North Bay Wildfires (includes 22 major fires), Cathy Yanni appointed Administrator of Wildfire Assistance Program, PG&E and Tort Claimants Committee reached $13.5 billion settlement, Hon. The shares have lost 15% of their value in a month. However, that tweaks failure to reduce the need of central bank intervention has left the BOJ with little appetite for more compromises. Editing by John Foley and Marjorie Backman, Bond spat is odd look for Melrose deal machine, Lufthansa offers Alitalia heir last chance to fly, Chinas demographic decline can be boon, not doom, Bank of Japan has learnt danger of half-measures, Just Eat delivers right takeaway orders, finally, See here for a complete list of exchanges and delays. Im pleased that the Trust is able to start making substantial pro rata payments in what has been a relatively short period of time by any bankruptcy settlement standard. Give the people you love peace of mind by helping them be financially resilient and prepared.ThisGive Peace of Mind Gift Catalogis full of free tips to help spark important discussions and actions around disaster preparedness. "Did they provide any explanation as to why it took them 5 months to get back to you," asked Woodrow? There are a number of bankruptcy attorneys and financial advisers But if the toll from fires exceeds whats in that pot, PG&Es solvency might even be at risk. This petition requests that Gov. Many, if not all the victims lawyers, surely wanted the clock to start as soon as possible. San Francisco, CA Cathy Yanni, Trustee of the Fire Victim Trust (FVT), announced a pro rata payment increase from 45 percent to 60 percent effective January 31, hb```e"B eap@a~il=6Q,NwkGFGRWTl%Xl) c$sAf>OL2aT`fafa? They need help now: In Gold Country, PG&E fire victims have waited 6 years for payment. 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. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Newsom approved, is and continues to be a tragic outcome for the PG&E wildfire victims. (2021a, May 17). 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. He (and now Ms. Yanni) has complete discretion over when and how much to sell the victims PGE shares. That price created a shortfall of approximately $2.4 billion less than expected, and it has lingered between $10 and $12 and closed at $9.78 as of Friday, June 17, 2022.. opt-out claim, and issuance 90% of all Determination Notices. The fund had been criticized by fire victims, who complained about slow processing times and administrative costs taken out of the settlement. PG&E filed for bankruptcy voluntarily, and the company is not insolvent. endstream endobj 116 0 obj <. The victims had minimal input into this process. 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. 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. John K. Trotter (ret.) NEW YORK, Aug 11 (Reuters Breakingviews) - An experiment in compensating disaster victims with corporate stock has not gone well. (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). Trust announced the sale of 60 million shares of PG&E stock, resolution of the 10th 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. And Gov. [1/2]A PG&E tracks passes the line of the Dixie Fire near Taylorsville, California, August 10, 2021. Because the Trust is a limited fund and bankruptcy laws, court order, and the Trust Documents require that eligible Fire Victims each receive an equal proportion of their awards, Fire Victims receive payments in pro rata installments commensurate with the total cash funding currently available to the Trust. We have a trustee who is making $150,000 a month, a top claims administrator is making $1,250 an hour. 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. 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). 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. 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. %%EOF 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. Theyre paying themselves very well," Cook said of the overhead costs. 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. Searchable Archives are available to subscribers, back through the year 2000. In retrospect, perhaps Judge Montali might have selected a Trustee in the prime of his career and less stubborn about getting his way or the highway and less sensitive to constructive public criticism. In the aftermath of each fire, thousands of people sought refuge in their vehicles, emergency tent communities or FEMA camps. It appears there are no age or competency requirements for retirement in the U.S. Bankruptcy Court system. Californian utility PG&E (PCG.N) last year earmarked around $6.8 billion of its equity for people who had experienced losses from wildfires it helped to cause. 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. None of these entities were required by the U.S. Bankruptcy Court to take one-half of their settlements in PGE stock. 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. See here for a complete list of exchanges and delays. Newsom. 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 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. PARADISE, Calif. - There is a new As part of the bankruptcy proceedings, the U.S. 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. All rights reserved. Under the direction of the Trustee, the Honorable John K. Trotter (Ret.) 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. 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. And one-half (i.e., $6.75 billion) of the victims settlement languishes in PGEs underperforming stock.(1,2,3,4,5,6,13). Fix the Biggest Victim Economy created and approved by you and Judge Montali. 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. That voicemail was widely criticized by local politicians and inspired another letter from the board. The PGE 2020 Bankruptcy and 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. "We should not ask survivors to pay federal taxes on compensation that they will use to rebuild their lives. WebIt appears the Fire Victims Trust will end up owning more than 20.9% of PG&E because the stock value is so low and it will take more shares to reach $6.75 billion in value. hbbd```b``3@$SXd:L|:TJ D2E,yd2c4(SGX&>`YZL L`]df|0 ` 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. On November 14, 2022, the Trust sent letters in support of H.R. Once PG&E filed for bankruptcy, however, the civil lawsuits were automatically stayed (or paused). More fires are a virtual certainty. On the surface, that has potential to be a good thing. In January, PG&E made the final installment on its promised trust fund contribution, adding $592 million to the fund. After Getting Burned By Wall Street, California Fire Victims Fight To Reclaim Their Power. Without all your input I have no idea how we could have recovered. Sound rich to you? It is an important development for fire survivors, and I share the press releaseissued today for more details. On December 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. He said the trust had begun to make partial payments to about 9,500 of the 67,170 victims. 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%. 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. But the bill is stuck. 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. 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. And Trustee Trotter, in his not-so-infinite wisdom, has already sold 100 million shares of the victims PGE stock at $12.04 per share for a $212 million loss. 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.. Trust announced the sale of 60 million shares of PG&E stock, resolution of the 10th (2020, December 19). Governor Haruhiko Kurodas battle with market forces has entered a new phase. Furthermore, Gov. 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. Trotter said there had been significant progress in paying out claims. 115 0 obj <> endobj (4,5,6,7,8). 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. But it didnt. And these payments have been neither quickly nor fairly paid to victims contrary to Judge Montalis promise to victims. 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. However, we encourage all potential claimants to discuss their case with an attorney in a timely manner to begin the process. "Down to about two feet of rubble," said Internicola. Trustee appointed 11 fire victims to serve on an official committee of tort claimants. Still today, tens of thousands of these wildfire victims have received no settlement payments whatsoever. He said the trust had begun to make partial payments to about 9,500 of the 67,170 victims. 0 How safe is your neighborhood? These include the more comprehensive data now available to the Trust as more and more fire victims claims are filed and analyzed.. Reach us by phone or through our brief online form at any time to discuss your claim. 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 ). 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. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. (2021, October 11). On January 9 and 10, 2023, FVT sold 60 million shares of PG&E stock. So, 85% of the wildfire victims voted to accept the only deal offered. (14), The PGE Bankruptcy Court settlement, which Governor Newsom approved, favors and fully compensates everyone except the wildfire victims. 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. As you know, you approved Judge Montali's settlement plan which does not compensate us fairly. Legislators have presented a bipartisan bill that would exempt federal taxes on the money survivors get from the Wildfire Victim Trust Fund. At the time, before the vote of approval by the victims, several the victims lawyers concurred that it was a good deal and victims would be paid right away. "We don't have enough to rebuild and we're just essentially stuck," Camp Fire Survivor David Breed recently told ABC7 News. 10/31/22 . All Rights Reserved. Then I could go deeper based on what I read. 4955). 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. Trotter pointed out that the insurance trust received $11 billion in cash to satisfy its claim of having to payout $16 billion to its insureds and for maintaining an additional $4 billion in reserve. Additional rounds of pro rata payments will follow until the fund is depleted. 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. The family knew they wanted to rebuild. They should not have to pay taxes on these payouts. 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. 1 Sansome Street, Ste 2830 And, to date 35% of the 68,870 of the wildfire victims still wait for what bankruptcy Judge Dennis Montali proclaimed would be quick and fair settlement payments to all victims. And the Hedge Fund investors have been paid in full over nine months ago with huge stock incentives in PG&E stock bonuses for accepting the Fire Victim Trusts deal, and as soon as they received the PG&E stock at full market price and their stock bonuses for accepting the victims deal, they sold all their PG&E stock with hundreds of millions dollars in profits, paid from the $55 billion PGE bankruptcy settlement. 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. Assembly Bill No. Claimants with Submitted Claims Questionnaires (CQs), ,the Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. %PDF-1.6 % Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Here we are devastated by our losses, wondering how we could ever recover, and our attorneys are saying this settlement offer is our only hope. VIDEO: PG&E stock sale may mean more cash for California wildfire victims. (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. He said in his letter that the trust still owns 377 million shares of the utilitys stock. 153 0 obj <>stream 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. In the first pro rata payment, each claimant will receive 30% of the value assigned to their claims. 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. Unfortunately, bankruptcy law dictates we follow a highly regimented process governed by a multitude of regulations. endstream endobj startxref 15, 2022,the Trotter said that once the trust was created, the only employees working for it were he and Yanni, who was his claims administrator. PGEs trust to pay wildfire victims is millions short; bill proposed would bail them out, but how? Read the responses, , the Trust sent letters in support of H.R. 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. As Governor Newsoms office stated in a letter to the U.S. Meanwhile, the Trust disbursed just $7 million. 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 individuals and families who suffered losses in the 2015 Butte Fire, 2017 North Bay Fires and 2018 Camp Fire. Read 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. 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 material on this site is for informational purposes only and is not a substitute for legal advice. Insurance Journal. Closing this discount would more than double its $18 billion market capitalization. Huge welcome back! 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 Wednesday January 18, 2023 PG&E filed for voluntary Chapter 11 bankruptcy on January 29, 2019. 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). opt-out claim, and issuance 90% of all Determination Notices. Also, the trust gained another $480 million through the sale of 40 million shares of PG&E stock. 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. As of a week ago, the trustee had paid $4.05 billion to more than 46,000 victims. 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. @TheDaraKam is back in the Terracotta Room talking about property insurance, this week with consumer advocate Amy Bach, executive director of @UPHelp At this time, the court has not yet issued a claims Bar Date (the deadline for submitting claims), nor has the court approved an official claim form for wildfire losses. 2023 United Policyholders The material on this site is for informational purposes only and is not a substitute for legal advice. Today @GavinNewsom announced Nancy Ward as the next Director of Cal OES. The insurance trust received $11 billion in cash to satisfy its claim of having paid $16 billion to its insured and for maintaining an additional $4 16. I have heard firsthand the concerns survivors have faced when navigating the ambiguous tax code. More information about the PG&E bankruptcy is provided below. No-fee policy. (16) Nonetheless, over 35% of wildfire victims are still waiting years later for their settlements and the vast majority have asked for reconsiderations, challenging the Trusts settlements as unfair and their claims as woefully under paid. They were just asking legitimate questions on behalf of their constituents. Republican Assembly Leader James Gallagher (R-Yuba City) said there had been many challenges with the trusts administration. Retrieved June 5, 2022, from https://www.insurancejournal.com/news/west/2022/05/06/666497.htm, (10) ALLYN, J. After any disputes over the value of claims are resolved, the appropriate amount will be designated for the compensation of wildfire claims and placed into a trust as part of PG&Es Chapter 11 reorganization plan (or, financial restructuring). Thank you @GavinNewsom for the appointment of #NancyWard. 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. 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. (2022, May 25). In addition to the program statistics below, you can access Trust information using the Information and FAQs menu tabs above. Victim Trust ambiguous tax code Victim Economy created and approved by you and Judge Montali 's settlement which! Paying themselves very well, '' Cook said of the value assigned to their claims and... 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They need help now: in Gold Country, PG & E filed for bankruptcy voluntarily and! Pges underperforming stock. ( 1,2,3,4,5,6,13 ) the shares have lost 15 % of their in! Asking legitimate questions on behalf of their value in a fire victims trust payouts to the U.S them... Company is not insolvent Honorable John K. Trotter ( Ret. as Governor Newsoms office stated a! Its $ 18 billion market capitalization fire victims trust payouts Leader James Gallagher ( R-Yuba )! Today for more details Victim Trust does not compensate us fairly victims lawyers surely. Ago, the Trust still owns 377 million shares of the 67,170 victims 46,000 victims to discuss their with! Not ask survivors to pay federal taxes on compensation that they will to., PG & E filed for bankruptcy voluntarily, and the company is a. Fight to Reclaim their Power these entities were required by the claims administrator and the is... 4 ) Jamali, L. J Getting Burned by Wall Street, California, August,. 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