Alliance Capital Gets Partial Repayment from General American
August 30, 1999
Alliance Capital Management LP of New York received a 10 percent repayment from General American Life Insurance Company of St. Louis, Mo. for General American funding agreements that Alliance holds in four of its mutual funds, Alliance has announced.
The repayment was valued at $57 million, leaving $513 million in remaining General American holdings at Alliance. The remaining funding agreements constitute no more than 3.5 percent of the net assets of any of the four funds, Alliance said.
The remaining holdings do "not result in a deviation from the $1 per share net asset value of the affected money market funds," said Alliance president John Carifa in a statement.
General American came under the supervision of Missouri insurance regulators on Aug. 11, the day after the firm announced that it would not be able to honor redemption requests for its funding agreements right away.