However, we encourage all potential claimants to discuss their case with an attorney in a timely manner to begin the process. It is an important development for fire survivors, and I share the press releaseissued today for more details. The Claims Resolution Procedures approved in PG&Es bankruptcy cases require the Trust to issue a single Determination Notice that includes all claims in each Claims Questionnaire. This time period may be shorter than the statute of limitations that might otherwise apply in the civil court. In November 2020, the FVT decided to begin providing claimants who had submitted the required Claims Questionnaires with preliminary payments of up to $25,000. (1), The insurance companies and city and county governments also were paid in full over nine months ago for claims they paid to victims (subrogation reimbursements $11 billion and government claims of $2 billion, respectively), and the victims lawyers started reaping their full fees and costs as victims settlement determinations started trickling in nine months ago. Today, the Fire Victim Trust holds almost a quarter of PG&E shares. 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. And these payments have been neither quickly nor fairly paid to victims contrary to Judge Montalis promise to victims. 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. 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.. Prior Trustee updates are included on the Documents page here. (2021, June 25). Read Take a look at more stories by the ABC7 News I-Team. 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. None of these entities were required by the U.S. Bankruptcy Court to take one-half of their settlements in PGE stock. Nine of the 10 biggest conflagrations in California since 1932 have occurred in the past decade, and PG&E told regulators that its equipment may be linked to the giant, currently raging Dixie Fire, too. (4,5,6,7,8). California Senator Dianne Feinstein introduced companion legislation in the Senate. 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. (2021, October 11). 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. Any sale, disposition or other transaction involving the Trusts shares follow strict guidelines as outlined in filings with the U.S. Bankruptcy Court and the U.S. Securities and Exchange Commission. 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. (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). California Governor's Office of Emergency Services, Christopher and Urmila - 2017 Tubbs Fire Victims, FEMA can help California communities recover under the Stafford Act, Home insurance availability, affordability AND quality is shrinking: States and the Feds must coordinate and take action to protect homeownership in the US. Newsom approved, is and continues to be a tragic outcome for the PG&E wildfire victims. Today @GavinNewsom announced Nancy Ward as the next Director of Cal OES. 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. "Down to about two feet of rubble," said Internicola. 1 Sansome Street, Ste 2830 If PG&E performed well, so would they. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. They should not have to pay taxes on these payouts. the press release here. 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. 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. Fix the Biggest Victim Economy created and approved by you and Judge Montali. 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. Paradise mayor Steve Crowder welcomed the news of Trotters retirement. If a Disaster Declaration is issued, it can be either a Emergency Declaration (to supplement state, local, and tribal government efforts to provide debris removal and emergency protective measures or to lessen/avert, Need a last minute holiday gift? 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. It is an important development for fire survivors, and I share the. %%EOF 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 FVT laid the groundwork for releasing pro rata payments in mid-February when it began sending Claims Determination Notices to Fire Victims whose claims had been fully processed and evaluated. 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. 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. - The company filed for bankruptcy in January 2019 following a series of wildfires in 2015, 2017 and 2018. He (and now Ms. Yanni) has complete discretion over when and how much to sell the victims PGE shares. "We don't have enough to rebuild and we're just essentially stuck," Camp Fire Survivor David Breed recently told ABC7 News. Governor, we are one of 68,870 families and businesses (250,000 Californians) waiting for full relief for our PGE-caused losses. The trust owns about 24% of the companys shares, worth around $4 billion. opt-out claim, and issuance 90% of all Determination Notices. As you know, you approved Judge Montali's settlement plan which does not compensate us fairly. 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. 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. (2022, May 6). Legislation could make PG&E settlement money for CA wildfire victims tax-free from the federal government, but the bill is stuck in Congress. A. On December Please Fix the Biggest Victim Economy You Approved by providing equitable compensation to the 2015, 2017 and 2018 wildfire victims. (2022, May 25). 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. Claimants (or their lawyers, if represented) can access their confidential claims information, notices, and other program materials by logging into their secure Portal account here. Theyre paying themselves very well," Cook said of the overhead costs. 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. Indie Pop Star Michelle Lambert Plays Market and Main in Martinez! 15, 2022,the 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. This increase was made possible by the Trusts recent sales of Pacific Gas & Electric stock. Claimants with Submitted Claims Questionnaires (CQs), ,the SAN FRANCISCO (KGO) -- Fire victims struggling to rebuild after California wildfires say they need every dollar coming their way from a PG&E settlement. 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. Jul 11, 2022 | Casualty Gain, PG&E Settlement. Retrieved June 5, 2022, from https://www.insurancejournal.com/news/west/2022/05/06/666497.htm, (3) Allyn, J. More information about the PG&E bankruptcy is provided below. How safe is your neighborhood? We are looking for a Governor to vote for that can help us get "fair" compensation as promised by PGE bankruptcy Judge Dennis Montali. 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%. 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. 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 For many Fire Victims, the pro rata payment will not mark the first time they have received compensation from the FVT. Retrieved June 5, 2022, from https://www.capradio.org/articles/2021/05/17/a-cascade-of-outrage-follows-investigation-into-pge-fire-victim-trust-expenses/, (5) California Legislative Information. 52. Who may act as Legal Representative for a Minor Claimant, and what 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. 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. Trotter said that once the trust was created, the only employees working for it were he and Yanni, who was his claims administrator. 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. . 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 Never pay out-of-pocket fees or expenses. For more information, visit FireVictimTrust.com. 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 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. RELATED: Fire Victim Trust answers questions about $51 million spent as CA wildfire victims await payments. 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. The North Bay fires of 2017 alone claimed 44 lives, burned more than 200,000 acres and destroyed 5,300 homes in Napa, Sonoma, Lake, Mendocino and Solano counties. 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 In the first pro rata payment, each claimant will receive 30% of the value assigned to their claims. Victims of past fires share PG&Es risk, though, too. The Butte Fire, North Bay Fires and Camp Fire burned 400,000 acres, destroying 10s of thousands of homes and other structures. Insurance Journal. 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. California Court Gives Policyholders a Boost: Appellate Panel Publishes Pro-Policyholder COVID-19 Decision, Storm recovery: Find resources here as Santa Cruz County agencies, community groups scramble to coordinate, Meetings educate public on insurance, resources after floods. 141 0 obj <>/Filter/FlateDecode/ID[<5282CBEF541C3F44B3C7ABABD9F0131F><7AF137A6936E014296BF315C2A3AFEF3>]/Index[115 39]/Info 114 0 R/Length 117/Prev 236867/Root 116 0 R/Size 154/Type/XRef/W[1 3 1]>>stream 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. Read To download an extensive set of FAQs, click here. This was followed on August 3, 2020, with an additional 748,415 shares. Hedge Funds Cash Out Billions in PG&E Stock. Most fire victims are still waiting to be paid by PG&Es Fire Victim Fund, investigation finds. The new payout, effective Feb. 15, will allow victims to gain 45% of claim value, instead of the current 30%. Opinions expressed are those of the author. Trust announced the sale of 60 million shares of PG&E stock, resolution of the 10th 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. (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. opt-out claim, and issuance 90% of all Determination Notices. 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. As of a week ago, the trustee had paid $4.05 billion to more than 46,000 victims. He said the trust had begun to make partial payments to about 9,500 of the 67,170 victims. 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. (12,19). Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. WebThe PGE 2020 Bankruptcy and PGE Fire Victim Trust PGE's bankruptcy workout plan to pay for victims' losses from the 2015, 2017 and 2018 Northern California wildfires was approved by California 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 survivors just $7 million while racking up $51 million in overhead in its first year of operation, KQED News reported. 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. 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. 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. If you have previously retained an attorney for your wildfire claim, you do not need to take any further action. She added: We will continue to monitor the markets in collaboration with our financial advisors to monetize the remaining shares as quickly as we can, but in a responsible manner, taking into account price, market conditions and the needs of fire survivors.. 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). 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 victims had minimal input into this process. Instead he chose to take a huge loss for us. And Gov. "Fire victims have lost homes, belongings, and for some, even their loved ones," said LaMalfa (R-Richvale), who co-introduced the bipartisan legislation. 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. 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. Newsom, you approved this bankruptcy plan and you have the authority and resources at your disposal to correct the inequities to victims created by this plan. Under the direction of the Trustee, the Honorable John K. Trotter (Ret.) One of the hallmarks of trust administration is transparency. 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. 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. Accordingly, it is important to understand the full scope of your legal damages, how to properly document your losses, how to complete the claim form process, and how to ensure a fair amount is allocated to your claim. Why? As part of the bankruptcy proceedings, the U.S. What's wrong with this picture? 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. KQED. "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. "What's the biggest hold up here," asked ABC7 News I-Team Reporter Melanie Woodrow. They need help now: In Gold Country, PG&E fire victims have waited 6 years for payment. 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. Now valued at over $10 each, Trotter says the difference could be taxed around 45%, meaning more money "I think scheduling for committee time, floor time," said LaMalfa. At the same time, attorneys for PG&E will prepare a competing (and likely lower) estimation of the wildfire claims. Analysts on average predict PG&E will make over $9 billion of EBITDA in 2023, compared with less than $6 billion in 2018. 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. Instead, all claims for fire-related damages will be incorporated into and resolved as part of the bankruptcy proceedings. 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. He said the fire victims had to push to get tax relief on the stock sale last year. 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 FVT was created in July 2020 and funded with both cash and shares of stock pursuant to PG&Es Chapter 11 Plan of Reorganization. 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. 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. In addition to the program statistics below, you can access Trust information using the Information and FAQs menu tabs above. 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. Michael Internicola and his family lost everything in the 2017 Tubbs Fire. Because unlike all the other bankruptcy claimants, the victims received one-half of their $13.5 billion dollar settlement in PGE stock. Insurance Journal. Bipartisan legislation could make that money tax-free from the federal government -- but the bill is stuck in Congress. Representatives for the Fire Victim Trust declined to be interviewed. An annual report filed in federal bankruptcy court last week by its trustee, John Trotter, reported $38. 7 million spent on financial professionals, claims administrators, consultants and other operating expenses between July 1 and the end of 2020. Retrieved June 5, 2022, from https://www.insurancejournal.com/news/west/2022/05/06/666497.htm, (10) ALLYN, J. PG&E declared bankruptcy in 2019 amid wildfire-related claims of $30 billion. hbbd```b``3@$SXd:L|:TJ D2E,yd2c4(SGX&>`YZL L`]df|0 ` Your attorney will continue to represent you throughout the remainder of the proceedings until your case is resolved. The Bank of Japan (BOJ) made no adjustments to its yield-curve control (YCC) policy that keeps interest rates ultra-low on Wednesday. federal and state agency claims. "That's the one that probably disturbs me the most," said Internicola. The IRS letter echoed articles you have 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. 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. A. Our work to process claims continues, and todays news is a sign of significant progress. 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. No-fee policy. All Rights Reserved. On January 11, 2023, the Trust announced a pro rata payment increase to 60% following additional stock sales. 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. 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 Read the lettershere. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The shares have lost 15% of their value in a month. 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. 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. We are making every effort to pay as much as we can, as quickly as we can.. Over when and how much to sell the victims received one-half of their $ 13.5 billion dollar in. 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