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. 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. 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. See here for a complete list of exchanges and delays. In the aftermath of each fire, thousands of people sought refuge in their vehicles, emergency tent communities or FEMA camps. 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.. The victims stake has fallen in value to around $4 billion. California Senator Dianne Feinstein introduced companion legislation in the Senate. The Fire Victim Trust was set up to compensate 67,000 victims as part of a bankruptcy settlement. As part of a settlement, the Fire Victim Trust received half of an expected $13.5 billion payout in stock and the rest in cash. The 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. 16. (2021, June 25). KQED. Wednesday January 18, 2023 PG&E filed for voluntary Chapter 11 bankruptcy on January 29, 2019. Read the letters. NEW YORK, Aug 11 (Reuters Breakingviews) - An experiment in compensating disaster victims with corporate stock has not gone well. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Check out Bay Area safety tracker, Bay Area Life; Sundays at 6:30 p.m. on ABC7, Fire Victim Trust answers questions about $51 million spent as CA wildfire victims await payments. 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. At that time, 476,995,175 shares of common stock were transferred to the Trust. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The IRS letter echoed articles you have "That's the one that probably disturbs me the most," said Internicola. 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. "We remain right on the exact same spot with the identical house we replaced," said Internicola. The new payout, effective Feb. 15, will allow victims to gain 45% of claim value, instead of the current 30%. 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. Meanwhile, the Trust disbursed just $7 million. 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. He said in his letter that the trust still owns 377 million shares of the utilitys stock. 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. iv. Whether you are traveling, We support the Federal Insurance Office in their efforts to gather national data to get a clear picture of how insurers are adapting their operations in response to climate change, and how their actions are impacting property insurance affordability and availability across the nation.. 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. 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. 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 pay federal taxes on the award money. 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? San Francisco Chronicle. Trustee appointed 11 fire victims to serve on an official committee of tort claimants. KQED analyzed federal bankruptcy court filings, court transcripts and correspondence between victims and staff of the Fire Victim Trust. In November, Yanni told KQED she expected it would take two years to pay all victims with claims. Some fire survivors fear it will take much longer. The longer it takes, the higher the cost of overhead will be. After Getting Burned By Wall Street, California Fire Victims Fight To Reclaim Their Power. Please fix it. In addition to the program statistics below, you can access Trust information using the Information and FAQs menu tabs above. He (and now Ms. Yanni) has complete discretion over when and how much to sell the victims PGE shares. Read the responses here. This time period may be shorter than the statute of limitations that might otherwise apply in the civil court. But if the toll from fires exceeds whats in that pot, PG&Es solvency might even be at risk. He said their first task was to design a system that allowed 70,000 fire victims to make claims, which he said took time to create and make it capable of receiving and reviewing more than 250,000 unique claims. Since then Trotter said they have received more than 19,000 personal injury claims and more than 400 death claims. 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. My goal is to keep the cost of administration below or as close to 1% as possible, Trotter wrote of the Fire Victim Trust. Director Ward is one of the nations foremost emergency managers with broad experience working at @DHSgov @fema @FEMARegion9 as well as Cal OES. 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. As part of the bankruptcy proceedings, the U.S. This increase was made possible by the Trusts recent sales of Pacific Gas & Electric stock. As of March 15, PG&E had paid out $3.04 billion in preliminary and pro-rata payments and awarded another $7.04 billion in determination notices. 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 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. Many, if not all the victims lawyers, surely wanted the clock to start as soon as possible. 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. Then I could go deeper based on what I read. The payments average approximately $13,000. Capradio. Read the responses, , the Trust sent letters in support of H.R. 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. 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. https://twitter.com/Cal_OES/status/1609310956794019840. In that rubble Internicola says he found the only item that survived, a ring his father gave him. 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. 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 most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Our Standards: The Thomson Reuters Trust Principles. 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. "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. ), Trustee of the Fire Victims Trust, announced in a letter to fire victims Tuesday that he will be retiring effective June 30. More fires are a virtual certainty. "We don't have enough to rebuild and we're just essentially stuck," Camp Fire Survivor David Breed recently told ABC7 News. Or I knew when to call it good., When disaster hits, FEMA can help communities recover under the Stafford Act (Disasterassistance.gov). Were making every effort to keep Fire Victims and their attorneys apprised of our progress each step of the way. Instead he chose to take a huge loss for us. "It shouldn't be a taxable event upon them because they're victims of fire," said California Congressman Doug LaMalfa. All quotes delayed a minimum of 15 minutes. 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. 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. 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. 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. REUTERS/David Swanson. 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. 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 Many more fire victims are struggling to do the same. 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. The victims had minimal input into this process. Will new regulations do enough to keep homeowners from losing fire insurance. 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. A Cascade of Outrage Follows Investigation Into PG&E Fire Victim Trust Expenses. So, 85% of the wildfire victims voted to accept the only deal offered. Retrieved June 5, 2022, from https://www.kqed.org/news/11851347/pge-bankruptcy-yields-700-million-legal-fee-bonanza-for-wall-street-firms, (8) PBS. Furthermore, Gov. VIDEO: Will new regulations do enough to keep homeowners from losing fire insurance? 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. Every day we are forced to hold the stock, leads to more costs and more taken away from victims, for sure, said Will Abrams, who lost his home in the 2017 Tubbs fire in Santa Rosa. 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. Instead, all claims for fire-related damages will be incorporated into and resolved as part of the bankruptcy proceedings. 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. There are a number of bankruptcy attorneys and financial advisers Trotter said that once the trust was created, the only employees working for it were he and Yanni, who was his claims administrator. 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. 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 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%. Unfortunately, bankruptcy law dictates we follow a highly regimented process governed by a multitude of regulations. PG&E filed for bankruptcy voluntarily, and the company is not insolvent. 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