PG&E Fire Victim Trust Announces Sale of 35 million Shares of PG&E Stock

Source: www.gulfoilandgas.com 10/5/2022, Location: North America

The PG&E Fire Victim Trust (FVT) sold 35 million shares of PG&E stock as part of its work to compensate the victims of fires in California from 2015 to 2018. The Trust is unique in its creation as it was funded with both cash and shares of stock when it was formally created in 2020 pursuant to PG&E’s Chapter 11 Plan of Reorganization.

“While the stock price has always been unpredictable, our work at the Trust has remained the same: to help fire victims recover from the devastation of the fires in California and move on with their lives,” said Trustee Cathy Yanni. “Every decision our team makes—including the sale of stock—is driven by this mission. The sale will help us continue resolving claims and getting money to fire victims equitably and efficiently.”

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. 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 September 30, the Trust had issued determination notices to 82% of all claimants and paid claimants $5 billion. Less than 1% of all claims have been appealed. When the Trust was created, it was funded half in cash, and half in PG&E stock.

“The Trust is a limited fund, meaning it has finite money,” said Tim Jorstad, Trust CFO. “We are required to administer claims and pay eligible fire victims each an equal proportion of awards. The sale of stock ensures every victim will receive the same pro rata percentage as everyone else.”


Australia >>  11/30/2022 - In accordance with ASX Listing Rules 3.19A and 3.19B, Icon Energy Limited lodges the attached Appendix 3Z on behalf of Dr Keith Hilless AM.

...

Australia >>  11/30/2022 - Falcon Oil & Gas Ltd. announces that on 29 November 2022 it granted incentive stock options (“Options”) to Tom Layman (Non-Executive Director) to purc...

Bermuda >>  11/30/2022 - The shares in Flex LNG Ltd. will be traded ex dividend of USD0.75 per share for the third quarter of 2022 as of today, November 30, 2022.
Canada >>  11/30/2022 - Enbridge Inc. announced that its Board of Directors has declared a quarterly dividend of $0.8875 per common share, payable on March 1, 2023 to shareho...

Georgia >>  11/30/2022 - Block Energy plc, the exploration and production company focused on Georgia, announces that SLB (formerly Schlumberger), has notified the Company of i...
Norway >>  11/30/2022 - Reference is made to the announcement on 18 November 2022, whereby BW Offshore Limited (“BW Offshore”) announced information relating to dividend paym...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.