On December 31st, 2014, General Motors announced that it has redeemed all 156.1 million outstanding Series A Preferred Stock from the UAW Retiree Medical Benefits Trust (UAW VEBA) as well as Canada Gen Investment Corporation.
The shares had a liquidation preference of $25 per share and accrued cumulative dividends at a rate of 9 percent annually, making the aggregate liquidation amount $3.9 billion, including accumulated dividends.
In connection with the redemption of the shares, GM will take a reduction in net income attributable to common stockholders of roughly $800 million in the fourth quarter of 2014, with the adjustment being treated as a special item.
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