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Trustee appointed 11 fire victims to serve on an official committee of tort claimants. 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. RELATED: Fire Victim Trust answers questions about $51 million spent as CA wildfire victims await payments. Thank you @GavinNewsom for the appointment of #NancyWard. 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. 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. 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. Primarily, those debts and liabilities relate to wildfire claims. Trotters response to the Butte County Board of Supervisors letter was to leave a voicemail criticizing the board. Please fix it. 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. By our calculations, our attorneys for our PG&E Fire Victim Trust settlement were fairly compensated for the time they spent on our claims processing with the Trust. 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. Under the direction of the Trustee, the Honorable John K. Trotter (Ret.) Republican Assembly Leader James Gallagher (R-Yuba City) said there had been many challenges with the trusts administration. 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. Sign up for free Patch newsletters and alerts. "Down to about two feet of rubble," said Internicola. "We don't have enough to rebuild and we're just essentially stuck," Camp Fire Survivor David Breed recently told ABC7 News. 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. opt-out claim, and issuance 90% of all Determination Notices. 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. (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. 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. Retrieved June 5, 2022, from https://www.insurancejournal.com/news/west/2022/05/06/666497.htm, (10) ALLYN, J. PGE Fire Victim Trust (Well-Paid) Bureaucracy, At the top of the fee food-chain heap is, of course, the Fire Victim Trust managers (i.e., the Trustee (John Trotter), the Manager (Cindy Yanni), and the Special Master (Ellen Sickle James) who are reported to earn make $125,000, $200,000 and $176,000 per month, respectively. United States Trustee Program Director Elliot - Fix the Biggest Victim Economy Ever Created by the U.S. Bankruptcy Program! 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. 115 0 obj <> endobj (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. Now valued at over $10 each, Trotter says the difference could be taxed around 45%, meaning more money PGE's bankruptcy workout plan to pay for victims' losses from the 2015, 2017 and 2018 Northern California wildfires was approved by California Gov. As part of the bankruptcy proceedings, the U.S. KQED. Were making every effort to keep Fire Victims and their attorneys apprised of our progress each step of the way. 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. Because the Trust is a limited fund and bankruptcy laws, court order, and the Trust Documents require that eligible Fire Victims each receive an equal proportion of their awards, Fire Victims receive payments in pro rata installments commensurate with the total cash funding currently available to the Trust. 10/31/22 . 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. 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. They were just asking legitimate questions on behalf of their constituents. KQED analyzed federal bankruptcy court filings, court transcripts and correspondence between victims and staff of the Fire Victim Trust. 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. Read the lettershere. All Rights Reserved. 153 0 obj <>stream Or I knew when to call it good., When disaster hits, FEMA can help communities recover under the Stafford Act (Disasterassistance.gov). PG&E Bankruptcy Yields $700 Million Fee Bonanza. (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? The company may have to spend $20 billion burying power lines, and while it might like to pass those costs on to customers, its rates are already among the highest in the nation. Read In his letter to victims, Trotter recounted the creation of the trust and its recent history. 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. As you know, you approved Judge Montali's settlement plan which does not compensate us fairly. (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. 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. Furthermore, Gov. We are looking for a Governor to vote for that can help us get "fair" compensation as promised by PGE bankruptcy Judge Dennis Montali. Less than 1% of all claims have been appealed. If PG&E performed well, so would they. PGE is Fine and Raising Electric Rates on Customers Again. (2019, July 12). (14), The PGE Bankruptcy Court settlement, which Governor Newsom approved, favors and fully compensates everyone except the wildfire victims. 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 Fires and the 2018 Camp Fire. This includes filing and arguing motions before the court, negotiating with the debtor and other stakeholders for the fair compensation of claims, and opposing or supporting any reorganization plan that would permit PG&E to terminate bankruptcy. 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. No-fee policy. 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 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. Officials for the trust declined to provide KQED with a list of companies it is working with and what it has paid them. But all is fine with PGE now and their business and profits are growing again (though their stock is still trading at about $12 per share still under water for the victims stock). The Un-Trustworthy PG&E Fire Victim Trust (PVT). The notices, which continue to go out on a daily basis, indicate the total monetary value assigned to all of a Fire Victims claims. 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. Many more fire victims are struggling to do the same. 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. PGEs trust to pay wildfire victims is millions short; bill proposed would bail them out, but how? This bill has been a long time coming, and I look forward to continuing this effort with Rep. Thompson so survivors can finally get a financial reprieve.". 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. opt-out claim, and issuance 90% of all Determination Notices. 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 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. 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. My goal is to keep the cost of administration below or as close to 1% as possible, Trotter wrote of the Fire Victim Trust. 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". Take a look at more stories by the ABC7 News I-Team. Insurance Journal. These preliminary payments, which have totaled $79 million to date, will continue to be made on an ongoing basis. endstream endobj startxref 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? 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. 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 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. They now collectively own almost a quarter of the companys shares. 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. (4,5,6,7,8). iv. 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. REUTERS/David Swanson. 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 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. 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. (2021a, May 17). 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. 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.". 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. This was followed on August 3, 2020, with an additional 748,415 shares. Trust announced the sale of 60 million shares of PG&E stock, resolution of the 10th 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). Https://Leginfo.Legislature.ca.Gov/Faces/billTextClient.Xhtml?bill_id=201920200AB1054 Retrieved June 5, 2022, from https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200AB1054, (6) Woodrow, M. W. (2022, February 23). He said in his letter that the trust still owns 377 million shares of the utilitys stock. All rights reserved. A vote for Yes or No was essentially all the victims received no substantial input. They need help now: In Gold Country, PG&E fire victims have waited 6 years for payment. This increase was made possible by the Trusts recent sales of Pacific Gas & Electric stock. 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. Rather, each wildfire claimant (or unsecured creditor) must file a separate claim in the bankruptcy court to safeguard their right to compensation. With another 2022 California State budget surplus of $97 billion dollars, please propose allocating $1.5 to $3.5 billion to fully compensate the the wildfire losses of 68,870 wildfire victim families (250,000 citizens/voters) of Northern California. 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. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Prior Trustee updates are included on the Documents page here. 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. But it didnt. 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. 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. On December The Beginning Pacific Gas & Electric - Wildfires are Us! "This trust was set up to help people get back on their feet and recover after a destructive fire. 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. Thats between $800 and $1,250 per hour. Get a confidential review of your case at no cost. Most importantly, the bankruptcy does not prevent individuals and families impacted by the North Bay and Camp fires from asserting their right to compensation against PG&E. Apparently, no one can stop Trustee Trotter from selling victims shares at a loss. The trust owns about 24% of the companys 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. A. 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. Instead, all claims for fire-related damages will be incorporated into and resolved as part of the bankruptcy proceedings. Why? 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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 A Cascade of Outrage Follows Investigation Into PG&E Fire Victim Trust Expenses. 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. 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.. Trust announced the sale of 60 million shares of PG&E stock, resolution of the 10th 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. The Fire Victim Trust was set up to compensate 67,000 victims as part of a bankruptcy settlement. Attorneys for the fire victims negotiated the deal on behalf of survivors, and it was funded half with cash and half with foundering PG&E stock. Santa Rosa Press Democrat. We are making every effort to pay as much as we can, as quickly as we can.. 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. We never share your information with third parties. The IRS letter echoed articles you have All such claims must still be filed on an individual basis. Governor Haruhiko Kurodas battle with market forces has entered a new phase. 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. 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