dollar loss in their Trust funds because Trustee Trotter chose to sell 100 million of victims' shares at $12.04 per share. "All legislation that is not passed and signed does lapse as of January 2nd so we would put that bill right out on January 3rd as soon as the swearing in is over with and get going again because our constituents have waited long enough," said LaMalfa. Read the press release here. At the same time, attorneys for PG&E will prepare a competing (and likely lower) estimation of the wildfire claims. 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. the press release here. 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. This petition originates from one familys continued trials and tribulations with The Biggest Victim Economy Ever Created: The 2020 PG&E Fire Victim Trust, which was setup to fail the victims by bankruptcy Judge Dennis Montali and continues to treat them unfairly, despite Montalis promise to pay the victims quickly and fairly. Butte County survivors similarly filed lawsuits following the 2018 Camp Fire, with a motion to coordinate those cases still pending at the time PG&E initiated bankruptcy proceedings. Legislation could make PG&E settlement money for CA wildfire victims tax-free from the federal government, but the bill is stuck in Congress. A. Fire Survivors Suffer and Wait. The notices, which continue to go out on a daily basis, indicate the total monetary value assigned to all of a Fire Victims claims. 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. SAN FRANCISCO (KGO) -- Fire victims struggling to rebuild after California wildfires say they need every dollar coming their way from a PG&E settlement. In his letter to victims, Trotter recounted the creation of the trust and its recent history. We never share your information with third parties. Gavin Newsom and U.S. Bankruptcy Judge Dennis Montali and is being implemented. The Beginning Pacific Gas & Electric - Wildfires are Us! 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 Gavin Newsom and U.S. Bankruptcy Judge Dennis Montali and is being implemented by PGE Fire Victim Trust Trustee John Trotter who suddenly retired this week. Trotter also pointed out that the trust was facing tax issues, saying that the state and Federal Capital gains tax rate of more than a 40 percent capital gains tax on any profit above the $9 per stock price. On September 29th, Governor Gavin Newsom signed a bill which will make PG &E wildfire victims' settlement payments state tax-free, but as of right now fire victims must still Get a confidential review of your case at no cost. 1 Sansome Street, Ste 2830 https://santarosapressdemocrat-ca.newsmemory.com/?token=CRID_john.stalcup@sbcglobal.net_26654&message_id=22606q2IXHqZd6krXsywJL3uC1IEx3QU&utm_source=emailMarketing&utm_medium=email&utm_campaign=email+stats, (14) https://www.counties.org/sites/main/files/file-attachments/inverse_condemnation_fact_sheet_league__csac.pdf, (15) https://www.firevictimtrust.com/Docs/FAQs.pdf, (16) https://www.sfchronicle.com/business/article/PG-E-victims-lawyer-scrutinized-over-Wall-15241511.php#:~:text=San%20Antonio%20lawyer%20Mikal%20Watts,that%20became%20public%20days%20earlier, (17) https://krcrtv.com/north-coast-news/eureka-local-news/judge-refuses-to-approve-fire-victims-letter-attacking-pge-04-09-2020, (18) https://www.reinsurancene.ws/pge-pays-11bn-settlement-to-re-insurers-joins-wildfire-fund/, (19) https://www.firevictimtrust.com/Docs/Trustee_Response_to_5-28-22_Editorial.pdf, Ramona D. ElliotDirector, United States Trustee Program, https://www.kqed.org/news/11891626/hedge-funds-cash-out-billions-in-pge-stock-fire-survivors-suffer-and-wait, https://www.insurancejournal.com/news/west/2022/05/06/666497.htm, Https://Inthesetimes.Com/Article/California-Fire-Victims-Awaiting-Payment-from-Utility-Company, https://inthesetimes.com/article/california-fire-victims-awaiting-payment-from-utility-company, https://www.capradio.org/articles/2021/05/17/a-cascade-of-outrage-follows-investigation-into-pge-fire-victim-trust-expenses/, Https://Leginfo.Legislature.ca.Gov/Faces/billTextClient.Xhtml?bill_id=201920200AB1054, https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200AB1054, https://abc7news.com/pg-e-fire-victims-victim-trust-fund-ca-wildfire-not-paid-taxpayer/11593929/, https://www.kqed.org/news/11851347/pge-bankruptcy-yields-700-million-legal-fee-bonanza-for-wall-street-firms, Https://Www.Pbs.Org/Newshour/Show/Most-Fire-Victims-Are-Still-Waiting-to-Be-Paid-by-Pges-Fire-Victim-Fund-Investigation-Finds, https://www.pbs.org/newshour/show/most-fire-victims-are-still-waiting-to-be-paid-by-pges-fire-victim-fund-investigation-finds, https://www.sfchronicle.com/bayarea/article/They-need-help-now-In-Gold-Country-PG-E-16407001.php, https://santarosapressdemocrat-ca.newsmemory.com/?token=CRID_john.stalcup@sbcglobal.net_26654&message_id=22606q2IXHqZd6krXsywJL3uC1IEx3QU&utm_source=emailMarketing&utm_medium=email&utm_campaign=email+stats, https://www.counties.org/sites/main/files/file-attachments/inverse_condemnation_fact_sheet_league__csac.pdf, https://www.firevictimtrust.com/Docs/FAQs.pdf, https://www.sfchronicle.com/business/article/PG-E-victims-lawyer-scrutinized-over-Wall-15241511.php#:~:text=San%20Antonio%20lawyer%20Mikal%20Watts,that%20became%20public%20days%20earlier, https://krcrtv.com/north-coast-news/eureka-local-news/judge-refuses-to-approve-fire-victims-letter-attacking-pge-04-09-2020, https://www.reinsurancene.ws/pge-pays-11bn-settlement-to-re-insurers-joins-wildfire-fund/, https://www.firevictimtrust.com/Docs/Trustee_Response_to_5-28-22_Editorial.pdf. And the Hedge Fund investors have been paid in full over nine months ago with huge stock incentives in PG&E stock bonuses for accepting the Fire Victim Trusts deal, and as soon as they received the PG&E stock at full market price and their stock bonuses for accepting the victims deal, they sold all their PG&E stock with hundreds of millions dollars in profits, paid from the $55 billion PGE bankruptcy settlement. All such claims must still be filed on an individual basis. One of the hallmarks of trust administration is transparency. In addition to the program statistics below, you can access Trust information using the Information and FAQs menu tabs above. If you're on the ABC7 News app, click here to watch live, Videos show parade of storms toppling trees across SF Bay Area, The warning signs your tree may fall during next storm, 18 killed in helicopter crash near Kyiv, Ukraine, including children. On November 15, 2022, the Trustee posted responses to fire survivors' questions submitted during a recent meeting hosted by Sonoma County Supervisors Susan Gorin and James Gore. "We don't have enough to rebuild and we're just essentially stuck," Camp Fire Survivor David Breed recently told ABC7 News. I have heard firsthand the concerns survivors have faced when navigating the ambiguous tax code. Searchable Archives are available to subscribers, back through the year 2000. (1), The insurance companies and city and county governments also were paid in full over nine months ago for claims they paid to victims (subrogation reimbursements $11 billion and government claims of $2 billion, respectively), and the victims lawyers started reaping their full fees and costs as victims settlement determinations started trickling in nine months ago. 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. Trustee appointed 11 fire victims to serve on an official committee of tort claimants. This increase was made possible by the Trusts cumulative sales of 190 million shares of Pacific Gas & Electric (PG&E) stock since October 2022. "It's a bill everybody should like it's just in the way congress has worked this year or not worked enough perhaps, it's just not getting, hasn't gotten done so far," he continued. (2022, May 6). The PGE Trust Oversight Committee is comprised of nine attorneys. Unfortunately, bankruptcy law dictates we follow a highly regimented process governed by a multitude of regulations. Thats between $800 and $1,250 per hour. 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