Kerkorian sells 14m shares of GM

[Flybrian]

Kerkorian cut GM stake from 9.9% to 7.4%

November 22, 2006

By TOM KRISHER | ASSOCIATED PRESS

Link to Original Article @ Detroit Free Press

Dissident General Motors Corp. shareholder Kirk Kerkorian said Wednesday that he has agreed to slash his stake in the troubled automaker by selling 14 million shares of its stock this week.

In a filing today with the federal Securities and Exchange Commission,

Kerkorian’s Tracinda Corp. said it had reached agreement on Monday to sell the shares at $33 each in a private transaction.

The agreement will close on Friday, the filing said.

Kerkorian now owns 56 million shares, or 9.9% of the company, according to the LionShares.com financial Web site. The sale would reduce his stake to 42 million, or 7.4% of the company’s 565.5 million outstanding shares.

[Drew Dowdell]

I wondered why the stock was tanking these past two days....

[79VetteZ06]

GOOD f@#kING RIDDANCE.

May be it is his ploy, sell it to make profit and then buy it back again.

[Drew Dowdell]

GOOD f@#kING RIDDANCE.

May be it is his ploy, sell it to make profit and then buy it back again.

218754[/snapback]

not likely, at today's price, he'll be taking a loss of about 2.50 a share...

[BigPontiac]

He did the same thing last year...dumped the stock, drove down the price, got to take it as a loss for tax purposes, then bought more in Jan.

Chronology of events

[mustang84]

Hush little baby don't say a word

Papa's gonna buy you a mockingbird

And if that mockingbird don't sing

Papa's gonna buy you a diamond ring

And if that diamond ring is brass

Papa's gonna buy you a looking glass

And if that looking glass gets broke

Papa's gonna buy you a billy goat

Edited November 24, 2006 by mustang84

[BigPontiac]

Rumor from the WSJ is that he just liquidated ALL his GM stock!!

Article

The Wall Street Journal, quoting an unnamed source, reported in its online edition that Tracinda subsequently sold its remaining 28 million GM shares on Thursday.

That development, which could not be immediately confirmed, would have ended Kerkorian's largely contentious 19-month involvement with the world's largest automaker.

A spokeswoman for Tracinda Corp. declined to comment.

Article

Kerkorian's Tracinda Corp. sold 28 million GM shares for $29.25 each to lender Bank of America Corp. , The Wall Street Journal reported in its online edition, citing an unnamed person familiar with the matter.

Edited December 1, 2006 by BigPontiac

[Mr.Krinkle]

Thanks BP

Heres some more reading from bloombergs site.

http://www.bloomberg.com/apps/news?pid=con...id=aqB8GFBTzHgM

http://www.bloomberg.com/apps/news?pid=con...id=aLT.UNk4AJ2Y

http://www.bloomberg.com/apps/news?pid=con...id=awqy43AioeS4

Part of me is saying, that prick, right as the LA show starts and the other part is saying good riddance to the circus act. Might wind up on more peoples to buy list, especially if theres good reaction to the show, no?

oh, and anyone near Flint should check the tallest building and try talking BMan off the ledge...or at least warn the people walking by.

Edited December 1, 2006 by Mr.Krinkle

[BigPontiac]

Maybe he and Carlos can go buy Chrysler from DCX and add them into the Renault-Nissan alliance.

I'll be happy if he goes away. Let GM's leadership focus on their product rollouts, dealer issues and upcoming labor negotiations. Less distractions from useless diversions.