Fire Victim Trust Closes out 2022 With Major Wins for CA Fire Survivors
$908m PG&E stock sale, resolution of opt-out claim and determination notices at 90% signal significant progress
SAN FRANCISCO–(BUSINESS WIRE)–Cathy Yanni, the Trustee of the Fire Victim Trust (FVT), today announced three material developments in the administration of the trust that are significant wins for California fire survivors. On Monday, December 12th, given favorable market conditions, FVT sold 60 million PG&E shares to raise $908m for the Trust. FVT was also able to reach an Agreed Claim Amount with Adventist Health, the tenth claim resolution reached of the original 12 opt-out parties approved by the Bankruptcy Court. Finally, FVT achieved its goal for 2022 of issuing determination notices on 90% of claims questionnaires filed.
“It’s a great way to end the year. All of these developments mark real progress, and we hope the news will be well-received by fire survivors,” said Cathy Yanni. “We go into 2023 knowing there is more work to be done but also feeling good about what has been accomplished this year.”
PG&E stock sale: On July 1, 2020, 476,995,175 shares of common stock were transferred to the Trust followed on August 3, 2020, with an additional 748,415 shares transferred. To date, 230 million shares have been sold by the Trust in 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.
Opt-out cases: The resolution of the Adventist Health claim allows FVT to take a more accurate account of its financial position and the total funds available to fire victims. The Trust reached this agreement through strict adherence to its claim procedures, which are consistently applied to all claims the Trust is tasked with processing by the U.S. Bankruptcy Court. The two remaining claims are with Comcast and AT&T.
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 $5.84 billion to fire victims. For more information about the Fire Victim Trust, please visit www.firevictimtrust.com.
Contacts
Steve Burns, Summit Strategy Group
mediarequests@firevictimtrust.com
916-384-7507
