Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. (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. 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. 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 will continue to work with the Town, the County and the Trust to get results for fire victims.. https://twitter.com/Cal_OES/status/1609310956794019840. 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. 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. 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. 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. 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. Once PG&E filed for bankruptcy, however, the civil lawsuits were automatically stayed (or paused). He said his rent is triple what he paid for his mortgage in Paradise. 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. federal and state agency claims. The trust owns about 24% of the companys shares, worth around $4 billion. Opinions expressed are those of the author. 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. North Bay Wildfires (includes 22 major fires), Cathy Yanni appointed Administrator of Wildfire Assistance Program, PG&E and Tort Claimants Committee reached $13.5 billion settlement, Hon. They now collectively own almost a quarter of the companys shares. As PG&E Fire Victim Trust Racks Up $51 Million In Fees, Survivors Wait For Help While fire victims waited, a special PG&E Fire Victim Trust in charge of compensating survivors racked up $51 million in overhead costs last year. 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. "What's the biggest hold up here," asked ABC7 News I-Team Reporter Melanie Woodrow. "Fire victims have lost homes, belongings, and for some, even their loved ones," said LaMalfa (R-Richvale), who co-introduced the bipartisan legislation. As of January 12, 2023, the FVT had issued determination notices to 91% of all claimants and paid claimants over $5.93 billion. The material on this site is for informational purposes only and is not a substitute for legal advice. 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. Rick Silva has been with the Paradise Post since June 1994 as sports editor. 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. 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. What's wrong with this picture? And their fees are paid directly from PGE Fire Victim Trust funds designated primarily for the victims loss compensation from the PG&E settlement. 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. "I think scheduling for committee time, floor time," said LaMalfa. 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. Quick and fair compensation rang through the courtroom and, at last, us victims felt financial retribution was finally on the way after waiting now 5, 3 and 2 years after our respective fires. One of the hallmarks of trust administration is transparency. 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. Retrieved June 5, 2022, from https://www.insurancejournal.com/news/west/2022/05/06/666497.htm, (3) Allyn, J. The legislation would exempt wildfire payouts from income taxes and would allow attorney fees and court costs to be deducted from taxes, right now they are not. REUTERS/David Swanson. San Francisco Chronicle. They should not have to pay taxes on these payouts. What lawyers earn that kind of money perhaps a handful of patent attorneys? On June 28th, the Commissioner of the IRS responded to a request by Congressman Mike Thompson and Congressman Doug LaMalfa requesting guidance on the taxability of the settlement funds received from the Fire Victims Trust (FVT). 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). "We remain right on the exact same spot with the identical house we replaced," said Internicola. 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 Bill Cook, a retired U.S. foreign service officer, lost his Paradise home in the Camp Fire, which was the deadliest and most destructive fire in California history. All rights reserved. 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. More fires are a virtual certainty. PGE is Fine and Raising Electric Rates on Customers Again. PARADISE, Calif. - There is a new A Cascade of Outrage Follows Investigation Into PG&E Fire Victim Trust Expenses. 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. 52. Who may act as Legal Representative for a Minor Claimant, and what Newson, just approved two new rate hikes to PG&E customers (including all PG&E victim customers) totaling a 23% increase to rate payers effective March 2022. After Getting Burned By Wall Street, California Fire Victims Fight To Reclaim Their Power. If you have previously retained an attorney for your wildfire claim, you do not need to take any further action. 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. Read the responses here. 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.) Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. endstream endobj startxref 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. 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. Trust announced the sale of 60 million shares of PG&E stock, resolution of the 10th At the time of that delivery, the stock was trading at approximately $9 per share, he wrote. 2023 United Policyholders The material on this site is for informational purposes only and is not a substitute for legal advice. and Claims Administrator Cathy Yanni. Thats between $800 and $1,250 per hour. 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.. - The company filed for bankruptcy in January 2019 following a series of wildfires in 2015, 2017 and 2018. PGE's bankruptcy workout plan to pay for victims' losses from the 2015, 2017 and 2018 Northern California wildfires was approved by California Gov. Instead, all claims for fire-related damages will be incorporated into and resolved as part of the bankruptcy proceedings. As you know, you approved Judge Montali's settlement plan which does not compensate us fairly. "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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. Trotter said there had been significant progress in paying out claims. But KQEDs review of documents identified more than half a dozen law firms and financial institutions that have profited from the Fire Victim Trust. On January 9 and 10, 2023, FVT sold 60 million shares of PG&E stock. 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. 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. In that rubble Internicola says he found the only item that survived, a ring his father gave him. Copyright 2023 KGO-TV. Get a confidential review of your case at no cost. 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. 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. Analysts on average predict PG&E will make over $9 billion of EBITDA in 2023, compared with less than $6 billion in 2018. "I have heard from constituents across our community who are deeply, deeply concerned that they will face a tax burden upon receiving a payout from PG&E," Thompson said in a news release. 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Congressman LaMalfa says that gives them through the end of the year to get the legislation passed. "Down to about two feet of rubble," said Internicola. 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. (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. 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. 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.. 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. 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. Many more fire victims are struggling to do the same. This petition requests that Gov. Republican Assembly Leader James Gallagher (R-Yuba City) said there had been many challenges with the trusts administration. The family knew they wanted to rebuild. 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, Governor Haruhiko Kurodas battle with market forces has entered a new phase. He said the fire victims had to push to get tax relief on the stock sale last year. 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