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

BAKER 

&

HOSTETLER LLP

ATTORNEYS AT LAW

SAN FRANCISCO

Robert A. Julian (SBN 88469)

Cecily A. Dumas (SBN 111449)

BAKER & HOSTETLER LLP

1160 Battery Street, Suite 100

San Francisco, CA 94111

Telephone: 628.208.6434

Facsimile: 310.820.8859

Email: rjulian@bakerlaw.com

Email: cdumas@bakerlaw.com

Eric E. Sagerman (SBN 155496)

David J. Richardson (SBN 168592)

Lauren T. Attard (SBN 320898)

BAKER & HOSTETLER LLP

11601 Wilshire Blvd., Suite 1400

Los Angeles, CA 90025-0509

Telephone: 310.820.8800

Facsimile: 310.820.8859

Email: esagerman@bakerlaw.com

Email: drichardson@bakerlaw.com

Counsel for Official Committee of Tort Claimants

UNITED STATES BANKRUPTCY COURT

NORTHERN DISTRICT OF CALIFORNIA

SAN FRANCISCO DIVISION

In re:

PG&E CORPORATION

-andPACIFIC 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)

Bankruptcy Case 

No. 19-30088 (DM)

Chapter 11

(Lead Case)

(Jointly Administered)

DECLARATION OF XAVIER 

OUSTALNIOL IN SUPPORT OF THE 

RESPONSE OF OFFICIAL 

COMMITTEE OF TORT CLAIMANTS 

TO DEBTORS’ RESTATED 

RESTRUCTURING SUPPORT AND 

SETTLEMENT AGREEMENT WITH 

THE CONSENTING SUBROGATION 

CLAIMHOLDERS [DKT NO. 4554-1]

Case: 19-30088 Doc# 4957 Filed: 12/03/19 Entered: 12/03/19 12:22:22 Page 1 of

 10
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

BAKER 

&

HOSTETLER LLP

ATTORNEYS AT LAW

SAN FRANCISCO

1

Xavier Oustalniol, under penalty of perjury, declares:

1. I, Xavier Oustalniol, am a Partner in the San Francisco office of StoneTurn Group, 

LLC (“StoneTurn”), located at One Sansome Street, Suite 700, San Francisco, CA 94104. I am 

authorized to execute this declaration on behalf of StoneTurn. Unless otherwise stated in this 

declaration, I have personal knowledge of the facts set forth herein.

2. I have almost 30 years of combined experience providing forensic accounting, 

litigation consulting and audit related services in a variety of contexts. I graduated in 1990 with a 

B.A./Masters Degree from the University of Paris IX, “Dauphine”, in Financial and Accounting 

Techniques. I am a Certified Public Accountant (“CPA”) in New York and California, I hold a 

certification in Financial Forensics, and I am a Certified Insolvency and Restructuring Advisor.

3. As a forensic accountant, I have been involved with and conducted several, financial 

investigations, domestically and internationally in many industries, including investigating 

improper financial reporting, asset diversions, employee embezzlements, audit malpractice, and 

performing damages analyses in breach of contract cases. In addition, I have been involved with a

variety of restructuring matters, in various capacities, working on behalf of debtors, trustees and 

creditors (both secured and unsecured) including in related litigation across various industries. I 

have provided consulting services and expert testimony relating to financial matters including the 

proper application of generally accepted accounting principles and prepared affidavits in the 

context of bankruptcy matters and other claims analysis. My curriculum vitae, which summarizes 

my qualifications and professional experience, including testimony experience and articles is 

attached as Exhibit 1.

4. Baker & Hostetler LLP (“Counsel”) engaged StoneTurn on behalf of the Official 

Committee of Tort Claimants (the “TCC”) of PG&E Corporation and Pacific Gas and Electric 

Company (the “Debtors”) in the above-captioned chapter 11 cases (the “Chapter 11 Cases”).

5. I submit this Declaration in support of the Response of Official Committee of Tort 

Claimants to Debtors’ Restated Restructuring Support and Settlement Agreement with the 

Consenting Subrogation Claimholders [Dkt. No. 4554-1].

Case: 19-30088 Doc# 4957 Filed: 12/03/19 Entered: 12/03/19 12:22:22 Page 2 of

 10
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

BAKER 

&

HOSTETLER LLP

ATTORNEYS AT LAW

SAN FRANCISCO

2

6. The TCC requested that StoneTurn assist with analyzing the extent to which the 

subrogation claims asserted by insurers against the Debtors correspond on a claim-by-claim basis 

with the claims asserted by wildfire victims against the Debtors. The TCC requested that StoneTurn

analyze the indemnity payments made to each insured—as identified on the attachments filed by 

each insurer to its proof of claim (referred to as Attachment 1s)—to determine which subrogation 

claim that seeks the right to recover such indemnity payments from the Debtors corresponds to a 

claim seeking recovery by the insured pursuant to a filed fire proof of claim. 

7. Consequently, Counsel asked StoneTurn to review the individual subrogation 

claims (“ISC”) filed with Prime Clerk on or before November 22, 2019 and to provide an evaluation 

of the total indemnity paid dollar amount of filed ISCs for which a corresponding insured claim 

(“IC”) may have also been filed with Prime Clerk. Also, I am not currently aware of any comparable 

analysis completed by the Debtors or their experts, and have not been provided with any such 

analyses at this time.

8. In conducting the analyses supporting my observations in this matter, I was assisted 

by other StoneTurn colleagues, working under my direction, with extensive experience in the areas 

of data analytics, economics, economic damages, and business valuation. Our analyses are still 

ongoing at the time of the filing of my declaration, as we first received the Attachment 1’s filed 

with Prime Clerk containing the ISC data on November 25, 2019 from Counsel and a subsequent 

second round afterwards. We are currently analyzing these files.

9. The primary source files that form the basis of our current analysis were received 

from Counsel on November 27, 2019, and I understand all three of these files were prepared by the 

Debtors’ experts. These files include the following:

(A) Data to TCC 11227019.doc – A Microsoft Word document, which appears to describe 

the data sets and the process by which some of the data was obtained, aggregated and 

normalized (the “Memorandum”);

(B) primeclerk_locations_20191127.xls – A Microsoft Excel file, which according to the 

Memorandum contains wildfire claims data from the Prime Clerk PGE Claim Report as of 

November 14, 2019, and to include “all claims that were filed using the Wildfire form as 

Case: 19-30088 Doc# 4957 Filed: 12/03/19 Entered: 12/03/19 12:22:22 Page 3 of

 10
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

BAKER 

&

HOSTETLER LLP

ATTORNEYS AT LAW

SAN FRANCISCO

3

well as other claims that were either flagged as wildfire claims by Prime Clerk or identified 

as potential wildfire claims based on a manual review” (the “PC Claims”); and

(C) subro_data_transmittal_20191127.xls – A Microsoft Excel file, which according to 

the Memorandum is an aggregation of insurance company or subrogation claimant 

Attachment 1’s filed with Prime Clerk as of November 26, 2019, and to be “compiled from 

nearly 200 Attachment 1 files submitted with Subrogation Plaintiff Proof of Claim forms” 

(the “Subro Claims”).

10. I have been asked by Counsel to assume that the information contained in the Subro 

Claims and PC Claims is complete and accurate for the purpose of my analysis at this time. Due to 

the time constraints for the preparation of this declaration and supporting analyses, we have not: 

(A) Validated the steps described by Debtors’ experts in the Memorandum;

(B) Independently aggregated all of the Attachment 1 forms obtained from Counsel to 

replicate the analysis provided in the Subro Claims - this analysis is ongoing;

(C) Reconciled the name of claimants provided in the Subro Claims to the PC Claims (the 

PC Claims did not contain any claimant name data and would require additional steps to 

incorporate names contained in the most recent Prime Clerk PGE Claim Report); or

(D) Verified whether the Subro Claims or the PC Claims corresponded to valid claims or 

are filed for loss locations within the fire perimeter as defined by California Department of 

Forestry & Fire Protection.

11. There are 53 different fields and 59,877 records within the Subro Claims data, of 

which 54,724 of the records have a corresponding indemnity paid amount for a total of 

approximately $15.7 billion. There are 12 different fields and 82,740 records within the PC Claims 

data. To determine if any of the Subro Claims records, and corresponding indemnity paid amounts, 

were also within the PC Claims records, we performed the following procedures:

(A) Reviewed both the Subro Claims and PC Claims data fields to understand the 

information contained within the files, and determine a way to create a consistent unique 

identifier across the two data sets; 

Case: 19-30088 Doc# 4957 Filed: 12/03/19 Entered: 12/03/19 12:22:22 Page 4 of

 10
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

BAKER 

&

HOSTETLER LLP

ATTORNEYS AT LAW

SAN FRANCISCO

4

(B) Within both the Subro Claims data and the PC Claims data, created a unique identifier 

for each record consisting of the combination of “apn_clean” and “zip” fields (the “Unique 

ID”); and

(C) Used automated computer program tools to identify instances where any Subro Claim 

record Unique ID was matched to a PC Claim record Unique ID.

12. Based on the procedures described above, I identified six different instances in 

which any Subro Claim record Unique ID was matched to a PC Claim record Unique ID (“Match 

Type”):

(A) One Subro Claim Unique ID record was matched to one PC Claim Unique ID record, 

and both the Subro Claim record and PC Claim record contained the exact same address 

(“Match 1”);

(B) One Subro Claim Unique ID was matched to one or more PC Claim Unique ID, and the 

Subro Claim record and one or more PC Claim records contained the exact same address 

(“Match 2”);

(C) One or more Subro Claim Unique ID was matched to one or more PC Claim Unique 

ID, and the one or more Subro Claim records and one or more PC Claim records contained 

the exact same address (“Match 3”);

(D) One or more Subro Claim Unique ID was matched to one or more PC Claim Unique 

ID, and the one or more Subro Claim records and one or more PC Claim records contained 

the addresses that were not exactly the same (“Match 4”);

(E) One Subro Claim Unique ID record was not matched to any PC Claim Unique ID 

records (“Match 5”); and

(F) Instances where a Subro Claim record did not contain sufficient data to create a Unique 

ID and therefore was unable to be compared to the PC Claim records (“Match 6”).

Case: 19-30088 Doc# 4957 Filed: 12/03/19 Entered: 12/03/19 12:22:22 Page 5 of

 10
Case: 19-30088 Doc# 4957 Filed: 12/03/19 Entered: 12/03/19 12:22:22 Page 6 of

 10
StoneTurn.com

1

Xavier Oustalniol is a Partner with StoneTurn in San Francisco. 

He focuses on complex forensic accounting issues, fraud investigations 

and prevention, and anti-corruption matters, and provides consulting 

services regarding damages analysis, securities class action 

litigations, arbitrations, accountant malpractice and purchase price 

disputes, including providing expert testimony.

With almost 30 years of combined experience as an auditor, forensic accountant and 

litigation consultant, Xavier has worked with clients across a wide range of industries, 

including FinTech, banks (mortgage, retail, investment), insurance companies, investment 

companies, and other securities broker / dealers, as well as automotive, aviation, real 

estate, technology, energy, food, luxury apparel, chemicals, electronic components, gaming, 

telecom, broadcasting, professional services partnerships (including law firms), leasing, 

consumer products, agricultural business, manufacturing and transportation. Xavier has also 

assisted clients including the government and public defenders dealing with Ponzi scheme 

issues, False Claims Act and Qui Tam cases.

Xavier has testified as an accounting expert on the application of Generally Accepted 

Accounting Principles (GAAP) and other financial issues at trial, deposition and in 

arbitrations. He has authored expert reports, declarations and assisted with the preparation 

of experts for deposition and testimony. He also assisted counsel with deposition 

preparation of opposing experts and fact witnesses, and responses to Wells submissions. 

Xavier Oustalniol

CPA (CA, NY), CFF, CIRA

Partner

San Francisco

One Sansome Street, Suite 700

San Francisco, CA 94104

T: +1 415 848 7680

M: +1 415 488 3599

E: xoustalniol@stoneturn.com

Palo Alto

3000 EL Camino Real

Bldg 4 – Suite 200

Palo Alto, CA 94306 

Education

Université Paris IX 

“Dauphine,” Paris, 

“Maîtrise” in financial and 

accounting techniques 

(MSTCF), B.A./Masters

Economic Sciences, 

Associate Degree (DEUG 

Sciences Economiques)

Practice Areas

Litigation

Investigations

Anti-Corruption

Expert Testimony

Languages

French (fluent)

Exhibit 1

Case: 19-30088 Doc# 4957 Filed: 12/03/19 Entered: 12/03/19 12:22:22 Page 7 of

 10
Xavier Oustalniol, CPA (CA, NY), CFF, CIRA Partner

StoneTurn.com

2

He has assisted clients (debtors, creditors, trustees) in a number of bankruptcy-related litigations (including Enron, 

Lehman, Washington Mutual) and other accounting investigations, including during settlement negotiations and 

mediation.

Xavier has directed complex forensic accounting investigations for boards where regulators such as the U.S. Securities 

and Exchange Commission (SEC), U.S. Department of Justice (DOJ) and the Financial Industry Regulatory Authority 

(FINRA) were involved. He consulted on other cross-border disputes before the International Centre for Settlement of 

Investment Disputes (ICSID), the American Arbitration Association (AAA) and the International Chamber of Commerce 

(ICC), involving companies in Europe, South and Central America and Japan.

Prior to joining StoneTurn, Xavier was with Alvarez & Marsal, where he served as a Managing Director in the firm’s Global 

Forensic and Dispute Services practice in San Francisco. Previously, he was with two other global professional services 

firms. He began his career as an auditor with Deloitte.

Xavier is a Certified Public Accountant (licensed in California and New York), Certified in Financial Forensics and a 

Certified Insolvency and Restructuring Advisor. He is fluent in French.

PUBLICATIONS / PRESENTATIONS

• “Regulatory and Legal Compliance in International Business and Trade” - Pocket MBA – Practising Law Institute, 

San Francisco (September 24, 2019)

• “The Practical Who, What, When, Why and How’s of Third Party Due Diligence & Monitoring’ – Annual Compliance 

& Ethics Institute, National Harbor, MD (September 15, 2019)

• “Will DPAs travel across the Atlantic - What will they look like in Europe?” — Dow Jones Risk & Compliance 

Webinar (March 22, 2019)

• Global Trends in Enforcement Actions, PLI (October 2018 – co-authored with Catherine E. Moreno and Ziwei Xiao 

of Wilson Sonsini Goodrich & Rosati and Kimberly Ratto of StoneTurn) 

• “Foreign Agents, Partners & Intermediaries: You Can’t Live With Them, But You Can’t Live Without Them” — 17th

Annual Compliance & Ethics Institute, Las Vegas, NV (October 23, 2018) 

• “Regulatory and Legal Compliance in International Business and Trade” — PLI Pocket MBA (October 2, 2018) 

• French Enforcement Actions Under Sapin II, The FCPA Blog (March 2018) 

• “One Year Later: French Anti-Corruption Law (Sapin II) Update” — Securities Docket Webinar (February 27, 2018)

• Know Your Customer vs. Know Your Intermediary, Compliance Week (December 2017 – co-authored with S. 

Neuman)

• “Foreign Agents, Partners & Intermediaries: You Can’t Live with Them, but You Can’t Live Without Them” — 16th 

Annual Compliance & Ethics Institute, Las Vegas, NV (October 15, 2017)

Case: 19-30088 Doc# 4957 Filed: 12/03/19 Entered: 12/03/19 12:22:22 Page 8 of

 10
Xavier Oustalniol, CPA (CA, NY), CFF, CIRA Partner

StoneTurn.com

• Comply Now: Six Regulatory Considerations for CUs and Fintechs, Credit Union Times (June 2017 – co-authored 

with J. Ahmad)

• First Look at the Whistleblower Provisions in the New French Anti-Corruption Law, The FCPA Blog (November 

2016)

• Five Ways to Prepare for the New French Anti-Corruption Law, The FCPA Blog (July 2016)

• “Doing Business Ethically in Africa: Success Stories and Challenges” — ABA Section of International Law, 

Montreal, Canada (October 21, 2015)

• “What You Should Know About Social Media and Digital Forensics, and Were Always Afraid to Ask” — Lycée 

Français de San Francisco (April 30, 2015)

• “Key Issues Facing Boards of Directors: Risks to Multinational Companies Arising from the U.S. Foreign 

Corrupt Practices Act” — Directors Roundtable, San Francisco and Menlo Park (July 16, 2013)

• “Continuous Control Monitoring to Increase FCPA Compliance Program Effectiveness” — MetricStream 

Webinar (May 14, 2013)

• “How to Work With / Against an Expert - an Expert Perspective" — Reed Smith LLP, San Francisco (November 5, 

2012)

• “Unifying Compliance, Audit and Risk and Eliminating Silos” — Panel Discussion, Governance, Risk & Compliance 

Forums: Chicago (September 2012) and Dallas (October 2012)

• “Leveraging Your Existing Compliance Program to Address Specific Anti-Corruption and AML Requirements” —

Governance, Risk & Compliance Forums: Chicago (September 2012) and Dallas (October 2012)

• “Fraud Risk Readiness in Financial Institutions – Designing a Risk Framework that Works and ... Executing” —

The Compliance Conversation: AML & Anti-Corruption Event: Thomson Reuters, San Francisco (June 2012)

• “What You Need to Know About FRCP 26 and the UK Bribery Act” — Nixon Peabody, San Francisco (May 2011)

PROFESSIONAL AFFILIATIONS / OTHER

• Certified Public Accountant (CPA), Licensed in California and New York

• Certified in Financial Forensics (CFF)

• Certified Insolvency and Restructuring Advisor (CIRA)

• Member, American Institute of Certified Public Accountants (AICPA)

• Member, Association of Insolvency and Restructuring Advisors (AIRA)

Case: 19-30088 Doc# 4957 Filed: 12/03/19 Entered: 12/03/19 12:22:22 Page 9 of

 10
Xavier Oustalniol, CPA (CA, NY), CFF, CIRA Partner

StoneTurn.com

PREVIOUS EXPERIENCE

• Alvarez & Marsal Global Forensic and Dispute Services, LLC

• Aon Consulting

• Kroll Zolfo Cooper

• Deloitte & Touche

Case: 19-30088 Doc# 4957 Filed: 12/03/19 Entered: 12/03/19 12:22:22 Page 10

 of 10