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Old 06-22-2022, 10:29 AM
 
Location: Paradise CA, that place on fire
2,002 posts, read 1,705,173 times
Reputation: 5826

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I'm bumping this thread if you care.

44 months after the fire the FVT, Fire Victims Trust, is under fire.

Following last week’s board of supervisors meeting, Chair Bill Connely signed a letter asking FVT Trustee John Trotter about lagging payments to claimants, excessive employee payroll and, the ultimate question, when fire survivors would be made whole. The trust was created as part of PG&E’s 2019 bankruptcy settlement to compensate nearly 70,000 fire victims with $13.5 billion.

What dollar amount has been distributed to each fire? Please include individual breakdown.
How many claims have been filed by fire?
What is the total monthly expense to administer the trust, inclusive of all staff?
How much have all the attorneys received as of now?
Why has only $3.4 billion dollars been distributed out of $13.5 billion?
How long before the trust distributes all funds?

The letter additionally asks why not even $4 billion of the $13.5 billion have been delivered over a year and a half after it started paying out. Further, it details concerns about the trustee’s monthly salary of $125,000 from the trust. Overhead costs and employee payroll has also chipped away nearly $100 million from the trust.
$ 100 million divided by 44 months= $ 2.27 million per month for admin costs. They are milking it, for sure. The trustee makes more than President Joe Biden. But my math is wrong, the FVT isn't operating for 44 months, much less than that, so they make more than $ 2.27 million monthly.

The bolded part is from our local TV station's website, KRCR TV. This morning they reported that the leader of the FVT, John Trotter, resigned. His post is taken over by his assistant. If you can't stand the heat, get out of the kitchen. Makes perfect sense. I don't have a legal definition of embezzlement and I don't want to be sued for libel.

The sad part is that many victims who lost everything still haven't received a penny. Many had no insurance and they live now in trailers or with friends, family. Others, like us, in homes relatively unharmed, received 1 or 2 checks already. I'm not complaining and won't return the checks, but the victims who lost EVERYTHING should be first in line for compensation. The incompetence of this operation is out of control.

Last edited by mgforshort; 06-22-2022 at 10:53 AM..
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Old 06-22-2022, 10:53 AM
 
Location: Northern California
128,540 posts, read 11,878,377 times
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ITA, & I also think they need to speed up the hardship cases, for those people who are ill or old. They do not pay out the trauma payments if someone has already died ( no doubt hastened by the trauma). And of course for those who had no insurance & are living in trailers etc.
The wages paid to the administrators is a disgrace. In fact, the whole thing is shameful.
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Old 06-22-2022, 12:59 PM
 
Location: Paradise CA, that place on fire
2,002 posts, read 1,705,173 times
Reputation: 5826
From the Sacramento Bee:

John Trotter, a retired California appellate court justice, announced his resignation Tuesday as head of the PG&E Fire Victim Trust.


The company, PG&E, emerged from bankruptcy promising to pay victims $13.5 billion for damages not covered by insurance. PG&E gave the trust, which is run independently of the company, $6.75 billion in cash and 477 million shares of PG&E stock; the deal was approved by an overwhelming vote by the estimated 70,000 fire victims (The victims themselves don’t get any stock. The shares are sold and they’re paid in cash)."
PG&E stock was trading at $9.90 a share Wednesday. Coupled with its cash holdings, the trust is nearly $2 billion short of what it needs to pay the claims in full."


Read more at: https://www.sacbee.com/news/californ...#storylink=cpy

That was a huge mistake to accept stocks in the form of payment.
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Old 06-22-2022, 01:09 PM
 
Location: State of Transition
102,096 posts, read 107,215,903 times
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Thank you for the update, OP. I wonder who decided what the admins' wages would be? Where do these people live, I wonder, that the salaries could be passed off as justifiable?

At least someone was watchdogging this.
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Old 06-22-2022, 02:09 PM
 
Location: Paradise CA, that place on fire
2,002 posts, read 1,705,173 times
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With 70,000 fire victims, many retired, it would be easy to find qualified volunteers, judges, accountants, attorneys, construction superintendents, etc; people who has skin in the game. But that is not how government works.
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Old 06-22-2022, 02:24 PM
 
Location: State of Transition
102,096 posts, read 107,215,903 times
Reputation: 115906
Quote:
Originally Posted by mgforshort View Post
With 70,000 fire victims, many retired, it would be easy to find qualified volunteers, judges, accountants, attorneys, construction superintendents, etc; people who has skin in the game. But that is not how government works.
Interesting. This makes me wonder: since these are clearly temporary positions, because theoretically at least, the institutional structure will exist only until the funds have been completely disbursed, what's the lowdown on the benefits package? Hopefully these jobs don't offer a pension...?
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Old 06-22-2022, 03:58 PM
 
Location: in a galaxy far far away
19,153 posts, read 16,549,276 times
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This is tragic, mgforshort. I'd be reporting this blunder to KCRA News and let them do a full investigation on it.
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Old 06-22-2022, 05:37 PM
 
Location: Paradise CA, that place on fire
2,002 posts, read 1,705,173 times
Reputation: 5826
Quote:
Originally Posted by Ruth4Truth View Post
Interesting. This makes me wonder: since these are clearly temporary positions, because theoretically at least, the institutional structure will exist only until the funds have been completely disbursed, what's the lowdown on the benefits package? Hopefully these jobs don't offer a pension...?
From the Bee: Further, it details concerns about the trustee’s monthly salary of $125,000 from the trust. Overhead costs and employee payroll has also chipped away nearly $100 million from the trust.

With these paychecks they won't need any pension. Dear Ruth, I'm sure you heard of the lottery.
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Old 06-22-2022, 05:44 PM
 
Location: State of Transition
102,096 posts, read 107,215,903 times
Reputation: 115906
Quote:
Originally Posted by mgforshort View Post
Further, it details concerns about the trustee’s monthly salary of $125,000 from the trust. Overhead costs and employee payroll has also chipped away nearly $100 million from the trust.

With these paychecks they won't need any pension. Dear Ruth, I'm sure you heard of the lottery.
Well, IDK. Where are these bureaucrats living? Chico? Sac? Santa Rosa? Scattered around, WFH?

In any case, please keep us updated.
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Old 06-22-2022, 08:26 PM
 
Location: West coast
5,281 posts, read 3,024,958 times
Reputation: 12265
I’m not sure anyone that is a long time NorCal resident has not had friends or family devastated from the fires.

At a quick glance the $125,000 per month salary does seem steep.
If a trustee is managing 13.5 Billion account that is probably pretty much the going rate if not less.
I couldn’t have faith in a person that was new to this.

On a side note,
I once agreed as a favor to a friend to let a person pitch me why they should be my financial planner.
He seemed nice enough but was a little bit off.
Something was just odd.
When I asked him of HIS personal experience in this field,
He just finished a couple of seminars, was unlicensed, would need to hand me off, and he can’t wait to quit working at the Home Depot.
Well that was a short meeting.

Bottom line don’t you want someone qualified to handle this?
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