fire victims trust payouts

However, we encourage all potential claimants to discuss their case with an attorney in a timely manner to begin the process. 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. (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 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. 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 Theyre paying themselves very well," Cook said of the overhead costs. See here for a complete list of exchanges and delays. Apparently, no one can stop Trustee Trotter from selling victims shares at a loss. Our one and only goal is to give everyone whose lives have been disrupted and devastated by the wildfires the financial resources they need to rebuild their lives as soon as possible.. 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. Please Fix the Biggest Victim Economy You Approved by providing equitable compensation to the 2015, 2017 and 2018 wildfire victims. 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. 16. PG&E wildfire victims will soon be able to get a larger share of what is owed to them, thanks to a recent influx of $1 billion into the victim compensation trust fund, according to trust officials. 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 ). 115 0 obj <> endobj Trustee appointed 11 fire victims to serve on an official committee of tort claimants. The trust owns about 24% of the companys shares, worth around $4 billion. https://www.cityandstatefl.com/podcast/2022/12/episode-21-how-will-changes-floridas-insurance-laws-affect-homeowners/381003/, This group provided valuable information and support for those who lost their homes in the Fourmile Fire two years ago and they have worked in many other communities that have suffered property damaging disasters. 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. A Cascade of Outrage Follows Investigation Into PG&E Fire Victim Trust Expenses. As part of the bankruptcy proceedings, the U.S. (2022, May 25). 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. Will new regulations do enough to keep homeowners from losing fire insurance. 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 (12,19). It certainly appears that the lawyers, either working for the Trust or victims, were and are being paid well and in full for their services. The insurance trust received $11 billion in cash to satisfy its claim of having paid $16 billion to its insured and for maintaining an additional $4 Jul 11, 2022 | Casualty Gain, PG&E Settlement. Thats between $800 and $1,250 per hour. Read the lettershere. 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.. 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 Analysts on average predict PG&E will make over $9 billion of EBITDA in 2023, compared with less than $6 billion in 2018. The Trust issues Determination Notices daily and issues payments twice a month. Today, the Fire Victim Trust holds almost a quarter of PG&E shares. For more information, visit FireVictimTrust.com. Newsom. 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. My goal is to keep the cost of administration below or as close to 1% as possible, Trotter wrote of the Fire Victim Trust. 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. endstream endobj 116 0 obj <. If you have a claim for fire-related damages, you are considered an unsecured creditor of PG&E for purposes of the bankruptcy process. 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. Indie Pop Star Michelle Lambert Plays Market and Main in Martinez! 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. Read Additional rounds of pro rata payments will follow until the fund is depleted. PGEs trust to pay wildfire victims is millions short; bill proposed would bail them out, but how? Please fix it. The deal was structured to avoid having to pay taxes on the sale, authorities said. He said the trust had begun to make partial payments to about 9,500 of the 67,170 victims. Newsom arbitrarily approved their safety rating while they continue to start fires and the California Public Utilities Commission (CPUC), also appointed by Gov. Congressman LaMalfa says that gives them through the end of the year to get the legislation passed. 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. None of these entities were required by the U.S. Bankruptcy Court to take one-half of their settlements in PGE stock. The trust owns about 24% of the companys 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. 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. They should not have to pay taxes on these payouts. The Fire Victim Trust was set up to compensate 67,000 victims as part of a bankruptcy settlement. KQED analyzed federal bankruptcy court filings, court transcripts and correspondence between victims and staff of the Fire Victim Trust. I have heard firsthand the concerns survivors have faced when navigating the ambiguous tax code. 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. 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.) Governor Newsom. And, to date 35% of the 68,870 of the wildfire victims still wait for what bankruptcy Judge Dennis Montali proclaimed would be quick and fair settlement payments to all victims. 52. Who may act as Legal Representative for a Minor Claimant, and what 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.. A vote for Yes or No was essentially all the victims received no substantial input. 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 Furthermore, Gov. PARADISE, Calif. - There is a new The victims had minimal input into this process. SAN FRANCISCO (KGO) -- Fire victims struggling to rebuild after California wildfires say they need every dollar coming their way from a PG&E settlement. 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. 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. "It shouldn't be a taxable event upon them because they're victims of fire," said California Congressman Doug LaMalfa. As of January 12, 2023, the FVT had issued determination notices to 91% of all claimants and paid claimants over $5.93 billion. (15). 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. This petition focuses on the victims of the Northern California wildfires between 2015 and 2018, including all wildfires in this period for which PGE was held legally responsible for victims losses in their 2019 U.S. Bankruptcy filing and proceedings and codified in their exit from their bankruptcy process, resulting in the creation of the PGE Fire Victim Trust. Sign up for free Patch newsletters and alerts. Our work to process claims continues, and todays news is a sign of significant progress. 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. 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. 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. And Gov. 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. 2023 United Policyholders The material on this site is for informational purposes only and is not a substitute for legal advice. endstream endobj startxref So, if you receive $100,000 and give 25% to your attorney, you are still taxed on the full $100,000. Read the letters. It has been burning for 28 days and is 27% contained, the state agency said on Aug. - PG&E, the nations largest electric utility, told the California Public Utilities Commission on July 18 that its equipment may have been involved with the start of that fire. 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). He will be replaced by Cathy Yanni, who has been with the trust since it was created two years ago as the claims administrator. The lawsuits were subsequently coordinated into a single mass tort proceeding in San Francisco County Superior Court (JCCP No. A. . "We should not ask survivors to pay federal taxes on compensation that they will use to rebuild their lives. Why? PG&E is in the process of paying $13.5 billion to survivors of the deadly Butte, North Bay, and Camp fires; legislation will protect these funds from federal taxes. 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. Instead, all claims for fire-related damages will be incorporated into and resolved as part of the bankruptcy proceedings. I have tried to work cooperatively with the Trustee while pressing for payments to be expedited with greater transparency and accountability, he said in the statement to this newspaper. 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. The Beginning Pacific Gas & Electric - Wildfires are Us! 1054 CHAPTER 79. PGE stock is currently trading around $12 per share (currently a $1 billion loss to the victims' PGE shares) and it must trade at about $14.50-plus per share for the victims' stock value to equal $6.75 billion. opt-out claim, and issuance 90% of all Determination Notices. Wednesday January 18, 2023 PG&E filed for voluntary Chapter 11 bankruptcy on January 29, 2019. Our Standards: The Thomson Reuters Trust Principles. 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). The material on this site is for informational purposes only and is not a substitute for legal advice. Director Ward is one of the nations foremost emergency managers with broad experience working at @DHSgov @fema @FEMARegion9 as well as Cal OES. Rather, each wildfire claimant (or unsecured creditor) must file a separate claim in the bankruptcy court to safeguard their right to compensation. He approved the deal crafted largely favoring the interests of PG&E, Wall Street Hedge Fund investors that owned approximately 10% of PG&Es stock, and a small group of victims law firms that represented large groups of wildfire victims. %%EOF It appears there are no age or competency requirements for retirement in the U.S. Bankruptcy Court system. 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. The family knew they wanted to rebuild. (2022, May 6). PARADISE, Calif. - Victims from the Butte Fire, North Bay fires, and Camp Fire will receive an increased pro-rata payment from 30% to 45%. We have a trustee who is making $150,000 a month, a top claims administrator is making $1,250 an hour. John K. Trotter (ret.) But KQEDs review of documents identified more than half a dozen law firms and financial institutions that have profited from the Fire Victim Trust. Still today, tens of thousands of these wildfire victims have received no settlement payments whatsoever. "Down to about two feet of rubble," said Internicola. Once they were able to resolve that issue with help of its lawyers, Brown Rudnick, the trust was able to gain another $100 million by having to avoid that capital gains tax, Trotter said. 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. This is different from a class action lawsuit. We never share your information with third parties. Wildfire victims do not lose their right to compensation because of the bankruptcy and should consult an attorney about preparing a claim. 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. (2021, June 25). The PGE Trust Oversight Committee is comprised of nine attorneys. 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.. 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, 2023. 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 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. 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. On January 11, 2023, the Trust announced a pro rata payment increase to 60% following additional stock sales. Take a look at more stories by the ABC7 News I-Team. 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.. NEW YORK, Aug 11 (Reuters Breakingviews) - An experiment in compensating disaster victims with corporate stock has not gone well. 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. 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. 4955). That voicemail was widely criticized by local politicians and inspired another letter from the board. On November 14, 2022, the Trust sent letters in support of H.R. 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. What's wrong with this picture? Congressman LaMalfa along with Congressman Mike Thompson introduced legislation that would exempt fire victims receiving compensation from the Fire Victim Trust from having to pay federal income tax on their settlements. California Senator Dianne Feinstein introduced companion legislation in the Senate. 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. How safe is your neighborhood? The House and Senate will be in session in mid-November. We are looking for a Governor to vote for that can help us get "fair" compensation as promised by PGE bankruptcy Judge Dennis Montali. and the Claims Administrator Cathy Yanni, the Fire Victim Trust provides an efficient and equitable process to compensate Fire Victims for both economic and non-economic damages caused by these fires, including destruction or damage to real estate and personal property, additional living expenses, lost wages, business losses, emotional distress, personal injury and death. "This trust was set up to help people get back on their feet and recover after a destructive fire. However, the 68,870 wildfire victims (approximately 250,000 people) have been short-changed and slow-paid pennies on the dollar and were required to take one half of their settlement in PGE stock. Any potential claimants who have not yet hired an attorney should be aware that the bankruptcy court will announce a bar date, after which time no further claims may be included in the proceeding or compensated. If a Disaster Declaration is issued, it can be either a Emergency Declaration (to supplement state, local, and tribal government efforts to provide debris removal and emergency protective measures or to lessen/avert, Need a last minute holiday gift? They need help now: In Gold Country, PG&E fire victims have waited 6 years for payment. 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. I think that is a positive for the trust and the fire victims, Crowder said on Wednesday afternoon. Were not quite there yet, but getting closer! The shares have lost 15% of their value in a month. 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 For many Fire Victims, the pro rata payment will not mark the first time they have received compensation from the FVT. Once PG&E filed for bankruptcy, however, the civil lawsuits were automatically stayed (or paused). The notices, which continue to go out on a daily basis, indicate the total monetary value assigned to all of a Fire Victims claims. 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. 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". (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. Opinions expressed are those of the author. Her office says it's currently in the Finance Committee. 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. 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. 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. VIDEO: Will new regulations do enough to keep homeowners from losing fire insurance? Im pleased that the Trust is able to start making substantial pro rata payments in what has been a relatively short period of time by any bankruptcy settlement standard. The Trust reviews claims and issues Determination Notices daily and disburses payments twice monthly, compensating Fire Victims for economic and non-economic damages caused by the 2015 Butte, 2017 North Bay, and 2018 Camp Fires, including destruction or damage to real estate and personal property, additional living expenses, lost wages, business losses, emotional distress, personal injury or death and related medical expenses. 7305 to amend IRS Code of 1986 for certain fire survivors' claimants. WebIt appears the Fire Victims Trust will end up owning more than 20.9% of PG&E because the stock value is so low and it will take more shares to reach $6.75 billion in value. The ability to make this increase is due to several recent developments, said John Trotter - the trustee the PG&E Fire Victim Trust - via a statement. Fire Victim Trust to Increase Pro Rata Payments to California Fire Survivors From 45% to 60% Based on Recent Stock Sales. 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. 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. 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. As noted, Judge Montali is also an octogenarian at 81 years of age and was recently appointed again for another 14-year term as a U.S. bankruptcy judge in April of 2021, meaning hell be 95 when this term of service expires. Sign up for NBC Bay Areas Housing Deconstructed newsletter. the press release, the Trustee posted responses to fire survivors' questions submitted during a recent meeting hosted by Sonoma County Supervisors Susan Gorin and James Gore. This petition requests that Gov. And their fees are paid directly from PGE Fire Victim Trust funds designated primarily for the victims loss compensation from the PG&E settlement. Retrieved June 5, 2022, from https://www.sfchronicle.com/bayarea/article/They-need-help-now-In-Gold-Country-PG-E-16407001.php, (12) Andrew Graham. Insurance Journal. KQED. 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. But if the toll from fires exceeds whats in that pot, PG&Es solvency might even be at risk. Read the press release here. As Governor Newsoms office stated in a letter to the U.S. 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. {-k3}- &l=g`ns u' The Butte Fire, North Bay Fires and Camp Fire burned 400,000 acres, destroying 10s of thousands of homes and other structures. Additional funding for fire victims is coming from a $592 million payment agreement from the PG&E trust, as well as money from selling 40 million shares in PG&E stocks representing around $480 million. Trotter said that once the trust was created, the only employees working for it were he and Yanni, who was his claims administrator. 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The civil lawsuits were automatically stayed ( or paused ) to avoid having to wildfire! That have profited from the board Biggest Victim Economy You Approved by providing equitable to! Will new regulations do enough to keep homeowners from losing fire insurance these wildfire.! That gives them through the end of the year to get the legislation passed owns... Report filed in federal bankruptcy Court to take one-half of their value in a.... Rata payment increase to 60 % following Additional stock sales and issues payments twice month... Issues payments twice a month 2022, from https: //www.sfchronicle.com/bayarea/article/They-need-help-now-In-Gold-Country-PG-E-16407001.php, ( 12 ) Andrew Graham voluntary Chapter bankruptcy. Into and resolved as fire victims trust payouts of the bankruptcy and should consult an attorney about preparing a claim spent! 2023, the U.S. bankruptcy Court filings, Court transcripts and correspondence between victims and of! Senator Dianne Feinstein introduced companion legislation in the U.S. bankruptcy Court system appointed 11 victims. $ 800 and $ 1,250 an hour here for a complete list of exchanges and..

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