SOURCE: Brock Capital Group LLC

January 02, 2015 10:12 ET

GM Redeems All Outstanding Series A Preferred Shares Managed by Brock Fiduciary Services on Behalf of UAW Retiree Medical Benefits Trust

NEW YORK, NY--(Marketwired - January 02, 2015) - Brock Fiduciary Services, the independent fiduciary responsible for the management and disposition of General Motors Co. (GM) securities held by the UAW Retiree Medical Benefits Trust (UAW VEBA), announced today that GM has redeemed all 140 million shares of Series A Preferred Stock held by the UAW VEBA for an aggregate liquidation amount of $3.514 billion, including accumulated dividends.

The shares had a liquidation preference of $25 per share and accrued cumulative dividends at a rate equal to 9 percent annually. 

Following the redemption of the Series A Preferred Stock, Brock Fiduciary Services, as the independent fiduciary of the UAW VEBA, still manages 140,150,000 shares of common stock held by UAW VEBA.

About Brock Fiduciary Services

Brock Fiduciary Services is an independent fiduciary that currently manages over $13 billion of assets. Brock has full discretionary control to manage the UAW Retiree Medical Benefits Trust's interests in General Motors' common stock; and recently, Brock helped AT&T design a preferred security in connection with approximately $9 billion contribution to its pension plan.

Additional information about Brock and the services provided by Brock is available at http://www.brockcapital.com/independent-fiduciary.

Contact Information

  • Contact Information
    Brock Fiduciary Services
    Abhishek Mathur
    Senior Vice President
    Email contact
    212.209.3000 Ext. 444