(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. Worse, the risk from fires has only been partially addressed. 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. See here for a complete list of exchanges and delays. 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. Also, the trust gained another $480 million through the sale of 40 million shares of PG&E stock. We have a trustee who is making $150,000 a month, a top claims administrator is making $1,250 an hour. Now valued at over $10 each, Trotter says the difference could be taxed around 45%, meaning more money The trust owns about 24% of the companys shares, worth around $4 billion. (1,2) Instead, the facts show that payments to victims have been pro rata at 45% of victims' losses, and again, this is 45% of a 60% average settlement offer (and 33%-plus of this goes to the victims attorneys fees and costs). The trust, which he took over two years ago, was funded with $13.5 billion, half in cash and half in the PG&E common stock. The fund had been criticized by fire victims, who complained about slow processing times and administrative costs taken out of the settlement. Republican Assembly Leader James Gallagher (R-Yuba City) said there had been many challenges with the trusts administration. Trotter also said that the trust is hoping to maximize their assets by getting a loan from the state of California or from some other instrument that will allow the trust to complete and increase their prorated statements without having to sell more shares in a down market. 1 Sansome Street, Ste 2830 hb```e"B eap@a~il=6Q,NwkGFGRWTl%Xl) c$sAf>OL2aT`fafa? 0 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. This increase was made possible by the Trusts cumulative sales of 190 million shares of Pacific Gas & Electric (PG&E) stock since October 2022. She added: We will continue to monitor the markets in collaboration with our financial advisors to monetize the remaining shares as quickly as we can, but in a responsible manner, taking into account price, market conditions and the needs of fire survivors.. (15). "Down to about two feet of rubble," said Internicola. In the first pro rata payment, each claimant will receive 30% of the value assigned to their claims. We are sympathetic to the fact that the complicated claims evaluation and payout process required by both California law and bankruptcy law can be hard for anyone to understand, said Yanni. After receiving sufficient information for all claims, the Trust issues a Determination Notice that includes an aggregate award for all of the claims. - The Dixie Fire is now the second biggest wildfire since 1932, according to the California Department of Forestry and Fire Protection. 4955). In that rubble Internicola says he found the only item that survived, a ring his father gave him. 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. He said their first task was to design a system that allowed 70,000 fire victims to make claims, which he said took time to create and make it capable of receiving and reviewing more than 250,000 unique claims. Since then Trotter said they have received more than 19,000 personal injury claims and more than 400 death claims. 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. Copyright 2023 KGO-TV. 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.. Again, the majority of wildfire victims had been waiting 3 to 6 years (in our case 3 years) and his words fair settlement in a reasonable amount of time washed over us like a long-awaited shower after being stranded in the wildfire jungle for years. But the bill is stuck. 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. The trust has paid out $1.88 billion to date to more than 35,000 victims, and the new influx will allow that payment to swell to about $2.5 billion. Insurance Journal. As part of the bankruptcy proceedings, the U.S. Rather, each wildfire claimant (or unsecured creditor) must file a separate claim in the bankruptcy court to safeguard their right to compensation. But KQEDs review of documents identified more than half a dozen law firms and financial institutions that have profited from the Fire Victim Trust. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Read the press release here. Accordingly, if you or a loved one experienced personal injury, property loss, business losses, or other damages, you should consult a lawyer in a timely manner. Then I could go deeper based on what I read. Jul 11, 2022 | Casualty Gain, PG&E Settlement. Or I knew when to call it good., When disaster hits, FEMA can help communities recover under the Stafford Act (Disasterassistance.gov). Justice John K. Trotter (Ret. 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. 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. %%EOF 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. (2022, May 6). The FVT laid the groundwork for releasing pro rata payments in mid-February when it began sending Claims Determination Notices to Fire Victims whose claims had been fully processed and evaluated. On January 9 and 10, 2023, FVT sold 60 million shares of PG&E stock. Sound rich to you? I hope 2023 will be a good year for fire survivors and am delighted to share that the Fire Victim Trust announced today that it will be increasing pro rata payments from 45 percent to 60 percent effective January 31, 2023. These include the more comprehensive data now available to the Trust as more and more fire victims claims are filed and analyzed.. To the supervisors' points, it is clear that the excruciatingly slow processing of claims that we victims have suffered through for years demonstrates that the deal that Judge Montali helped craft and approve, and his long-term colleague and fellow octogenarian, Trustee Trotter, is overseeing, and which Gov. At the same time, attorneys for PG&E will prepare a competing (and likely lower) estimation of the wildfire claims. (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. 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. Meanwhile, the Trust disbursed just $7 million. (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. As Governor Newsoms office stated in a letter to the U.S. The Fire Victim Trust was set up to compensate 67,000 victims as part of a bankruptcy settlement. Trustee, Most vulnerable in this process are the wildfire victims who were uninsured, underinsured or have potential claims against the company for personal injury and wrongful death. Accordingly, it is important to understand the full scope of your legal damages, how to properly document your losses, how to complete the claim form process, and how to ensure a fair amount is allocated to your claim. 153 0 obj <>stream 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. Retrieved June 5, 2022, from https://www.kqed.org/news/11851347/pge-bankruptcy-yields-700-million-legal-fee-bonanza-for-wall-street-firms, (8) PBS. Our work to process claims continues, and todays news is a sign of significant progress. March 12, 2021, San Francisco On Monday, March 15, the Fire Victim Trust (FVT) will begin distributing the first round of pro rata payments toward satisfying the claims of individuals and families who suffered losses in the 2015 Butte Fire, 2017 North Bay Fires and 2018 Camp Fire. No-fee policy. 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. Sign up for NBC Bay Areas Housing Deconstructed newsletter. My goal is to keep the cost of administration below or as close to 1% as possible, Trotter wrote of the Fire Victim Trust. Here's a low/no cost preparedness step that's easy on your budget and time #readyoakland #energysavingtip , Insurance bailout fund crippled by lawsuits, claims as Louisiana policyholders wait for relief https://www.nola.com/news/insurance-bailout-fund-crippled-by-lawsuits-claims-as-louisiana-policyholders-wait-for-relief/article_1bd8be08-7d79-11ed-a34d-a3d14a027624.html?utm_medium=social&utm_source=twitter&utm_campaign=user-share via @nolanews, After more than a decade serving as Director of @Cal_OES I am super excited to hand over leadership to an exceptional emergency manager, leader & public safety professional. A. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Legislation could make PG&E settlement money for CA wildfire victims tax-free from the federal government, but the bill is stuck in Congress. 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. Representatives for the Fire Victim Trust declined to be interviewed. An annual report filed in federal bankruptcy court last week by its trustee, John Trotter, reported $38. 7 million spent on financial professionals, claims administrators, consultants and other operating expenses between July 1 and the end of 2020. California Court Gives Policyholders a Boost: Appellate Panel Publishes Pro-Policyholder COVID-19 Decision, Storm recovery: Find resources here as Santa Cruz County agencies, community groups scramble to coordinate, Meetings educate public on insurance, resources after floods. PGEs trust to pay wildfire victims is millions short; bill proposed would bail them out, but how? The shares have lost 15% of their value in a month. 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. Prior Trustee updates are included on the Documents page here. "Did they provide any explanation as to why it took them 5 months to get back to you," asked Woodrow? Get a confidential review of your case at no cost. He also said the trust hired Morgan Stanley to manage the sale of the first 100 shares of stocks, netting the trust $1.2 billion. The Beginning Pacific Gas & Electric - Wildfires are Us! 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. It is surprising to me that the enormous task managing a $13.5 billion trust would go to an octogenarian in the twilight years of his life, let alone his professional career, addressing the adjudication of settlements for 68,870 victim families and businesses. Take a look at more stories by the ABC7 News I-Team. Gov. The trust initially received around 480 million shares at $9 each. Santa Rosa Press Democrat. Without all your input I have no idea how we could have recovered. 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. "They have these enormous legal costs and theres not much to show for it.. ), Trustee of the Fire Victims Trust, announced in a letter to fire victims Tuesday that he will be retiring effective June 30. And these payments have been neither quickly nor fairly paid to victims contrary to Judge Montalis promise to victims. "You know if the state can get it done, why can't the federal government," said LaMalfa. We are in good hands! Retrieved June 5, 2022, from https://www.insurancejournal.com/news/west/2022/05/06/666497.htm, (3) Allyn, J. Californian utility PG&E (PCG.N) last year earmarked around $6.8 billion of its equity for people who had experienced losses from wildfires it helped to cause. Analysts on average predict PG&E will make over $9 billion of EBITDA in 2023, compared with less than $6 billion in 2018. I recommend them without reservation., We cannot thank you enough for all your support, education and assistance through our recovery from the 2017 Tubbs Fire. Legislators have presented a bipartisan bill that would exempt federal taxes on the money survivors get from the Wildfire Victim Trust Fund. With such financial leverage, certainly Trustee Trotter could (and still could) have found a way to leverage our position by borrowing against our stock and preserving our position rather than squandering it away. At the closing of the PG&E bankruptcy trial in July 2020, Judge Dennis Montali (the judge and only judge presiding over the PG&E bankruptcy proceeding) proclaimed and I paraphrase and quote him: This PG&E $13.5 billion dollar wildfire victim settlement will allow for victims of the wildfires to be compensated for their losses quickly and fairly. That finally sounded good to the 68,870 families who lost homes and personal property in 2015, 2017, and 2018 Northern California wildfires for which PG&E was accused of and admitted to in court their negligence for our losses and was now officially named responsible for our losses. In retrospect, perhaps Judge Montali might have selected a Trustee in the prime of his career and less stubborn about getting his way or the highway and less sensitive to constructive public criticism. The lawsuits were subsequently coordinated into a single mass tort proceeding in San Francisco County Superior Court (JCCP No. 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. The TCC and its attorneys have a fiduciary duty to advocate for the interests of all fire and other tort claimants in the bankruptcy proceeding. Less than 1% of all claims have been appealed. Paradise mayor Steve Crowder welcomed the news of Trotters retirement. 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. 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