He said his rent is triple what he paid for his mortgage in Paradise. 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. "Fire victims have lost homes, belongings, and for some, even their loved ones," said LaMalfa (R-Richvale), who co-introduced the bipartisan legislation. 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 House and Senate will be in session in mid-November. (12) The victims' owned about 24% of the stock in PGE. 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. But the bill is stuck. On the surface, that has potential to be a good thing. 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. Still today, tens of thousands of these wildfire victims have received no settlement payments whatsoever. 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. Today, the Fire Victim Trust holds almost a quarter of PG&E shares. I think that is a positive for the trust and the fire victims, Crowder said on Wednesday afternoon. VIDEO: PG&E stock sale may mean more cash for California wildfire victims. 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. Hedge Funds Cash Out Billions in PG&E Stock. 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. 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. It appears there are no age or competency requirements for retirement in the U.S. Bankruptcy Court system. Apparently, no one can stop Trustee Trotter from selling victims shares at a loss. Read the responses here. 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. This increase was made possible by the Trusts recent sales of Pacific Gas & Electric stock. Sound rich to you? (4,5,6,7,8). But if the toll from fires exceeds whats in that pot, PG&Es solvency might even be at risk. A total of 71,394 Fire Victims filed claims by the February 26, 2021, deadline. 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. He pointed out that more than 85% of the victims voted for the plan, and on July 1, 2020, when the utility emerged from bankruptcy, paid $6.75 billion in cash and delivered 478 million shares of PG&E stock to the trust. https://www.cityandstatefl.com/podcast/2022/12/episode-21-how-will-changes-floridas-insurance-laws-affect-homeowners/381003/, This group provided valuable information and support for those who lost their homes in the Fourmile Fire two years ago and they have worked in many other communities that have suffered property damaging disasters. 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. They now collectively own almost a quarter of the companys shares. Assembly Bill No. 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. 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. A 15% increase was tacked on to the 30% pro-rata payments most claimants have already seen, meaning fire victims should have received 45% of their full approved claim. 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. (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). "What's the biggest hold up here," asked ABC7 News I-Team Reporter Melanie Woodrow. This increase was made possible by the Trusts cumulative sales of 190 million shares of Pacific Gas & Electric (PG&E) stock since October 2022. Newsom arbitrarily approved their safety rating while they continue to start fires and the California Public Utilities Commission (CPUC), also appointed by Gov. %PDF-1.6 % Insurance Journal. 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). Michael Internicola and his family lost everything in the 2017 Tubbs Fire. Without all your input I have no idea how we could have recovered. The fund had been criticized by fire victims, who complained about slow processing times and administrative costs taken out of the settlement. Read The shares have lost 15% of their value in a month. 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. 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). 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. 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. 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. "We don't have enough to rebuild and we're just essentially stuck," Camp Fire Survivor David Breed recently told ABC7 News. Meanwhile, the Trust disbursed just $7 million. 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. After Getting Burned By Wall Street, California Fire Victims Fight To Reclaim Their Power. 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. 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. 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. Our experienced mass tort attorneys provide consultations at no cost and with no obligation. So far, he has lost over $212 million dollars selling the victims stock and pays everyone on his Trust team exorbitant salaries and fees. Justice John K. Trotter (Ret. The notices, which continue to go out on a daily basis, indicate the total monetary value assigned to all of a Fire Victims claims. 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. "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. 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. Gavin Newsom and U.S. Bankruptcy Judge Dennis Montali and is being implemented by PGE Fire Victim Trust Trustee John Trotter who suddenly retired this week. Because unlike all the other bankruptcy claimants, the victims received one-half of their $13.5 billion dollar settlement in PGE stock. At the same time, attorneys for PG&E will prepare a competing (and likely lower) estimation of the wildfire claims. 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. However, that tweaks failure to reduce the need of central bank intervention has left the BOJ with little appetite for more compromises. 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. For more information, visit FireVictimTrust.com. Additional funding for fire victims is coming from a $592 million payment agreement from the PG&E trust, as well as money from selling 40 million shares in PG&E stocks representing around $480 million. Governor, we are one of 68,870 families and businesses (250,000 Californians) waiting for full relief for our PGE-caused losses. Why? Instead, all claims for fire-related damages will be incorporated into and resolved as part of the bankruptcy proceedings. 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.". 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). Our Standards: The Thomson Reuters Trust Principles. 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. 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. 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