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. We speak to claimants every day and know how hard this has been for everyone. 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. This petition requests that Gov. 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. Why? Trust announced the sale of 60 million shares of PG&E stock, resolution of the 10th 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. 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. 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. 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. Contacts For Fire Victims and Attorneys, Throwback OCP&R Tip: storms can cause power outages. 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. Theyre paying themselves very well," Cook said of the overhead costs. (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. Retrieved June 5, 2022, from https://www.sfchronicle.com/bayarea/article/They-need-help-now-In-Gold-Country-PG-E-16407001.php, (12) Andrew Graham. 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. 7305 to amend IRS Code of 1986 for certain fire survivors' claimants. VIDEO: PG&E stock sale may mean more cash for California wildfire victims. Copyright 2023 KGO-TV. But the bill is stuck. United States Trustee Program Director Elliot - Fix the Biggest Victim Economy Ever Created by the U.S. Bankruptcy Program! "You know if the state can get it done, why can't the federal government," said LaMalfa. As part of the bankruptcy proceedings, the U.S. 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. Rather, each wildfire claimant (or unsecured creditor) must file a separate claim in the bankruptcy court to safeguard their right to compensation. "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. By filing for Chapter 11, PG&E will be allowed to continue its business operations while restructuring its debts and resolving liabilities. Governor Newsom. (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? California established a $21 billion wildfire safety net for state utilities that PG&E can tap if it has over $1 billion of fire claims in a year. Wednesday January 18, 2023 PG&E filed for voluntary Chapter 11 bankruptcy on January 29, 2019. Newson, just approved two new rate hikes to PG&E customers (including all PG&E victim customers) totaling a 23% increase to rate payers effective March 2022. For more information, visit FireVictimTrust.com. 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, which he took over two years ago, was funded with $13.5 billion, half in cash and half in the PG&E common stock. 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. Read the press release here. PGE is Fine and Raising Electric Rates on Customers Again. 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. KQED analyzed federal bankruptcy court filings, court transcripts and correspondence between victims and staff of the Fire Victim Trust. (12,19). PG&E declared bankruptcy in 2019 amid wildfire-related claims of $30 billion. 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. I think that is a positive for the trust and the fire victims, Crowder said on Wednesday afternoon. On November 14, 2022, the Trust sent letters in support of H.R. Victims, however, have been waiting 4, 5 and 6 years for their compensation which, when it comes to the lucky few, is pennies on the dollar. 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. 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. He said his rent is triple what he paid for his mortgage in Paradise. 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. Legal claims arising out of the 2017 North Bay Fires and the 2018 Camp Fire will now proceed to resolution through the bankruptcy court rather than the civil courts. "Fire victims have lost homes, belongings, and for some, even their loved ones," said LaMalfa (R-Richvale), who co-introduced the bipartisan legislation. The trust owns about 24% of the companys shares, worth around $4 billion. As Governor Newsoms office stated in a letter to the U.S. But if the toll from fires exceeds whats in that pot, PG&Es solvency might even be at risk. (1,2) Instead, the facts show that payments to victims have been pro rata at 45% of victims' losses, and again, this is 45% of a 60% average settlement offer (and 33%-plus of this goes to the victims attorneys fees and costs). One of the hallmarks of trust administration is transparency. All such claims must still be filed on an individual basis. John K. Trotter (ret.) When recently challenged by a letter from the Butte County Board of Supervisor's who presented legitimate questions about the pace and process of the Trust's claims processing, the thin-skinned Trustee refused to respond to the Supervisors and called them "you people" "politicians" with "uninformed, slanderous conclusions". Nine of the 10 biggest conflagrations in California since 1932 have occurred in the past decade, and PG&E told regulators that its equipment may be linked to the giant, currently raging Dixie Fire, too. Fire Survivors Suffer and Wait. hbbd```b``3@$SXd:L|:TJ D2E,yd2c4(SGX&>`YZL L`]df|0 ` The House and Senate will be in session in mid-November. On January 11, 2023, the Trust announced a pro rata payment increase to 60% following additional stock sales. Analysts on average predict PG&E will make over $9 billion of EBITDA in 2023, compared with less than $6 billion in 2018. 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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 Still today, tens of thousands of these wildfire victims have received no settlement payments whatsoever. The family knew they wanted to rebuild. Trust announced the sale of 60 million shares of PG&E stock, resolution of the 10th The new payout, effective Feb. 15, will allow victims to gain 45% of claim value, instead of the current 30%. Republican Assembly Leader James Gallagher (R-Yuba City) said there had been many challenges with the trusts administration. opt-out claim, and issuance 90% of all Determination Notices. No victims are on the committee. 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. (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. SAN FRANCISCO (KGO) -- Fire victims struggling to rebuild after California wildfires say they need every dollar coming their way from a PG&E settlement. The material on this site is for informational purposes only and is not a substitute for legal advice. 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