Brock Fiduciary Services Reaches Agreement on Sale of Chrysler
NEW YORK, NY, Jan 03, 2014 (Marketwired) — The Brock Fiduciary Services is pleased to confirm that an agreement has been reached between UAW Retiree Medical Benefits Trust’s Independent Fiduciary, Brock Fiduciary Services, and Fiat North America LLC regarding a purchase of the Trust’s entire equity interest in Chrysler Group LLC.
“This agreement is in the best interests of the Trust’s UAW Chrysler retiree members and their families who rely on the Trust to provide vital health care benefits,” said Robert Naftaly, chair of the Committee that governs the Trust. The Trust provides medical benefits to more than 117,000 UAW-represented Chrysler retirees, surviving spouses and dependents, and will provide post-retirement benefits to eligible UAW-represented employees and their dependents upon their retirement.
The team at Brock worked with extraordinary diligence and professionalism to achieve the best possible outcome for the Trust and the retirees it serves. Alain Lebec, who led the team at Brock, “worked tirelessly for more than a year in representing the interests of the VEBA and ensuring the best possible outcome was reached,” said Charlie Brock, Chairman and CEO of Brock.
About Brock Fiduciary Services
Brock Fiduciary Services is an independent fiduciary that is currently managing over $25 billion of assets. Brock has full discretionary control to manage the UAW Retiree Medical Benefits Trust’s interests in General Motors’ common stock, warrants, and preferred stock; and remaining interests in Chrysler’s unsecured debt. Recently, Brock helped AT&T design a preferred security in connection with a $9.5 billion contribution to its pension plan that is currently pending before the Department of Labor.
Additional information about Brock and the services provided by Brock is available at http://192.168.0.11/brockcapital/independent-fiduciary.
Brock Fiduciary Services
Senior Vice President &
Chief Financial Officer
212.209.3000 Ext. 444