fire victims trust payouts

Distributing a portion of the bankruptcy settlement funds before claims could be fully evaluated was an unprecedented move, but a necessary one given the extreme hardship facing many individuals whose losses from the wildfires have been compounded by the Covid-19 pandemic and by the 2020 wildfires in Northern California. 0 We speak to claimants every day and know how hard this has been for everyone. 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. 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. 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. 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. 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. Governor, we are one of 68,870 families and businesses (250,000 Californians) waiting for full relief for our PGE-caused losses. Claimants with Submitted Claims Questionnaires (CQs), ,the 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. 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. Trustee appointed 11 fire victims to serve on an official committee of tort claimants. PG&E declared bankruptcy in 2019 amid wildfire-related claims of $30 billion. Trotter also pointed out that the trust was facing tax issues, saying that the state and Federal Capital gains tax rate of more than a 40 percent capital gains tax on any profit above the $9 per stock price. Retrieved June 5, 2022, from https://www.insurancejournal.com/news/west/2022/05/06/666497.htm, (3) Allyn, J. The material on this site is for informational purposes only and is not a substitute for legal advice. (18), (1) Jamali, L. J. Capradio. 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. Closing this discount would more than double its $18 billion market capitalization. I have heard firsthand the concerns survivors have faced when navigating the ambiguous tax code. By filing for Chapter 11, PG&E will be allowed to continue its business operations while restructuring its debts and resolving liabilities. 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. Your attorney will prepare the necessary information about your case and file a proof of claim on your behalf in the PG&E bankruptcy court. 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. What's wrong with this picture? 1054 CHAPTER 79. 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 shares have lost 15% of their value in a month. Forgot Password? Please Wait This Portal is the secure website to exchange information between a Fire Victim or a Fire Victims law firm and the Administrators of the Fire Victim Trust. Only persons authorized by the Claims Administrator and the Claims Processor may use this Portal. 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. Or I knew when to call it good., When disaster hits, FEMA can help communities recover under the Stafford Act (Disasterassistance.gov). No victims are on the committee. 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. Then I could go deeper based on what I read. The deal was structured to avoid having to pay taxes on the sale, authorities said. The trust owns about 24% of the companys shares, worth around $4 billion. iv. 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. They now collectively own almost a quarter of the companys shares. Give the people you love peace of mind by helping them be financially resilient and prepared.ThisGive Peace of Mind Gift Catalogis full of free tips to help spark important discussions and actions around disaster preparedness. Justice John K. Trotter (Ret. 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. PGE is Fine and Raising Electric Rates on Customers Again. The payments average approximately $13,000. 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. "This trust was set up to help people get back on their feet and recover after a destructive fire. federal and state agency claims. (2022, May 6). This increase was made possible by the Trusts cumulative sales of 190 million shares of Pacific Gas & Electric (PG&E) stock since October 2022. The Un-Trustworthy PG&E Fire Victim Trust (PVT). 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. We are making every effort to pay as much as we can, as quickly as we can.. Trotter said that once the trust was created, the only employees working for it were he and Yanni, who was his claims administrator. 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. 10/31/22 . The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Searchable Archives are available to subscribers, back through the year 2000. Because of errors in the setup of how the trust was established, the tax issue was left unresolved, he said, triggering unnecessary delays that hindered victim compensation. REUTERS/David Swanson. endstream endobj startxref 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. KQED. There are a number of bankruptcy attorneys and financial advisers 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%. 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. He was born in Chico and attended Butte and Chico State. 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. This was followed on August 3, 2020, with an additional 748,415 shares. 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. The notices, which continue to go out on a daily basis, indicate the total monetary value assigned to all of a Fire Victims claims. 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. 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. Each of these government and financial entities have benefited over the best interests of the wildfire victims, and Trust funds that were meant to go to wildfire victims have first gone to these groups and continue to go to these groups first, as well as to the managers and consultants of the PG&E Fire Victim Trust. Hedge Funds Cash Out Billions in PG&E Stock. The trust initially received around 480 million shares at $9 each. PG&E Bankruptcy Yields $700 Million Fee Bonanza. 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. 7305 to amend IRS Code of 1986 for certain fire survivors' claimants. 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. 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 Dixie Fire is now the second biggest wildfire since 1932, according to the California Department of Forestry and Fire Protection. - The company filed for bankruptcy in January 2019 following a series of wildfires in 2015, 2017 and 2018. In November, Yanni told KQED she expected it would take two years to pay all victims with claims. Some fire survivors fear it will take much longer. The longer it takes, the higher the cost of overhead will be. 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 survivors just $7 million while racking up $51 million in overhead in its first year of operation, KQED News reported. Their millions upon millions of dollars from their 33% contingency fees from hundreds/thousands of wildfire victim clients they represent (plus costs) were in the balance and the sooner PG&E came out of bankruptcy, the sooner theyd start to get paid as the PG&E Fire Victim Trust excruciatingly slowly started to make pro rata (that is, partial) payments to some of their clients. It was done on our dime before being done by the attorneys before the trust was established., We recognize that because of PG&Es bankruptcy, the fire victims have been waiting a long time for compensation, Trotter said in a statement. 4955). 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. So, if you receive $100,000 and give 25% to your attorney, you are still taxed on the full $100,000. 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. Many more fire victims are struggling to do the same. More information about the PG&E bankruptcy is provided below. The Fire Victim Trust was set up to compensate 67,000 victims as part of a bankruptcy settlement. 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. Take a look at more stories by the ABC7 News I-Team. 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. On January 9 and 10, 2023, FVT sold 60 million shares of PG&E stock. A Cascade of Outrage Follows Investigation Into PG&E Fire Victim Trust Expenses. 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. Still today, tens of thousands of these wildfire victims have received no settlement payments whatsoever. What lawyers earn that kind of money perhaps a handful of patent attorneys? He (and now Ms. Yanni) has complete discretion over when and how much to sell the victims PGE shares. 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. 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. 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.. Today, the Fire Victim Trust holds almost a quarter of PG&E shares. 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. 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. He said the trust had begun to make partial payments to about 9,500 of the 67,170 victims. But KQEDs review of documents identified more than half a dozen law firms and financial institutions that have profited from the Fire Victim Trust. 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. All such claims must still be filed on an individual basis. Victims of past fires share PG&Es risk, though, too. (12,19). Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. (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. 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. 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. Retrieved June 5, 2022, from https://abc7news.com/pg-e-fire-victims-victim-trust-fund-ca-wildfire-not-paid-taxpayer/11593929/, (7) Jamali, L. J. Newsom correct the inequities in the PGE wildfire victims' settlement awards that are being adjudicated by the PGE Fire Victim Trust and fully compensate the victims of the 2015, 2017 and 2018 Northern California wildfires as required by California's "inverse condemnation" law which says "if you broke it, you fix it" (which applies to public utilities) and, more importantly, by doing what's morally right. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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.) 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. "What's the biggest hold up here," asked ABC7 News I-Team Reporter Melanie Woodrow. Will new regulations do enough to keep homeowners from losing fire insurance. Our experienced mass tort attorneys provide consultations at no cost and with no obligation. 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. Furthermore, Gov. 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 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.". 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. The Bank of Japan (BOJ) made no adjustments to its yield-curve control (YCC) policy that keeps interest rates ultra-low on Wednesday. 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. They need help now: In Gold Country, PG&E fire victims have waited 6 years for payment. PG&E was forced into bankruptcy after its equipment sparked the Camp Fire that killed at least 85 people and nearly wiped out the Northern California town of Paradise. For more information, visit FireVictimTrust.com. Michael Internicola and his family lost everything in the 2017 Tubbs Fire. Under the direction of Cathy Yanni (Trustee), the Fire Victim Trust is ever-focused on resolving Fire Victims claims to help them recover and move on successfully with their lives. I will continue to work with the Town, the County and the Trust to get results for fire victims.. Gov. Read the lettershere. 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. 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. "It shouldn't be a taxable event upon them because they're victims of fire," said California Congressman Doug LaMalfa. 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. 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