Fire Victim Trust to Increase Pro Rata Payments to California Fire Survivors From 45% to 60% Based on Recent Stock Sales
SAN FRANCISCO--(BUSINESS WIRE)--Jan 11, 2023--
Cathy Yanni, Trustee of the Fire Victim Trust (FVT), announced a pro rata payment increase from 45 percent to 60 percent effective January 31, 2023. This increase was made possible by the Trust’s cumulative sales of 190 million shares of Pacific Gas & Electric (PG&E) stock since October 2022.
“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. 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.”
The FVT was created in July 2020 and funded with both cash and shares of stock pursuant to PG&E’s Chapter 11 Plan of Reorganization. At that time, 476,995,175 shares of common stock were transferred to the Trust. This was followed on August 3, 2020, with an additional 748,415 shares. On January 9 and 10, 2023 FVT sold 60 million shares of PG&E stock. Prior to this month’s sales, the FVT had sold 230 million shares across five sales — Jan 31, 2022 (40 MM shares); April 14 (60 MM shares); Oct 4 (35 MM shares); Oct 27 (35 MM shares); Dec 12 (60 MM shares). Any sale, disposition or other transaction involving the Trust’s shares follow strict guidelines as outlined in filings with the U.S. Bankruptcy Court and the U.S. Securities and Exchange Commission.
As of January 12, 2023, the FVT had issued determination notices to 91% of all claimants and paid claimants over $5.93 billion. Less than 1% of all claims have been appealed.
The Fire Victim Trust:
The Fire Victim Trust evaluates, administers, processes and resolves eligible claims arising from the 2015 Butte Fire, 2017 North Bay Fires, and 2018 Camp Fire. Under the direction of the Trustee and Claims Administrator, the Fire Victim Trust provides an efficient and equitable process to review claims and compensate Fire Victims for both economic and noneconomic damages caused by these fires, including destruction or damage to real estate and personal property, additional living expenses, lost wages, business losses, personal injury or death and related medical expenses, and emotional distress. To date, the Fire Victim Trust has disbursed $5.93 billion to Fire Victims. For more information about the Fire Victim Trust, please visit www.firevictimtrust.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230111005995/en/
CONTACT: For further information please contact: Steve Burns, Summit Strategy Group
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: LEGAL ENVIRONMENT INSURANCE NATURAL DISASTERS UTILITIES PUBLIC POLICY/GOVERNMENT PROFESSIONAL SERVICES ENERGY STATE/LOCAL
SOURCE: Fire Victim Trust
Copyright Business Wire 2023.
PUB: 01/11/2023 06:39 PM/DISC: 01/11/2023 06:39 PM