Let me explain what the designation of a claim as an Opt-Out means for the Trust. We have worked on these claims with Linda Klamm, Insurance Recovery Partner at Hanson Bridgett, who has achieved favorable resolution of these claims. The Bankruptcy Court granted permission for 12 cases to be able to litigate their claims after receiving a Determination Notice from the Trust. I also want to address another important aspect of finalizing the Trust’s work-resolving the Opt-Out claims. Implementing these guidelines will help all fire survivors by eliminating the uncertainty associated with unresolved claims, which affects the Trust’s ability to make additional pro rata payments. I f no response is received by the notice deadline, the Notice will be deemed accepted, making the determination final and, if eligible, the awards will proceed to payment.Reconsideration Determination Notices can receive one 30-day extension to respond.Claims Questionnaires with initial Determination Notices can receive one 30-day extension to respond to the Notice by accepting the award or requesting reconsideration. To focus on these unresolved claims, we are implementing the following procedural modifications effective 7/1/23: We cannot finalize pro rata payments without knowing the full amount of the Trust’s payment obligations. We call this the overhang, and we are working with firms and claimants to fully resolve these claims. Approximately 14% of Determination Notices have not been accepted by claimants.Our goal is to issue initial Determination Notices on 100% of all claims by December 31, 2023. As of today, we have issued Determination Notices for 96% of all claims.I want to share with you the plan we will be implementing in the coming months to finalize the claims process. We have worked diligently from the beginning to compensate fire survivors for their losses. This month I want to discuss the remaining work that needs to be done to complete our mission.
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