Fire Victim Trust Files 2021 Financial Report and Claims Report in U.S. Bankruptcy Court

SAN FRANCISCO–(BUSINESS WIRE)–On April 29, 2022, the Fire Victim Trust filed with the U.S. Bankruptcy Court for the Northern District of California its Annual Report and Report of Claims for the period beginning January 1, 2021 and ending December 31, 2021. The Court- The filed document containing both reports can be found in the Reports and Statistics section of the Court Information tab. Trust website.

As required by the Fire Victim Trust Agreement dated July 1, 2020, the annual report consists of two parts:

  1. The audited financial statements of the Trust for the period ended December 31, 2021; and

  2. Trust Claims Report for the period ended December 31, 2021.

The Trust’s audited financial statements show distributions to fire victims of $1.69 billion for the year ended December 31, 2021. The Trust also issued additional preliminary payments and pro rata distributions of approximately $1.81 billion between the end of the reporting period and April 29, 2022, bringing the total amount distributed to fire victims to approximately $3.5 billion. The April 29 claims data report can be found in the Reports and Statistics section of the Information tab of the Trust website.

The Trust incurred operating expenses of $93.3 million for the period ended December 31, 2021, of which approximately 80%, or $75.0 million, was spent on claims processing and administration , which are the segments of the Trust’s operations devoted to paying fire victim claims. The remaining operating expenses included legal fees and expenses, financial professional fees and expenses, trustees’ fees and expenses, consultants’ fees and expenses, as well as insurance, preservation of evidence and other costs. Legal expenses incurred by the Trust include the fees of attorneys engaged in litigation on behalf of the Trust for the purpose of obtaining additional assets for distribution to victims of the fire. The amounts allocated to each of these categories are set out in the operating expense supplemental tables on page 14 of the Trust’s audited financial statements.

The Trust’s audited financial statements also indicate that on January 31, 2022 and April 14, 2022, the Trust sold 40,000,000 and 60,000,000 common shares of PG&E Corporation, respectively, and realized aggregate net proceeds of approximately $1.2 billion in those sales. . The Trust continues to work closely with its financial and legal advisors to responsibly monetize its equity holdings.

The Claims Report provides a summary of the number and type of fire victim claims administered during the period ended December 31, 2021. As explained in the Claims Report, as of December 31, 2021, the Trust had received 37,455 complaint questionnaires from 68,870 fire victims. and issued a total of 16,769 Notices of Determination and Notices of Reconsideration Determination to fire victims with aggregate awards of approximately $5.49 billion. In addition, the Trust continued its practice of distributing preliminary payments to eligible fire victims. In March 2021, the Trust began issuing pro rata payments to eligible fire victims who had received notice of determination and accepted their approved claim amount. The trust issued preliminary payments and pro rata distributions to 32,332 fire victims for a total amount of approximately $1.69 billion in 2021.

So far in 2022, as reported in the April 29, 2022 Claims Data Report, the Trust has issued 11,149 additional Notices of Determination with aggregate awards of approximately $3.03 billion, bringing the total number of notices of determination issued to 27,918 and the total value of the set. awards at $8.52 billion.

About the Fire Victim Trust

The Fire Victim Trust assesses, administers, processes and resolves eligible claims arising from the Butte Fire in 2015, the North Bay Fires in 2017 and the Campfire in 2018. Under the direction of the Trustee and Trustee of claims, the Fire Victim Trust provides an efficient and fair process to review claims and compensate fire victims for economic and non-economic damages caused by such fires, including destruction or damage to property and personal property. , additional living expenses, lost wages, business losses, bodily injury or death and related medical expenses, and emotional distress. To date, the Fire Victim Trust has paid out $3.5 billion to fire victims. For more information about the Fire Victim Trust, please visit www.firevictimtrust.com.

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