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. Trustee appointed 11 fire victims to serve on an official committee of tort claimants. VIDEO: Will new regulations do enough to keep homeowners from losing fire insurance? 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 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. 52. Who may act as Legal Representative for a Minor Claimant, and what We are part of a significant group of voters. 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. 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. This increase was made possible by the Trusts recent sales of Pacific Gas & Electric stock. A vote for Yes or No was essentially all the victims received no substantial input. (12) The victims' owned about 24% of the stock in PGE. 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. Additional rounds of pro rata payments will follow until the fund is depleted. And our family of five did much of the heavy lifting gathering, researching lost items costs, and spreadsheeting in detail our real and personal property claims which in most cases was to no avail, as the Trust ended up not paying over 40% of our bona fide claims. The victims stake has fallen in value to around $4 billion. 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. Please Fix the Biggest Victim Economy You Approved by providing equitable compensation to the 2015, 2017 and 2018 wildfire victims. 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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. 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%. 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. Retrieved June 5, 2022, from https://www.insurancejournal.com/news/west/2022/05/06/666497.htm, (3) Allyn, J. 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 shares have lost 15% of their value in a month. 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. 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. The family knew they wanted to rebuild. It appears there are no age or competency requirements for retirement in the U.S. Bankruptcy Court system. Read Rick Silva has been with the Paradise Post since June 1994 as sports editor. However, that tweaks failure to reduce the need of central bank intervention has left the BOJ with little appetite for more compromises. Shortly after the October 2017 North Bay Fires, members of the affected communities began filing lawsuits against PG&E based on the companys alleged role in causing the disaster. Opinions expressed are those of the author. The North Bay fires of 2017 alone claimed 44 lives, burned more than 200,000 acres and destroyed 5,300 homes in Napa, Sonoma, Lake, Mendocino and Solano counties. 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. Gavin Newsom and U.S. Bankruptcy Judge Dennis Montali and is being implemented. 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. Justice John K. Trotter (Ret. PG&E filed for bankruptcy voluntarily, and the company is not insolvent. opt-out claim, and issuance 90% of all Determination Notices. Apparently, no one can stop Trustee Trotter from selling victims shares at a loss. 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. (2022, May 6). In that rubble Internicola says he found the only item that survived, a ring his father gave him. Any sale, disposition or other transaction involving the Trusts shares follow strict guidelines as outlined in filings with the U.S. Bankruptcy Court and the U.S. Securities and Exchange Commission. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 1 Sansome Street, Ste 2830 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. And their fees are paid directly from PGE Fire Victim Trust funds designated primarily for the victims loss compensation from the PG&E settlement. 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 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.. I think that is a positive for the trust and the fire victims, Crowder said on Wednesday afternoon. San Francisco, CA 94104, 2023 | ATTORNEY ADVERTISING MATERIAL | Privacy Policy & Disclaimer | Sitemap. Searchable Archives are available to subscribers, back through the year 2000. (2020, December 19). 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 United States Trustee Program Director Elliot - Fix the Biggest Victim Economy Ever Created by the U.S. Bankruptcy Program! San Francisco Chronicle. (9) The deal was forged by this cast of players, i.e., Judge Montali, the Hedge Fund managers, the PG&E and Victims attorneys, and other large creditors and received the stamp-of-approval by Gov. Governor Newsom. How safe is your neighborhood? The notices, which continue to go out on a daily basis, indicate the total monetary value assigned to all of a Fire Victims claims. SAN FRANCISCO (KGO) -- Fire victims struggling to rebuild after California wildfires say they need every dollar coming their way from a PG&E settlement. 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. 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). Rather, each wildfire claimant (or unsecured creditor) must file a separate claim in the bankruptcy court to safeguard their right to compensation. At that time, 476,995,175 shares of common stock were transferred to the Trust. Also, the trust gained another $480 million through the sale of 40 million shares of PG&E stock. 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.) He was born in Chico and attended Butte and Chico State. Contacts For Fire Victims and Attorneys, Throwback OCP&R Tip: storms can cause power outages. Trotter said there had been significant progress in paying out claims. 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. California Governor's Office of Emergency Services, Christopher and Urmila - 2017 Tubbs Fire Victims, FEMA can help California communities recover under the Stafford Act, Home insurance availability, affordability AND quality is shrinking: States and the Feds must coordinate and take action to protect homeownership in the US. Republican Assembly Leader James Gallagher (R-Yuba City) said there had been many challenges with the trusts administration. "What's the biggest hold up here," asked ABC7 News I-Team Reporter Melanie Woodrow. 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. 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. California Senator Dianne Feinstein introduced companion legislation in the Senate. Trotter said that once the trust was created, the only employees working for it were he and Yanni, who was his claims administrator. 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. Once PG&E filed for bankruptcy, however, the civil lawsuits were automatically stayed (or paused). The trust owns about 24% of the companys shares, worth around $4 billion. 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. 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. 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. These preliminary payments, which have totaled $79 million to date, will continue to be made on an ongoing basis. Large and damaging wildfires were started by PGEs negligence that began with the 2015 Lake County wildfire and continued with the 2017, 2018, 2019, 2020, and 2021 wildfires that scorched Northern California, destroying the homes and property of 68,870 families and businesses. (2021a, May 17). 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. PGE is Fine and Raising Electric Rates on Customers Again. Newsom approved Montalis bankruptcy plan for PGE. 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. and Claims Administrator Cathy Yanni. 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. The PGE Fire Victim Trust was created by Judge Dennis Montali to manage the adjudication and distribution of the wildfire victims' $13.5 billion settlement from PGE that was awarded to the victims' by the U.S. Bankruptcy Court. 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. As of a week ago, the trustee had paid $4.05 billion to more than 46,000 victims. 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. It is an important development for fire survivors, and I share the. In the meantime, between attorney's fees and taxes, fire victims are watching what settlement payments they do receive get smaller, along with their dreams of rebuilding anytime soon. If PG&E performed well, so would they. Many more fire victims are struggling to do the same. 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. Newsom arbitrarily approved their safety rating while they continue to start fires and the California Public Utilities Commission (CPUC), also appointed by Gov. Gov. He will be replaced by Cathy Yanni, who has been with the trust since it was created two years ago as the claims administrator. More information about the PG&E bankruptcy is provided below. No victims are on the committee. 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. He said in his letter that the trust still owns 377 million shares of the utilitys stock. Please fix it. At the time of that delivery, the stock was trading at approximately $9 per share, he wrote. Sign up for NBC Bay Areas Housing Deconstructed newsletter. Many challenges with the Trusts administration fire victims, Crowder said on Wednesday afternoon gave him )... Left the BOJ with little appetite for more compromises have totaled $ 79 to... 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