Now valued at over $10 each, Trotter says the difference could be taxed around 45%, meaning more money 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. The shares have lost 15% of their value in a month. As of a week ago, the trustee had paid $4.05 billion to more than 46,000 victims. On September 29th, Governor Gavin Newsom signed a bill which will make PG &E wildfire victims' settlement payments state tax-free, but as of right now fire victims must still Read the responses here. 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. 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. In his letter to victims, Trotter recounted the creation of the trust and its recent history. The notices, which continue to go out on a daily basis, indicate the total monetary value assigned to all of a Fire Victims claims. 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. And, again, our deal was crafted by these players such that victims would receive a $13.5 billion dollar settlement, but half of that amount (i.e., $6.75 billion) was to be paid to the victims in PG&E stock, only to find out that when PG&E exited bankruptcy the victims stock was already over $1.5 billion underwater. More fires are a virtual certainty. Instead he chose to take a huge loss for us. 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.) 1054 CHAPTER 79. The court-ordered trust of over $13 billion was established for survivors of devastating Northern California wildfires including the 2015 Butte Fire, the 2017 North Bay hb```e"B eap@a~il=6Q,NwkGFGRWTl%Xl) c$sAf>OL2aT`fafa? 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. He said the trust had begun to make partial payments to about 9,500 of the 67,170 victims. The legislation would exempt wildfire payouts from income taxes and would allow attorney fees and court costs to be deducted from taxes, right now they are not. Legislation could make PG&E settlement money for CA wildfire victims tax-free from the federal government, but the bill is stuck in Congress. Trustee appointed 11 fire victims to serve on an official committee of tort claimants. Theyre paying themselves very well," Cook said of the overhead costs. A. 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. 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. So, if you receive $100,000 and give 25% to your attorney, you are still taxed on the full $100,000. Primarily, those debts and liabilities relate to wildfire claims. 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. - The company filed for bankruptcy in January 2019 following a series of wildfires in 2015, 2017 and 2018. (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. 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. With such financial leverage, certainly Trustee Trotter could (and still could) have found a way to leverage our position by borrowing against our stock and preserving our position rather than squandering it away. 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. Rick Silva has been with the Paradise Post since June 1994 as sports editor. 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 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.". and Cathy Yanni appointed Trustee and Claims Administrator of the Fire Victim Trust (FVT), Bankruptcy Court confirmed PG&Es Chapter 11 Plan of Reorganization, FVT established and funded with $5.4 billion cash and PG&E stock, FVT began accepting claims information on FVT Portal, FVT began issuing Preliminary Payments to Fire Victims, Original Claims Questionnaire filing deadline (later extended to 2/26/21), $758 million cash payment received from PG&E, Claims Questionnaire filing deadline (extended from 12/31/20), FVT began issuing Pro Rata Payments to Fire Victims, $592 million cash payment received from PG&E, Cathy Yanni becomes Trustee of the Fire Victim Trust. 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. (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. 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. 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. With $2.82 billion in additional liquidity from our recent stock sales, we were confident we could safely increase the pro rata payment percentage for all Fire Victims, said Cathy Yanni. 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. That is stinging traders who bet the central bank would be forced to widen a 10-year government bonds trading band again, having expanded it to 0.50% from 0.25% in December under market pressure. ), Trustee of the Fire Victims Trust, announced in a letter to fire victims Tuesday that he will be retiring effective June 30. 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. 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. (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. 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. 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 ). Apparently, no one can stop Trustee Trotter from selling victims shares at a loss. So, 85% of the wildfire victims voted to accept the only deal offered. If PG&E performed well, so would they. 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 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. The trust has also dealt with 100 emotional distress claims along with more than 20,000 loss of income claims and 38,000 real and personal property claims, which include the value of loss of vegetation and the cost of tree replacement. The PGE Trust Oversight Committee is comprised of nine attorneys. "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. Copyright 2023 KGO-TV. 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, Read the responses, , the Trust sent letters in support of H.R. Prior Trustee updates are included on the Documents page here. Newsom approved, is and continues to be a tragic outcome for the PG&E wildfire victims. He leaves his leadership at the Trust at the end of June 2022. Gov. 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. ABC7News. (2019, July 12). 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 trust owns about 24% of the companys This bill has been a long time coming, and I look forward to continuing this effort with Rep. Thompson so survivors can finally get a financial reprieve.". But if the toll from fires exceeds whats in that pot, PG&Es solvency might even be at risk. (15). More information about the PG&E bankruptcy is provided below. 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. 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. 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. 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. 15, 2022,the Wednesday January 18, 2023 PG&E filed for voluntary Chapter 11 bankruptcy on January 29, 2019. 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. As you know, you approved Judge Montali's settlement plan which does not compensate us fairly. 153 0 obj <>stream Your attorney will continue to represent you throughout the remainder of the proceedings until your case is resolved. We are looking for a Governor to vote for that can help us get "fair" compensation as promised by PGE bankruptcy Judge Dennis Montali. After this sale, we now own about 21%. At the same time, attorneys for PG&E will prepare a competing (and likely lower) estimation of the wildfire claims. 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. We will continue to move diligently on behalf of the fire victims to attain the highest level of compensation permitted under the Bankruptcy Court orders and the governing Trust documents., Copyright 2023 NBCUniversal Media, LLC. 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. REUTERS/David Swanson. A. 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. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Our work to process claims continues, and todays news is a sign of significant progress. the press release here. None of these entities were required by the U.S. Bankruptcy Court to take one-half of their settlements in PGE stock. Why? In the aftermath of each fire, thousands of people sought refuge in their vehicles, emergency tent communities or FEMA camps. California Senator Dianne Feinstein introduced companion legislation in the Senate. Trotters response to the Butte County Board of Supervisors letter was to leave a voicemail criticizing the board. KQED analyzed federal bankruptcy court filings, court transcripts and correspondence between victims and staff of the Fire Victim Trust. Or I knew when to call it good., When disaster hits, FEMA can help communities recover under the Stafford Act (Disasterassistance.gov). There are a number of bankruptcy attorneys and financial advisers I think that is a positive for the trust and the fire victims, Crowder said on Wednesday afternoon. All quotes delayed a minimum of 15 minutes. %PDF-1.6 % - The Dixie Fire is now the second biggest wildfire since 1932, according to the California Department of Forestry and Fire Protection. These include the more comprehensive data now available to the Trust as more and more fire victims claims are filed and analyzed.. 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 As part of the bankruptcy proceedings, the U.S. 4955). Read the letters. 1 Sansome Street, Ste 2830 Insurance Journal. 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. 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. 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. 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". Please fix it. . Because of errors in the setup of how the trust was established, the tax issue was left unresolved, he said, triggering unnecessary delays that hindered victim compensation. 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. It appears there are no age or competency requirements for retirement in the U.S. Bankruptcy Court system. 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. Get a confidential review of your case at no cost. "Down to about two feet of rubble," said Internicola. In that rubble Internicola says he found the only item that survived, a ring his father gave him. All local city and county governments, large financial Hedge Funds that were investors in PGE, PGE and its attorneys, and the victims lawyers are and have been paid in full and quickly from the PGE bankruptcy $55 billion dollar settlement. Compensating victims will be a recurring challenge; giving them a volatile asset prone to falling in value turns out to be a poor solution. 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. Fix the Biggest Victim Economy created and approved by you and Judge Montali. 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. 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. Jul 11, 2022 | Casualty Gain, PG&E Settlement. Still today, tens of thousands of these wildfire victims have received no settlement payments whatsoever. If he or Ms. Yanni (his replacement appointed solely by Trustee Trotter) sells the remaining 377 million of the victims shares for the same loss, victims stand to lose over $1.1 billion of their $13.5 billion settlement, perhaps much more. However, that tweaks failure to reduce the need of central bank intervention has left the BOJ with little appetite for more compromises. "It shouldn't be a taxable event upon them because they're victims of fire," said California Congressman Doug LaMalfa. After Getting Burned By Wall Street, California Fire Victims Fight To Reclaim Their Power. According to claims data as of September 30th from the Fire Victim Trust, nearly half of the close to 70-thousand claimants are still waiting to receive a 45% partial payment from the trust. Rather, each wildfire claimant (or unsecured creditor) must file a separate claim in the bankruptcy court to safeguard their right to compensation. Analysts on average predict PG&E will make over $9 billion of EBITDA in 2023, compared with less than $6 billion in 2018. 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. The trust initially received around 480 million shares at $9 each. PGE stock is currently trading around $12 per share (currently a $1 billion loss to the victims' PGE shares) and it must trade at about $14.50-plus per share for the victims' stock value to equal $6.75 billion. This is different from a class action lawsuit. The new payout, effective Feb. 15, will allow victims to gain 45% of claim value, instead of the current 30%. 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). Because unlike all the other bankruptcy claimants, the victims received one-half of their $13.5 billion dollar settlement in PGE stock. I have heard firsthand the concerns survivors have faced when navigating the ambiguous tax code. On January 11, 2023, the Trust announced a pro rata payment increase to 60% following additional stock sales. Claimants with Submitted Claims Questionnaires (CQs), ,the 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. That voicemail was widely criticized by local politicians and inspired another letter from the board. Trustee appointed 11 fire victims to serve on an official committee of tort claimants. PGE's bankruptcy workout plan to pay for victims' losses from the 2015, 2017 and 2018 Northern California wildfires was approved by California Gov. (2021, June 25). All Rights Reserved. PG&E declared bankruptcy in 2019 amid wildfire-related claims of $30 billion. He said his rent is triple what he paid for his mortgage in Paradise. 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. Https://Www.Pbs.Org/Newshour/Show/Most-Fire-Victims-Are-Still-Waiting-to-Be-Paid-by-Pges-Fire-Victim-Fund-Investigation-Finds Retrieved June 5, 2022, from https://www.pbs.org/newshour/show/most-fire-victims-are-still-waiting-to-be-paid-by-pges-fire-victim-fund-investigation-finds, (9) Trust Distributed $1.69B to PG&E California Fire Victims in 2021. 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. We are part of a significant group of voters. 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. This petition requests that Gov. As part of the bankruptcy proceedings, the U.S. 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. What's wrong with this picture? Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. "We remain right on the exact same spot with the identical house we replaced," said Internicola. 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. "I think scheduling for committee time, floor time," said LaMalfa. 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. Under the direction of the Trustee, the Honorable John K. Trotter (Ret.) endstream endobj startxref "This trust was set up to help people get back on their feet and recover after a destructive fire. 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. What lawyers earn that kind of money perhaps a handful of patent attorneys? (17). In the first pro rata payment, each claimant will receive 30% of the value assigned to their 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. Were making every effort to keep Fire Victims and their attorneys apprised of our progress each step of the way. This increase was made possible by the Trusts recent sales of Pacific Gas & Electric stock. 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. Officials for the trust declined to provide KQED with a list of companies it is working with and what it has paid them. He also said the trust hired Morgan Stanley to manage the sale of the first 100 shares of stocks, netting the trust $1.2 billion. Under the terms of their bankruptcy, PG&E pledged to pay victims $13.5 billion in cash and expected stock sales. Today, the Fire Victim Trust holds almost a quarter of PG&E shares. I believe that we needed an open line of communication with the trust which I did not get the feeling Justice Trotter supported that, but I do believe we have that going forward with Cathy Yanni.. I have tried to work cooperatively with the Trustee while pressing for payments to be expedited with greater transparency and accountability, he said in the statement to this newspaper. 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. https://twitter.com/Cal_OES/status/1609310956794019840. "We don't have enough to rebuild and we're just essentially stuck," Camp Fire Survivor David Breed recently told ABC7 News. The news that PG&E agreed to a $13.5 billion fire settlement with lawyers for victims means that plaintiffs are a step closer to getting compensated.
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