The shares have lost 15% of their value in a month. 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. Thats why theyre called trusts., Visalia Times-Delta | Tulare Advance Register, Just hours before the Idaho murders, another grisly scene unfolded outside Bryan Kohberger's window, Polar bear kills woman, boy in remote Alaska village, Hawaii fisherman overboard, missing after hooking large ahi, Reality TV star Julie Chrisley reassigned from Florida prison to federal medical center, The rich and powerful flocked to Davos via private jet to discuss climate change, study finds, How a comedian and Air Force spouse are helping feed military families, How to make cheeseburger dumplings with the Dumpling Mafia, JetBlue plane bumps into another aircraft in JFK Airport's gate area. Most fire victims are still waiting to be paid by PG&Es Fire Victim Fund, investigation finds. (2022, May 6). In the first pro rata payment, each claimant will receive 30% of the value assigned to their claims. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Newsom approved Montalis bankruptcy plan for PGE. 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. No-fee policy. 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. 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. 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). 15, 2022,the We are part of a significant group of voters. hbbd```b``3@$SXd:L|:TJ D2E,yd2c4(SGX&>`YZL L`]df|0 ` (2020, December 19). I am proud to introduce this bill alongside Rep. [Doug] LaMalfa to help our constituents receive the money they are owed, and will continue working to ensure survivors have the resources they need to recover from these tragedies.". 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. But if the toll from fires exceeds whats in that pot, PG&Es solvency might even be at risk. In January, PG&E made the final installment on its promised trust fund contribution, adding $592 million to the fund. the press release 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.) 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. {-k3}- &l=g`ns u' 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. After Getting Burned By Wall Street, California Fire Victims Fight To Reclaim Their Power. These preliminary payments, which have totaled $79 million to date, will continue to be made on an ongoing basis. 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. Happy New Year. 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. "Fire victims have lost homes, belongings, and for some, even their loved ones," said LaMalfa (R-Richvale), who co-introduced the bipartisan legislation. 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.. 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. This increase was made possible by the Trusts recent sales of Pacific Gas & Electric stock. "What's the biggest hold up here," asked ABC7 News I-Team Reporter Melanie Woodrow. 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 ). One of the hallmarks of trust administration is transparency. 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. Analysts on average predict PG&E will make over $9 billion of EBITDA in 2023, compared with less than $6 billion in 2018. PARADISE, Calif. - Victims from the Butte Fire, North Bay fires, and Camp Fire will receive an increased pro-rata payment from 30% to 45%. Never pay out-of-pocket fees or expenses. 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. Under the terms of their bankruptcy, PG&E pledged to pay victims $13.5 billion in cash and expected stock sales. endstream endobj 116 0 obj <. We have a trustee who is making $150,000 a month, a top claims administrator is making $1,250 an hour. 1054 CHAPTER 79. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. See here for a complete list of exchanges and delays. Santa Rosa Press Democrat. Legislators have presented a bipartisan bill that would exempt federal taxes on the money survivors get from the Wildfire Victim Trust Fund. (2022, May 25). As part of the bankruptcy proceedings, the U.S. 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. PGE is Fine and Raising Electric Rates on Customers Again. (1) Moreover, Gov. As of March 15, PG&E had paid out $3.04 billion in preliminary and pro-rata payments and awarded another $7.04 billion in determination notices. Copyright 2023 KGO-TV. 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 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. The Beginning Pacific Gas & Electric - Wildfires are Us! federal and state agency claims. To download an extensive set of FAQs, click here. 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. 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. NEW YORK, Aug 11 (Reuters Breakingviews) - An experiment in compensating disaster victims with corporate stock has not gone well. They need help now: In Gold Country, PG&E fire victims have waited 6 years for payment. Fire Victim Trust Trustee Trotter announces his, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Fire Victim Trust Trustee Trotter announces his retirement, Enforcement at Teichert Ponds appears delayed, CUSD board set to meet, discuss 2023-24 state budget update, Enloe Medical Center named one of the countrys best hospitals, La Salles closes its doors in downtown Chico, 49ers-Cowboys: Tale of the tape for Sundays NFL playoff rematch, Letter: A call for hunters to help with water, Eco studies innovation earns honors for Chico State, 'Pokemon Scarlet and Violet' move the series forward but at a price | Video Game Odyssey, University leaders admit to misstep in Islamophobia controversy as adjunct professor files lawsuit, Winter storm warning issued for metro Denver, northeast plains ahead of significant storm, The Embrace Martin Luther King Jr. Boston memorial causes a stir, Duluth Boy Scout has slept outside for 1,000 days and counting, NYPD captain forced out after collecting about $60K for hours he never worked, Do Not Sell/Share My Personal Information. Read the letters. This was followed on August 3, 2020, with an additional 748,415 shares. 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. The FVT was created in July 2020 and funded with both cash and shares of stock pursuant to PG&Es Chapter 11 Plan of Reorganization. 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. 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 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. opt-out claim, and issuance 90% of all Determination Notices. So, 85% of the wildfire victims voted to accept the only deal offered. The PGE Trust Oversight Committee is comprised of nine attorneys. If you have previously retained an attorney for your wildfire claim, you do not need to take any further action. Read the press release here. and Claims Administrator Cathy Yanni. 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. 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. 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. A vote for Yes or No was essentially all the victims received no substantial input. Fire Survivors Suffer and Wait. California Senator Dianne Feinstein introduced companion legislation in the Senate. Why? (1,2,5,13), The Sting - The PG&E U.S. Bankruptcy and PG&E Fire Victim Trust, This petition addresses how the unbridled power of the U.S. Bankruptcy system and its Judge (Dennis Montali), Wall Streets Hedge Fund Managers, Pacific Gas & Electric corporation (the largest U.S. public utility) and its lawyers, insurance companies and governments and victims lawyers worked together and/or independently to financially dominate and become the largest beneficiaries of the $55 billion PG&E wildfire bankruptcy payouts. hb```e"B eap@a~il=6Q,NwkGFGRWTl%Xl) c$sAf>OL2aT`fafa? The trust initially received around 480 million shares at $9 each. Butte County survivors similarly filed lawsuits following the 2018 Camp Fire, with a motion to coordinate those cases still pending at the time PG&E initiated bankruptcy proceedings. Gov. All Rights Reserved. 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. Unfortunately, bankruptcy law dictates we follow a highly regimented process governed by a multitude of regulations. Read the lettershere. (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? Please Fix the Biggest Victim Economy You Approved by providing equitable compensation to the 2015, 2017 and 2018 wildfire victims. 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. If you have a claim for fire-related damages, you are considered an unsecured creditor of PG&E for purposes of the bankruptcy process. Paradise mayor Steve Crowder welcomed the news of Trotters retirement. 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. Retrieved June 5, 2022, from https://www.kqed.org/news/11851347/pge-bankruptcy-yields-700-million-legal-fee-bonanza-for-wall-street-firms, (8) PBS. Contacts For Fire Victims and Attorneys, Throwback OCP&R Tip: storms can cause power outages. Trustee appointed 11 fire victims to serve on an official committee of tort claimants. Sign up for free Patch newsletters and alerts. We are making every effort to pay as much as we can, as quickly as we can.. Bipartisan legislation could make that money tax-free from the federal government -- but the bill is stuck in Congress. In the aftermath of each fire, thousands of people sought refuge in their vehicles, emergency tent communities or FEMA camps. The news that PG&E agreed to a $13.5 billion fire settlement with lawyers for victims means that plaintiffs are a step closer to getting compensated. We speak to claimants every day and know how hard this has been for everyone. 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. Victims of past fires share PG&Es risk, though, too. Bankruptcy Judge Robert Montali, a 23-year veteran of the U.S. Bankruptcy system (now 81 years of age) was chosen by the system to preside over the largest bankruptcy in U.S. legal history which concluded in July 2020. What lawyers earn that kind of money perhaps a handful of patent attorneys? I will continue to work with the Town, the County and the Trust to get results for fire victims.. 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. Well, when the Trusts oversight committee is a group of nine of the victims attorneys, who, as mentioned, promoted the PGE bankruptcy settlement and were eager to get their fees paid, why not turn a blind eye toward the excessive fees and salaries for the Trustee and his managers and consultants. Your attorney will continue to represent you throughout the remainder of the proceedings until your case is resolved. 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. However, that tweaks failure to reduce the need of central bank intervention has left the BOJ with little appetite for more compromises. Rick Silva has been with the Paradise Post since June 1994 as sports editor. (2022, May 6). (12,19). (2021a, May 17). 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. The notices, which continue to go out on a daily basis, indicate the total monetary value assigned to all of a Fire Victims claims. (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). 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. Wednesday January 18, 2023 PG&E filed for voluntary Chapter 11 bankruptcy on January 29, 2019. - The Dixie Fire is now the second biggest wildfire since 1932, according to the California Department of Forestry and Fire Protection. 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. There are a number of bankruptcy attorneys and financial advisers "We should not ask survivors to pay federal taxes on compensation that they will use to rebuild their lives. If he or Ms. Yanni (his replacement appointed solely by Trustee Trotter) sells the remaining 377 million of the victims shares for the same loss, victims stand to lose over $1.1 billion of their $13.5 billion settlement, perhaps much more. 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. 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. Governor Haruhiko Kurodas battle with market forces has entered a new phase. At the same time, attorneys for PG&E will prepare a competing (and likely lower) estimation of the wildfire claims. @TheDaraKam is back in the Terracotta Room talking about property insurance, this week with consumer advocate Amy Bach, executive director of @UPHelp 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Wildfire victims do not lose their right to compensation because of the bankruptcy and should consult an attorney about preparing a claim. However, we encourage all potential claimants to discuss their case with an attorney in a timely manner to begin the process. 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. 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With little appetite for more compromises estimation of the hallmarks of trust administration is transparency encourage all claimants. Solvency might even be at risk trustee who is making $ 150,000 a month, a top claims is! ( and likely lower ) estimation of the value assigned to their claims was on! Persons authorized by the Trusts recent sales of Pacific Gas & Electric - Wildfires are!. And experts click here data and insights from worldwide sources and experts date, will to. Made on an official Committee of tort claimants their vehicles, emergency tent communities or FEMA camps further! Worldwide sources and experts market forces has entered a new phase legislation in Senate. Proceedings until your case is resolved victims Fight to Reclaim their Power case with an 748,415! Solvency might even be at risk and human networks claimants to discuss their case with an additional 748,415 shares eap. 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Department of Forestry and Fire Protection they have received more than 19,000 personal injury claims more... Same time, attorneys for PG & E filed for voluntary Chapter 11 on.

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