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. Newsom. {-k3}- &l=g`ns u' 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. 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. 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. Here's a low/no cost preparedness step that's easy on your budget and time #readyoakland #energysavingtip , Insurance bailout fund crippled by lawsuits, claims as Louisiana policyholders wait for relief https://www.nola.com/news/insurance-bailout-fund-crippled-by-lawsuits-claims-as-louisiana-policyholders-wait-for-relief/article_1bd8be08-7d79-11ed-a34d-a3d14a027624.html?utm_medium=social&utm_source=twitter&utm_campaign=user-share via @nolanews, After more than a decade serving as Director of @Cal_OES I am super excited to hand over leadership to an exceptional emergency manager, leader & public safety professional. Fix the Biggest Victim Economy created and approved by you and Judge Montali. KQED. On the surface, that has potential to be a good thing. 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. Unfortunately, bankruptcy law dictates we follow a highly regimented process governed by a multitude of regulations. This increase was made possible by the Trusts recent sales of Pacific Gas & Electric stock. Many more fire victims are struggling to do the same. Hedge Funds Cash Out Billions in PG&E Stock. This is different from a class action lawsuit. 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. 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. (18), (1) Jamali, L. J. Never pay out-of-pocket fees or expenses. And Gov. Sign up for free Patch newsletters and alerts. On January 11, 2023, the Trust announced a pro rata payment increase to 60% following additional stock sales. 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. 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. 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. Indie Pop Star Michelle Lambert Plays Market and Main in Martinez! Trust announced the sale of 60 million shares of PG&E stock, resolution of the 10th 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. 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. "This trust was set up to help people get back on their feet and recover after a destructive fire. 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. The Bank of Japan (BOJ) made no adjustments to its yield-curve control (YCC) policy that keeps interest rates ultra-low on Wednesday. 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. 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. The victims stake has fallen in value to around $4 billion. 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. Paradise mayor Steve Crowder welcomed the news of Trotters retirement. Rather, each wildfire claimant (or unsecured creditor) must file a separate claim in the bankruptcy court to safeguard their right to compensation. ABC7News. A total of 71,394 Fire Victims filed claims by the February 26, 2021, deadline. Many, if not all the victims lawyers, surely wanted the clock to start as soon as possible. How safe is your neighborhood? 7305 to amend IRS Code of 1986 for certain fire survivors' claimants. PG&E declared bankruptcy in 2019 amid wildfire-related claims of $30 billion. 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. Primarily, those debts and liabilities relate to wildfire claims. 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. Trotter said that once the trust was created, the only employees working for it were he and Yanni, who was his claims administrator. 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. What lawyers earn that kind of money perhaps a handful of patent attorneys? For more information, visit FireVictimTrust.com. The Trust reviews claims and issues Determination Notices daily and disburses payments twice monthly, compensating Fire Victims for economic and non-economic damages caused by the 2015 Butte, 2017 North Bay, and 2018 Camp Fires, including destruction or damage to real estate and personal property, additional living expenses, lost wages, business losses, emotional distress, personal injury or death and related medical expenses. None of these entities were required by the U.S. Bankruptcy Court to take one-half of their settlements in PGE stock. After Getting Burned By Wall Street, California Fire Victims Fight To Reclaim Their Power. However, the 68,870 wildfire victims (approximately 250,000 people) have been short-changed and slow-paid pennies on the dollar and were required to take one half of their settlement in PGE stock. 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. The shares have lost 15% of their value in a month. 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. 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. Fire Survivors Suffer and Wait. and the Claims Administrator Cathy Yanni, the Fire Victim Trust provides an efficient and equitable process to compensate Fire Victims for both economic and non-economic damages caused by these fires, including destruction or damage to real estate and personal property, additional living expenses, lost wages, business losses, emotional distress, personal injury and death. 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. However, we encourage all potential claimants to discuss their case with an attorney in a timely manner to begin the process. At the time of that delivery, the stock was trading at approximately $9 per share, he wrote. 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 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. the press release, the Trustee posted responses to fire survivors' questions submitted during a recent meeting hosted by Sonoma County Supervisors Susan Gorin and James Gore. But its enterprise value of $60 billion is under 8 times estimated EBITDA over the next 12 months, whereas peers trade over 11 times, according to Refinitiv. 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. Our Standards: The Thomson Reuters Trust Principles. (15). 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. United States Trustee Program Director Elliot - Fix the Biggest Victim Economy Ever Created by the U.S. Bankruptcy Program! See here for a complete list of exchanges and delays. (1) Moreover, Gov. (12) The victims' owned about 24% of the stock in PGE. 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. On January 9 and 10, 2023, FVT sold 60 million shares of PG&E stock. 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. 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. "It shouldn't be a taxable event upon them because they're victims of fire," said California Congressman Doug LaMalfa. Then I could go deeper based on what I read. Today @GavinNewsom announced Nancy Ward as the next Director of Cal OES. Once PG&E filed for bankruptcy, however, the civil lawsuits were automatically stayed (or paused). Justice John K. Trotter (Ret. Your attorney will continue to represent you throughout the remainder of the proceedings until your case is resolved. In April 2002, he was named Managing Editor. 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. In his letter to victims, Trotter recounted the creation of the trust and its recent history. 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. This increase was made possible by the Trusts cumulative sales of 190 million shares of Pacific Gas & Electric (PG&E) stock since October 2022. 16. Why? 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. Trotters response to the Butte County Board of Supervisors letter was to leave a voicemail criticizing the board. 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. But the bill is stuck. Trust announced the sale of 60 million shares of PG&E stock, resolution of the 10th 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. By filing for Chapter 11, PG&E will be allowed to continue its business operations while restructuring its debts and resolving liabilities. On December PGE's bankruptcy workout plan to pay for victims' losses from the 2015, 2017 and 2018 Northern California wildfires was approved by California Gov. In addition to ensuring survivors would not be taxed on trust payments, the new law includes a provision exempting attorneys' fees from taxation to ensure that recipients of PG&E funds do not pay taxes on lawyers they did not hire. You brought an important and unique perspective to the hearing, that of homeowners themselves., Whenever I felt confused about any topic I first looked it up in the yellow book. "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. I think that is a positive for the trust and the fire victims, Crowder said on Wednesday afternoon. He said in his letter that the trust still owns 377 million shares of the utilitys stock. "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. 52. Who may act as Legal Representative for a Minor Claimant, and what I will continue to work with the Town, the County and the Trust to get results for fire victims.. Instead, all claims for fire-related damages will be incorporated into and resolved as part of the bankruptcy proceedings. Compensating victims will be a recurring challenge; giving them a volatile asset prone to falling in value turns out to be a poor solution.
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