1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

BROWN RUDNICK LLP 

David J. Molton (SBN 262075) 

(DMolton@brownrudnick.com) 

Seven Times Square 

New York, New York 10036 

Telephone: (212) 209-4800 

Facsimile: (212) 209-4801 

BROWN RUDNICK LLP 

Joel S. Miliband (SBN 077438) 

(JMiliband@brownrudnick.com) 

2211 Michelson Drive, Seventh Floor 

Irvine, California 92612 

Telephone: (949) 752-7100 

Facsimile: (949) 252-1514 

Attorneys for the Fire Victim Trustee 

UNITED STATES BANKRUPTCY COURT 

NORTHERN DISTRICT OF CALIFORNIA 

SAN FRANCISCO DIVISION 

In re: 

PG&E CORPORATION, 

 - and – 

PACIFIC GAS AND ELECTRIC 

COMPANY, 

Debtors. 

 Affects PG&E Corporation 

 Affects Pacific Gas and Electric Company 

 Affects both Debtors 

* All papers shall be filed in the Lead Case, 

No. 19-30088 (DM). 

 Case No. 19-30088 (DM) 

Chapter 11 

(Lead Case) 

(Jointly Administered) 

NOTICE OF FILING OF ANNUAL 

REPORT OF FIRE VICTIM TRUST 

AND CLAIMS REPORT OF FIRE 

VICTIM TRUST PURSUANT TO 

FIRE VICTIM TRUST AGREEMENT 

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 1

of 27
1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

2 

TO FIRE VICTIMS AND ALL OTHER INTERESTED PARTIES: 

PLEASE TAKE NOTICE that, in accordance with Section 2.2 (c)(i) of the PG&E Fire Victim 

Trust Agreement Dated as of July 1, 2020 (the “Trust Agreement”), Cathy Yanni, in her capacity 

as the Trustee (the “Trustee”), has filed an annual report (the “Annual Report”) audited by the Trust 

Accountants along with an opinion of the Trust Accountants as to the fairness in all material respects 

of the special-purpose financial statements contained in the Annual Report (the “Opinion”). A copy 

of the Annual Report and a copy the Opinion are attached hereto as Exhibit 1. As further required 

by Section 2.2 (c)(i) of the Trust Agreement, the Trustee has provided a copy of the Annual Report 

and a copy of the Opinion to the Claims Administrator and the TOC, and will post them on the Fire 

Victim Trust Website at www.firevictimtrust.com. 

PLEASE TAKE FURTHER NOTICE that in accordance with Section 2.2 (c)(ii) of the Trust 

Agreement, the Trustee caused to be prepared a report containing a summary regarding the number 

and type of claims disposed of during the period covered by the Annual Report (the “Claims 

Report”). A copy of the Claims Report is attached hereto as Exhibit 2. As further required by 

Section 2.2 (c)(ii) of the Trust Agreement, the Trustee has provided a copy of the Claims Report to 

the Claims Administrator and the TOC and will post it on the Fire Victim Trust Website at 

www.firevictimtrust.com. 

DATED: April 28, 2023 BROWN RUDNICK LLP 

 By: /s/ David J. Molton

 David J. Molton (SBN 262075) 

(DMolton@brownrudnick.com) 

Seven Times Square 

New York, New York 10036 

Telephone: (212) 209-4800 

-andJoel S. Miliband (SBN 077438) 

(JMiliband@brownrudnick.com) 

2211 Michelson Drive 

Seventh Floor 

Irvine, California 92612 

Telephone: (949) 752-7100 

Attorneys for the Fire Victim Trustee 

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 2

of 27
EXHIBIT “1”

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 3

Page 3

of 27
The report accompanying these financial statements was issued by 

BDO USA, LLP, a Delaware limited liability partnership and the U.S. member 

of BDO International Limited, a UK company limited by guarantee. 

PG&E Fire Victim Trust

Special-Purpose Financial Statements with 

Supplementary Information

For the Years Ended December 31, 2022 and 2021

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 4

Page 4

of 27
PG&E Fire Victim Trust

Special-Purpose Financial Statements 

with Supplementary Information

For the Years Ended December 31, 2022 and 2021 

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 5

Page 5

of 27
PG&E Fire Victim Trust

Contents

Independent Auditor’s Report 1-3

Special-Purpose Financial Statements

Special-Purpose Statements of Assets, Liabilities and Net Claimants' Equity 4

Special-Purpose Statements of Changes in Net Claimants' Equity 5

Special-Purpose Statements of Cash Flows 6

Notes to the Special-Purpose Financial Statements 7-12

Supplementary Information

Independent Auditor’s Report on Supplementary Information 13

Supplementary Schedules of Operating Expenses 14-15

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 6

Page 6

of 27
BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms 

part of the international BDO network of independent member firms.

 

BDO is the brand name for the BDO network and for each of the BDO Member Firms.

1

Independent Auditor’s Report 

Trustee

PG&E Fire Victim Trust

San Francisco, California

Opinion

We have audited the accompanying special-purpose financial statements of the PG&E Fire Victim 

Trust (the Trust) (a statutory trust created under the laws of the State of Delaware), which 

comprise the special-purpose statements of assets, liabilities, and net claimants’ equity as of 

December 31, 2022 and 2021, and the related special-purpose statements of changes in net 

claimants’ equity and the special-purpose statements of cash flows for the years then ended, and 

the related notes to the special-purpose financial statements.

In our opinion, the accompanying special-purpose financial statements present fairly, in all 

material respects, the net claimants’ equity of the Trust as of December 31, 2022 and 2021, and 

the results of its changes in net claimants’ equity and its cash flows for the years then ended in 

accordance with the basis of accounting described in Note 2 to the special-purpose financial 

statements.

Basis for Opinion

We conducted our audits in accordance with auditing standards generally accepted in the United 

States of America (GAAS). Our responsibilities under those standards are further described in the 

Auditor’s Responsibilities for the Audit of the Special-Purpose Financial Statements section of 

our report. We are required to be independent of the Trust and to meet our other ethical 

responsibilities, in accordance with the relevant ethical requirements relating to our audit. We 

believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis 

for our audit opinion.

Emphasis of Matter - Basis of Accounting

We draw attention to Note 2 of the special-purpose financial statements which describes the basis 

of accounting. As described in Note 2, the accompanying special-purpose financial statements 

were prepared in order to account for the amount of claimants’ equity presently available to fund 

current and future claims, which is a basis of accounting other than accounting principles 

generally accepted in the United States of America. As a result, the special-purpose financial 

statements may not be suitable for another purpose. Our opinion is not modified with respect to 

this matter. 

8401 Greensboro Drive

Suite 800 

McLean, VA 22102 

Tel: 703-893-0600

Fax: 703-893-2766 

www.bdo.com 

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 7

Page 7

of 27
2

Responsibilities of Management for the Special-Purpose Financial Statements 

Management is responsible for the preparation and fair presentation of the special-purpose 

financial statements in accordance with the basis of accounting as described in Note 2 to the 

special-purpose financial statements. Management is also responsible for the design,

implementation, and maintenance of internal controls relevant to the preparation and fair 

presentation of special-purpose financial statements that are free from material misstatement, 

whether due to fraud or error.

In preparing the special-purpose financial statements, management is required to evaluate 

whether there are conditions or events, considered in the aggregate, that raise substantial doubt 

about the Trust’s ability to continue as a going concern within one year after the date that the 

special-purpose financial statements are issued or available to be issued.

Auditor’s Responsibilities for the Audit of the Special-Purpose Financial Statements

Our objectives are to obtain reasonable assurance about whether the special-purpose financial 

statements as a whole are free from material misstatement, whether due to fraud or error, and 

to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of 

assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted 

in accordance with GAAS will always detect a material misstatement when it exists. The risk of 

not detecting a material misstatement resulting from fraud is higher than for one resulting from 

error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the 

override of internal control. Misstatements are considered material if there is a substantial 

likelihood that, individually or in the aggregate, they would influence the judgment made by a 

reasonable user based on the special-purpose financial statements. 

In performing an audit in accordance with GAAS, we:

• Exercise professional judgment and maintain professional skepticism throughout the 

audit.

• Identify and assess the risks of material misstatement of the special-purpose financial 

statements, whether due to fraud or error, and design and perform audit procedures 

responsive to those risks. Such procedures include examining, on a test basis, evidence 

regarding the amounts and disclosures in the special-purpose financial statements. 

• Obtain an understanding of internal control relevant to the audit in order to design audit 

procedures that are appropriate in the circumstances, but not for the purpose of 

expressing an opinion on the effectiveness of the Trust’s internal control. Accordingly, no 

such opinion is expressed.

• Evaluate the appropriateness of accounting policies used and the reasonableness of 

significant accounting estimates made by management, as well as evaluate the overall 

presentation of the special-purpose financial statements.

• Conclude whether, in our judgment, there are conditions or events, considered in the 

aggregate, that raise substantial doubt about the Trust’s ability to continue as a going 

concern for a reasonable period of time. 

We are required to communicate with those charged with governance regarding, among other 

matters, the planned scope and timing of the audit, significant audit findings, and certain internal 

control-related matters that we identified during the audit.

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 8

Page 8

of 27
3

Other Matter - Restriction of Use

Our report is intended solely for the information and use of the Trust and is not intended to be 

and should not be used by anyone other than the specified party. 

Other Matter - Other Information Included in the Annual Report 

Management is responsible for the other information included in the annual report. The other 

information comprises the annual report and account of the Trust for the year ended 

December 31, 2022, but does not include the special-purpose financial statements and our 

auditor’s report thereon. Our opinion on the special-purpose financial statements does not cover 

the other information, and we do not express an opinion or any form of assurance thereon.

In connection with our audit of the special-purpose financial statements, our responsibility is to 

read the other information and consider whether a material inconsistency exists between the 

other information and the special-purpose financial statements, or the other information 

otherwise appears to be materially misstated. If, based on the work performed, we conclude that 

an uncorrected material misstatement of the other information exists, we are required to 

describe it in our report.

McLean, Virginia

April 25, 2023

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 9

Page 9

of 27
Special-Purpose Financial Statements 

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 10

Page 10

of 27
PG&E Fire Victim Trust

Special-Purpose Statements of Assets, Liabilities and Net Claimants’ Equity

4

December 31, 2022 2021

Assets

Cash $ 158,880,801 $ 314,959,634

Investments 7,587,602,734 9,803,927,665

Interest receivable - 15,618,747

Prepaid expense 9,000 -

Total assets 7,746,492,535 10,134,506,046

Liabilities 

Accounts payable and accrued expenses 5,116,392 6,662,671

Claims settled, but not paid 51,833,551 -

Total liabilities 56,949,943 6,662,671

Net claimants’ equity $ 7,689,542,592 $ 10,127,843,375

See accompanying notes to the special-purpose financial statements. 

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 11

Page 11

of 27
PG&E Fire Victim Trust

Special-Purpose Statements of Changes in Net Claimants’ Equity

5

Years Ended December 31, 2022 2021

Additions

Trust funding $ 591,529,714 $ 758,470,286

Net appreciation in investment securities 1,338,883,446 -

Interest income, net 43,977,965 5,020,806

Total additions 1,974,391,125 842,708,076

Deductions

Net depreciation in investment securities - 153,963,743

Approved claims 4,307,738,016 1,686,233,490

Government claims 8,586,183 -

Operating expenses 96,367,709 93,329,126

Total deductions 4,412,691,908 2,012,743,343

Decrease in net claimants’ equity (2,438,300,783) (1,170,035,267)

Net claimants’ equity at the beginning of the year 10,127,843,375 11,297,878,642

Net claimants’ equity at the end of the year $ 7,689,542,592 $ 10,127,843,375

See accompanying notes to the special-purpose financial statements. 

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 12

Page 12

of 27
PG&E Fire Victim Trust

Special-Purpose Statement of Cash Flows

6

Years Ended December 31, 2022 2021

Cash flows from operating activities:

Decrease in net claimants’ equity $ (2,438,300,783) $ (1,170,035,267)

Adjustments to reconcile the decrease in net claimants’ 

equity to net cash used in operating activities:

 Net (appreciation) depreciation in fair market value of 

investment securities (1,338,883,446) 153,963,743

 Amortization of (discounts) premiums on treasury bills, 

net (21,118,741) 79,216,985

Changes in operating assets and liabilities:

Interest receivable 15,618,747 242,232

Prepaid expenses (9,000) 125,000

Accounts payable and accrued expenses (1,546,279) (10,231)

Claims settled, but not paid 51,833,550 -

Net cash used in operating activities (3,732,405,952) (936,497,538)

Cash flows from investing activities:

Purchases of treasury bills (12,169,472,881) (9,243,202,150)

Maturities of treasury bills 12,637,000,000 10,454,602,500

Net proceeds from sales of PG&E Corporation common 

stock 3,108,800,000 -

Net cash provided by investing activities 3,576,327,119 1,211,400,350

Net (decrease) increase in cash and cash equivalents (156,078,833) 274,902,812

Cash and cash equivalents at the beginning of the year 314,959,634 40,056,822

Cash and cash equivalents at the end of the year $ 158,880,801 $ 314,959,634

See accompanying notes to the special-purpose financial statements.

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 13

Page 13

of 27
PG&E Fire Victim Trust

Notes to the Special-Purpose Financial Statements

7

1. Description of the Trust 

The PG&E Fire Victim Trust (the Trust) was established on July 1, 2020, as a statutory trust created 

under the laws of the State of Delaware pursuant to an order of the U.S. Bankruptcy Court for the 

Northern District of California (Bankruptcy Court) pursuant to the Debtors and Shareholder 

Proponents’ Joint Chapter 11 Plan of Reorganization, filed June 19, 2020 (Plan). The Trust is 

governed by the provisions of the Trust Agreement dated as of July 1, 2020 (Trust Agreement), the 

Fire Victim Claims Resolution Procedures (CRP), and related Bankruptcy Court approved documents. 

The provisions of the Trust Agreement, the CRP, and the approved documents are enforceable by 

the Bankruptcy Court, and, after the close of the PG&E Corporation and Pacific Gas and Electric 

Company Chapter 11 case, by the U.S. District Court for the Northern District of California (District 

Court).

The purpose of the Trust is to administer, process, settle, resolve, liquidate and pay certain claims 

for persons that sustained damage in various ways as a result of the wildfires in the Butte Fire in 

2015, the North Bay wildfires in 2017, and the Camp Fire in 2018, as set forth in the Trust Agreement 

and the CRP, and to preserve, hold and manage the Trust assets for use in paying such claims.

The Trust is administered by the Trustee, Cathy Yanni, Esq. 

2. Summary of Significant Special-Purpose Accounting Policies

Basis of presentation

The Trust’s special-purpose financial statements are prepared using special-purpose accounting 

methods adopted by the Trustee, which differs from accounting principles generally accepted in the 

United States of America (GAAP). The special-purpose accounting methods were adopted in order 

to communicate to the beneficiaries of the Trust the net claimants’ equity available for the payment 

of claims and the operating expenses of the Trust. Since the accompanying special-purpose financial 

statements are not based upon GAAP, the accounting treatment by other parties for these same 

transactions may differ as to timing and amount. The special-purpose accounting methods include 

the following:

• Trust assets are generally recorded when they are received by the Trust and are available 

for the payment of claims and the operating expenses of the Trust. The trust has recorded 

a receivable for interest income earned but not received as of December 31, 2022. 

• Certain assets of the Trust are restricted for the payment of certain claims and expenses 

related to such claims.

• Future fixed liabilities under contractual obligations and other agreements entered into by 

the Trust are recorded as deductions from net claimants’ equity in the same period that 

such contractual obligations or agreements are signed. Under GAAP, liabilities and 

contractual obligations are recorded over the period that is benefited by the underlying 

contract or agreement. 

• Income tax expense is estimated and recorded as incurred in the period in which certain 

income and expense items affect current federal income taxes payable. Under GAAP, the 

provision for income taxes is recorded based upon income reported for special-purpose 

financial statement purposes, and federal income taxes both currently payable and changes 

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 14

Page 14

of 27
PG&E Fire Victim Trust

Notes to the Special-Purpose Financial Statements

8

in deferred taxes due to differences between financial reporting and tax bases of assets and 

liabilities. Under GAAP, deferred taxes include a provision for taxes attributable to changes 

in unrealized gains and losses on investments.

• Under GAAP, for financial statement disclosure purposes all investments would be 

categorized based on the priority of inputs used to measure fair value. Under GAAP, inputs 

used in measuring fair value are categorized into three levels. Level 1 includes inputs that 

are based upon quoted prices for identical instruments traded in active markets. Level 2 

includes inputs that are based upon quoted prices for similar instruments in active markets, 

quoted prices for identical or similar investments in markets that are not active, or models 

based on valuation techniques for which all significant assumptions are observable in the 

market or can be corroborated by observable market data for substantially the full term of 

the investment. Level 3 includes inputs that are generally unobservable and typically reflect 

management’s estimates of assumptions that market participants would use in pricing the 

asset or liability. The fair values are therefore determined using model-based techniques 

that include option pricing models, discounted cash flow models, and similar techniques. 

The accompanying special-purpose financial statements do not categorize investments into 

these levels.

• The full amount of claims are expensed in the period in which the approved and accepted

claims are paid. Under GAAP, a liability would be recorded for an estimate of the amount 

to be paid for claims that have been incurred but not yet reported, and for those claims that 

have been submitted but not yet approved for payment by the Trust. 

Use of estimates

The preparation of special-purpose financial statements in conformity with the special-purpose 

accounting methods described above requires the Trust to make estimates and assumptions that 

affect the reported amounts of certain assets and liabilities and the disclosures of contingent assets 

and liabilities at the date of the special-purpose financial statements, as well as the reported 

amounts of additions and deductions to the net claimants’ equity during the reporting period. Actual 

results could differ from those estimates and such differences could have a material effect on the 

net assets available for the payment of claims. 

Investments

Investment securities are stated at fair value. Investment securities include the investments that 

mature within three months. Fair value for investment securities is based on quoted market prices 

for identical or similar instruments traded in active markets as of the date of the special-purpose 

financial statements. The net appreciation or depreciation in fair value of investments in the 

accompanying special-purpose statement of changes in net claimants’ equity consists of realized 

gains or losses on sales of investments and the changes in unrealized gains or losses on investments 

held. Investment income is recognized when earned. Interest income, net of investment expenses

and amortization and accretion of treasury bills premiums or discounts, is included in interest 

income, net in the accompanying special-purpose statement of changes in net claimants’ equity. 

Gains and losses on sales of investment securities are determined using the specific identification 

method. 

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 15

Page 15

of 27
PG&E Fire Victim Trust

Notes to the Special-Purpose Financial Statements

9

Accounts payable and accrued expenses

Accounts payable and accrued expenses consist of outstanding invoices and accruals associated with 

managing the Trust during the years ended December 31, 2022, and 2021, that had not been paid 

as of December 31, 2022 and 2021, respectively. 

Settled claims payable

Settled claims payable consist of certain claims that are settled but unpaid at December 31, 2022 

and 2021. A settled claim is a claim that has been accepted by the claimant, with an executed 

release submitted to the Trust, and approved by the Trustee.

Operating expenses

Operating expenses of the Trust are paid from the Trust’s cash assets when invoices are received, 

reviewed, and approved for payment. 

Income taxes

For tax purposes, the Trust is treated as a grantor trust and the Trust’s tax returns are filed on the 

IRS Form 1041 for federal income tax purposes. As such, the Trust is generally not subject to 

corporate income taxes and the income, deductions, credits and other tax attributes of the Trust 

flow directly to PG&E Corporation and Pacific Gas and Electric Company. 

In accordance with authoritative guidance on accounting for uncertainty in income taxes issued by 

the Financial Accounting Standards Board (the FASB), management has evaluated the Trust’s tax 

positions and has concluded that the Company has taken no uncertain tax positions that require 

adjustment to the financial statements to comply with the provisions of this guidance. 

Risks and uncertainties

Certain of the Trust’s assets are exposed to credit risk. Cash and cash equivalents are maintained 

at various financial institutions and, at times, balances may exceed federally insured limits. The 

Trust has never experienced any losses related to these balances. Amounts on deposit in excess of 

federally insured limits at December 31, 2022 approximate $158.3 million. 

The Trust's investment guidelines limit investment to certain United States backed instruments; the 

Trust has complied with these investment restrictions. 

The Trust invests in a professionally managed portfolio that contains treasury bills and monetized

stock. Such investment securities are exposed to various risks such as interest rate, market, and 

credit risks. Due to the level of risk associated with certain investments securities, it is at least 

reasonably possible that changes in the values of investment securities will occur in the near term 

and that such changes could materially affect the Trust’s account balance and the amounts reported 

in the special-purpose statement of assets, liabilities and net claimants’ equity. 

3. Trust Funding

At inception, the Trust was funded by PG&E Corporation and Pacific Gas and Electric Company with 

$9,692,731,235 consisting of $5,385,464,815 of cash and PG&E Corporation Common Stock with a 

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 16

Page 16

of 27
PG&E Fire Victim Trust

Notes to the Special-Purpose Financial Statements

10

then current market value of $4,307,266,420. During the period from July 1, 2020 (inception) 

through December 31, 2020, the Trust was funded by PG&E Corporation and Pacific Gas and Electric 

Company with additional stock contributions of $6,810,576, pursuant to the terms of the Debtors 

and Shareholder Proponents’ Joint Chapter 11 Plan of Reorganization, filed June 19, 2020 (Plan)

and additional cash contributions totaling $1,811,166. 

During the years ended December 31, 2022 and 2021, the Trust received cash contributions totaling 

$591,529,714 and $758,470,286, respectively. 

4. Investments

Investment securities consist of the following at December 31, 2022: 

Gross Gross

Amortized Unrealized Unrealized Fair

Description Cost Gains Losses Value

U.S. treasury bills $ 3,558,861,690 $ 430,271 $ - $ 3,559,291,961

PG&E Corporation 

common stock 2,237,177,006 1,791,133,767 - 4,028,310,773

$ 5,796,038,696 $1,791,564,038 $ - $ 7,587,602,734

Investment securities consist of the following at December 31, 2021: 

Gross Gross

Amortized Unrealized Unrealized Fair

Description Cost Gains Losses Value

U.S. treasury bills $ 4,005,160,556 $ - $ (1,040,074) $ 4,004,120,482

PG&E Corporation 

common stock 4,314,077,007 1,485,730,176 - 5,799,807,183

$ 8,319,237,563 $1,485,730,176 $ (1,040,074) $ 9,803,927,665

Net appreciation (depreciation) in the fair value of investment securities of $1,338,883,446 and 

$(153,963,745) for the years ended December 31, 2022 and 2021, respectively, consists of the net 

change in unrealized gains and net realized gains from investment sales.

Net unrealized gains (losses)

Net change in unrealized gains from investment market appreciation (depreciation) is comprised of 

the following investment securities for the years ended December 31: 

2022 2021

U.S. treasury bills $ 1,470,345 $ (1,210,799)

PG&E Corporation common stock 305,403,591 (152,877,949)

$ 306,873,936 $ (154,088,748)

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 17

Page 17

of 27
PG&E Fire Victim Trust

Notes to the Special-Purpose Financial Statements

11

Net realized gains

Net realized gains from investment sales consist of the following for the years ended December 31: 

2022 2021

U.S. treasury bills $ 109,375 $ 125,005

PG&E Corporation common stock 1,031,900,135 -

$ 1,032,009,510 $ 125,005

Sale of PG&E Corporation Common Stock

During the year ended December 31, 2022, the Trust sold 230,000,000 shares of PG&E Corporation 

common stock. The Trust sold the PG&E Corporation common stock in blocks of shares. Aggregate 

net proceeds from the sales were $3,108,800,000. 

On January 9, 2023, the Trust sold 60,000,000 shares of PG&E Corporation common stock for net 

proceeds of $915,600,000. On April 11, 2023, the Trust sold 60,000,000 shares of PG&E Corporation 

common stock for net proceeds of $966,420,000.

Interest income, net

Interest income, net consist of the following for the years ended December 31:

2022 2021

Interest income from treasury bills $ 22,859,224 $ 84,237,790

Amortization of discounts (premiums) on treasury bills 21,118,741 (79,216,984)

$ 43,977,965 $ 5,020,806

5. Related Parties

Pursuant to Bankruptcy Court approved agreements, the Trustee performs their duties under the 

Trust Agreement, the CRP and the related documents. For each of the years ended December 31, 

2022 and 2021, the Trust incurred $1,500,000 for services performed by the Trustee. As of 

December 31, 2022, the Trust had prepaid $9,000 to the Trustee for services to be performed in 

January 2023. 

6. Contingent Liabilities

The Trust Agreement subjects the Trust to certain indemnification obligations that may result in 

future claims against the Trust. The probability of such claims cannot be reasonably determined. 

Accordingly, no associated liability has been recorded in the accompanying special-purpose financial 

statements. Such claims, if any, are not expected to be material. The Trust has obtained liability 

insurance with respect to its obligations to indemnify the Trustee, the Claims Administrator, the 

members of the Trust Oversight Committee, and certain service providers to the Trust.

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 18

Page 18

of 27
PG&E Fire Victim Trust

Notes to the Special-Purpose Financial Statements

12

7. Trust Liability Insurance

The Trust purchased liability insurance requiring premiums of $6,181,128 in 2020 for the policy term 

through July 2023. The Trust’s special-purpose accounting policy is to expense in the current period 

any amounts that will not be available to pay future claims or operating expenses of the Trust. 

Accordingly, no insurance premiums paid were recorded for the years ended December 31, 2022 and 

2021. 

8. Subsequent Events

The Trust has evaluated its December 31, 2022 special-purpose financial statements for subsequent 

events through April 25, 2023, the date the special-purpose financial statements were available to 

be issued. The Trust is not aware of any subsequent events which would require recognition or 

disclosure in the special-purpose financial statements, except as described in Note 4. 

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 19

Page 19

of 27
Supplementary Information

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 20

Page 20

of 27
BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part 

of the international BDO network of independent member firms.

BDO is the brand name for the BDO network and for each of the BDO Member Firms.

13

Independent Auditor’s Report on Supplementary Information

Trustee

PG&E Fire Victim Trust

San Francisco, California

Our audit of the special-purpose financial statements included in the preceding section of this 

report was conducted for the purpose of forming an opinion on those special-purpose statements 

as a whole. The supplementary information presented in the following section of this report is 

presented for purposes of additional analysis and is not a required part of those special-purpose 

financial statements. Such information is the responsibility of management and was derived from 

and relates directly to the underlying accounting and other records used to prepare the specialpurpose financial statements. The information has been subjected to the auditing procedures 

applied in the audit of the special-purpose financial statements and certain additional 

procedures, including comparing and reconciling such information directly to the underlying 

accounting and other records used to prepare the special-purpose financial statements or to the 

special-purpose financial statements themselves, and other additional procedures in accordance 

with auditing standards generally accepted in the United States of America. In our opinion, the 

information is fairly stated in all material respects in relation to the special-purpose financial 

statements as a whole.

April 25, 2023 

8401 Greensboro Drive

Suite 800 

McLean, VA 22102 

Tel: 703-893-0600

Fax: 703-893-2766 

www.bdo.com 

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 21

Page 21

of 27
Year Ended December 31, 2022

Claims processor fees and expenses1 $ 56,762,873

Claims administration fees and expenses2 16,793,200

Legal fees and expenses:3

Brown Rudnick LLP $ 4,609,388

Greenberg Gross LLP 243,275

Individual Attorney, Litigation 1,053,336

Total legal fees and expenses 5,905,999

Financial professional fees and expenses:

Accounting, Auditing and Tax Returns4 $ 340,551

Investment Advisors5 3,436,430

Total financial professional fees and expenses 3,776,980

Trustee fees and expenses 1,500,000

Insurance, evidence preservation, and other expenses6 1,322,460

Consultant fees and expenses

Public relations firm $ 708,984

Morgan Lewis, CPUC monitoring 244,309

Computer consultant (litigation support) 118,780

Lobbying expenditures 210,000

Inverse cost payments 9,024,124

Total consultant fees and expenses 10,306,197

Total operating expenses 96,367,709

1 Paid to BrownGreer for the services of 388 employees assigned to the Fire Victim Trust, and in the aggregate, 

they worked just over 446,000 hours on Fire Victim Trust matters at a blended hourly rate of $127 an hour

2 Consist of 26 unique payees: exclusively consultants and specialty firms supporting the evaluation, review, 

reconsideration and appellate review of claims disputes. These consultants and specialty firms address 

matters such as insurance coverage, lien resolution, economic forecasting, and industry specialization 

(e.g., building, construction, vineyards, forestry, art).

3 The firms Andrews & Thornton, Greenberg Gross LLP, Reed Smith LLP, and Shook, Hardy & Bacon LLP are 

retained in connection with third-party litigation. Brown Rudnick LLP serves as general counsel. The 

Individual Attorney serves as litigation and settlement counsel and liaison to the Trustee for third-party 

litigation.

4

 Comprised of BDO USA Ltd. and Jorstad Inc.

5

 Comprised of Morgan Stanley and Houlihan Lokey.

6

 Consists of 19 unique payees: two specialty firms are engaged in digital and physical evidence storage; a 

combination of Inverse Cost Payments made to various law firms; the remaining payees were paid for cyber 

insurance coverage, bank fees, office space (at $5,000 per month) and other incidentals.

PG&E Fire Victim Trust

Supplementary Schedule of Operating Expenses 

See independent auditor's report on supplementary information.

14

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 22

Page 22

of 27
Year Ended December 31, 2021

Claims processor fees and expenses1 $ 62,918,772

Claims administration fees and expenses2 12,118,867

Legal fees and expenses:3

Andrews & Thornton Attorneys at Law $ 1,047,761

Brown Rudnick LLP 6,459,748

Greenberg Gross LLP 1,518,851

Special Advisor to the Trustee, Litigation 791,440

 9,817,800

Financial professional fees and expenses:

Accounting, Auditing and Tax Returns4 $ 333,800

Investment Advisors5 4,629,959

Total financial professional fees and expenses 4,963,759

Trustee fees and expenses 1,500,000

Insurance, evidence preservation, and other expenses6 1,227,079

Consultant fees and expenses

Public relations firm $ 344,698

Morgan Lewis, CPUC monitoring 409,520

Computer consultant (litigation support) 28,631

Total consultant fees and expenses 782,849

Total operating expenses 93,329,126

1 Paid to BrownGreer for the services of 568 employees assigned to the Fire Victim Trust, and in the aggregate, 

they worked just over 500,000 hours on Fire Victim Trust matters at a blended hourly rate of $123 an hour

2 Consist of 24 unique payees: exclusively consultants and specialty firms supporting the evaluation, review, 

reconsideration and appellate review of claims disputes. These consultants and specialty firms address

matters such as insurance coverage, lien resolution, economic forecasting, and industry specialization 

(e.g., building, construction, vineyards, forestry, art).

3 The firms Andrews & Thornton, Greenberg Gross LLP, Reed Smith LLP, and Shook, Hardy & Bacon LLP are 

retained in connection with third-party litigation. Brown Rudnick LLP serves as general counsel. The 

Individual Attorney serves as litigation and settlement counsel and liaison to the Trustee for third-party

litigation.

4

 Comprised of BDO USA Ltd. and Jorstad Inc.

5

 Comprised of Morgan Stanley and Houlihan Lokey.

6

 Consists of 8 unique payees: two specialty firms are engaged in digital and physical evidence storage

(representing just over $1 million or 80% of this category); the remaining payees were paid for cyber 

insurance coverage, bank fees, office space (at $5,000 per month) and other incidentals.

PG&E Fire Victim Trust

Supplementary Schedule of Operating Expenses 

See independent auditor's report on supplementary information.

15

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 23

Page 23

of 27
EXHIBIT “2”

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 24

Page 24

of 27
FIRE VICTIM TRUST CLAIMS REPORT 

For the Period from January 1, 2022 through December 31, 2022 

Pursuant to the requirements of the Fire Victim Trust Agreement, and in connection with the 

filing of the Annual Report, the Claims Administrator provides the following Claims Report 

summarizing the number and type of Claims disposed of during the period ending on December 

31, 2022. 

A. Submission of Claims 

Under the terms of the Claims Resolution Procedures attached as Exhibit 2 to the Trust 

Agreement, Claimants seeking compensation from the Trust must submit a Claims Questionnaire 

that provides sufficient information to identify and support the claimed damages. Claimants may 

assert multiple Claims in a single Claims Questionnaire, asserting a range of damages that may 

have resulted from a qualifying Fire. Additionally, multiple Claimants living in the same 

household are permitted to consolidate their Claims into a single Claims Questionnaire. 

As of December 31, 2022, the Trust had 36,589 submitted Claims Questionnaires asserting 

over 240,000 Claims from 67,740 Claimants. These Claims Questionnaires asserted different 

Claims corresponding to the specific Claim Type damage categories described in the Claims 

Resolution Procedures, each of which ultimately require adjudication by the Claims Administrator. 

These include claims for Real and Personal Property, Business Income Loss, Personal Income 

Loss, Emotional Distress – Nuisance, Emotional Distress – Zone of Danger, Personal Injury, 

Wrongful Death, Other Out-of-Pocket Expenses, and all other damages asserted and allowed under 

California law and in compliance with federal bankruptcy law. 

B. Disposition of Claims. 

The Claims Administrator’s work during the period ending December 31, 2022, was 

characterized by activities necessary to adjudicate and pay eligible Claims submitted by Fire 

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 25

Page 25

of 27
Victims and their counsel. Accordingly, the Claims Administrator engaged in the evaluation of 

claims materials and the application of eligibility criteria necessary to determine the Approved 

Claim Amount for each submission. In 2022, the Trust continued issuing Determination Notices 

to eligible Claimants in compliance with the Claims Resolution Procedures. Each Determination 

Notice conveyed the Approved Claim Amount for the Claims included on the associated Claims 

Questionnaire. Claimants may accept the Approved Claim Amount and receive a payment or may 

request reconsideration of their Claim(s) by the Trust. The Trust issued a total of 27,831 

Determination Notices and Reconsideration Determination Notices to Claimants with aggregate 

awards of $9.9 billion during 2022. By doing so, the Trust had adjudicated over 91% of all 

submitted Claims Questionnaires by the end of 2022. 

The Trust also continued its practice of distributing Preliminary Payments (to Claimants who 

had demonstrated eligibility on a submitted Claims Questionnaire but not yet received a 

Determination Notice) as well as pro rata distributions (to eligible Claimants who had received a 

Determination Notice and accepted their Approved Claim Amount). On February 1, 2022, the 

Trustee announced a pro rata payment percentage increase from 30% to 45% for eligible 

Claimants with an accepted Approved Claim Amount, with the understanding that additional pro 

rata distributions will follow until the fund is depleted. The Claims Administrator issued 

Preliminary Payments and pro rata distributions to 48,624 Claimants in the aggregate amount of 

$4.25 billion in the 2022 calendar year, resulting in total payments of $5.93 billion to 51,703 

Claimants. 

At the beginning of 2022, 36% of submitted Claims Questionnaires had received a 

Determination Notice. As of December 31, 2022, the Trust had adjudicated over 91% of all 

submitted Claims Questionnaires, with over 77% of Approved Claim Amount having been 

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 26

Page 26

of 27
accepted and finalized and an appeal rate below 1%. Combined with monetization of stock and 

other asserts, this claims resolution benchmark positioned the Trust to announce an additional pro 

rata payment percentage increase from 45% to 60% in the first weeks of 2023. 

The Trust continues its dual focus on adjudicating all claims and responsibly managing the 

Trust’s assets to maximize payments to fire survivors. The Trustee provides updated program 

statistics bimonthly and a monthly update from Trustee Cathy Yanni on its public website 

(www.firevictimtrust.com). 

Case: 19-30088 Doc# 13690 Filed: 04/28/23 Entered: 04/28/23 11:39:28 Page 27

Page 27

of 27