Brock Fiduciary Services Authorizes Sale of 20 Million Shares of GM -- Part of 50 Million Share Offering Including U.S. Treasury
(firmenpresse) - NEW YORK, NY -- (Marketwired) -- 07/22/13 -- , as independent fiduciary and investment manager for the United Auto Workers Retiree Medical Benefits Trust (VEBA), authorized the sale of 20 million shares of General Motors' common stock. The transaction was part of a combined offering that included the sale of 30 million GM shares by the U.S. Treasury. Together, the total offering raised approximately $1.7 billion for the selling shareholders.
The value of the VEBA's portion of the sale was around $688 million. The Treasury Dept. sold GM shares that the government purchased in 2009 as part of the Troubled Asset Relief Program's bailout of the U.S. auto sector. The June 6 offering coincided with GM's return listing on the S&P 500, after leaving the index in 2009 when the company declared bankruptcy. Treasury, which still owns nearly 14% of GM's common stock, has vowed to fully exit its holdings by early 2014.
The Brock Fiduciary Team was led by , Senior Managing Director, and included , Chairman and CEO; , Senior Vice President; and Mark Lanzana, Senior Associate. This was the first major liquidation of the VEBA's holdings in GM securities, and reflected a substantial monetization of its assets.
Brock Fiduciary Services is the independent fiduciary and investment manager that is currently managing over $21 billion of assets. Brock has full discretionary control to manage the UAW Retiree Medical Benefits Trust's interests in ' common stock, warrants, and preferred stock; and interests in 's equity and unsecured debt. Recently, Brock helped AT&T design a preferred security in connection with a $9.5 billion planned contribution to its pension plan that is currently pending before the Department of Labor, and Brock will continue as the fiduciary and investment manager over these securities once contributed to 's pension plan.
Additional information about Brock and the services provided by Brock is available at .
Brock Fiduciary Services
Abhishek Mathur
Senior Vice President
212.209.3000 Ext. 444
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Datum: 22.07.2013 - 16:10 Uhr
Sprache: Deutsch
News-ID 280492
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