PG&E Fire Victim Trust Announces Sale of the Next Group 60 million Shares of PG&E Stock
SAN FRANCISCO–(BUSINESS WIRE)–The PG&E Fire Victim Trust (FVT) today announced the sale of 60 million shares of PG&E stock as it continues its work to compensate the victims of fires in Northern California from 2015 to 2018.
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. The Trust holds 127,743,590 shares of PG&E stock. 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 April 13, 2023, the Trust had issued determination notices to 95% of all claimants and paid claimants over $8.83 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, 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 $8.83 billion to fire victims. For more information about the Fire Victim Trust, please visit www.firevictimtrust.com.
Contacts
Steve Burns, Summit Strategy Group
steve@summitstrategygroup.net
