Kerkorian "Hes' back"

doh · 01-25-2006, 05:45 PM

http://biz.yahoo.com/rb/060125/autos...rian.html?.v=1

Reuters
Kerkorian increases GM stake to 9.9 pct-SEC filing

Wednesday January 25, 4:56 pm ET

WASHINGTON (Reuters) - Billionaire investor Kirk Kerkorian has increased his stake in General Motors Corp. (NYSE:GM - News) to 9.9 percent from 7.8 percent, according to a regulatory filing on Wednesday.
Kerkorian's Tracinda Corp., over which he has effective control, acquired 5 million shares on the open market on January 23 at an average price of $21.40 a share and an additional 7 million shares in a private transaction expected to settle on January 27, according to the filing with the U.S. Securities and Exchange Commission.

Tracinda spent a total of about $262.8 million to acquire the shares

Quickening · 01-25-2006, 05:54 PM

Make him leave! HE should go buy on Ford.

Maas Oyama · 01-25-2006, 06:18 PM

every time capt kirk buys gm stock, the price crashes! so does this mean that gm stock will plumb new depths?

CRBoyd91 · 01-25-2006, 06:24 PM

Oh great. Just what we need...

01cavalier · 01-25-2006, 06:28 PM

If I remember right it was hot a secret that this was going to happen....

Bravada · 01-25-2006, 06:29 PM

9.9% Wow! The takeover is imminent!

sigma · 01-26-2006, 08:40 AM

You, under no circumstances, want GM to be taken over by Kirk Kerkorian. When he is done, you won't be able to recognize GM and I highly doubt the corporation would still be self sufficient.

Here is what would probably happen:
Takes over
Raids the cash
Sells Hummer, Saab and probably a couple of other brands like Pontiac and Buick
Spins of divisions like GM Powertrain, GMAC, Chevrolet and Cadillac. Pockets money from both transactions.
GM is left a shell of its former self.
GM goes into Ch.11
Probably doesn't emerge again.

Bravada · 01-26-2006, 08:46 AM

If ANYBODY would want to buy Buick and Pontiac at a reasonable price, they would probably do a better job with these brands than GM does now. But I doubt it whether anybody would, maybe except the Chinese.

D C · 01-26-2006, 09:53 AM

Speculation was that he sold his shares at a loss last year in order to offset a profit he made elsewhere. Sell at a loss to offset profits, re-buy at the same price in the next fiscal year. What loss?

Randle2I · 01-26-2006, 10:03 AM

Kerkorian is the last thing GM needs. He's a smart man, but I have severe doubts that his interest are in the interest of the customer (unless that customer is himself).

doh · 01-26-2006, 10:08 AM

Some quotes; from http://biz.yahoo.com/rb/060126/autos_gm_earns.html?.v=6

The earnings report came a day after news that billionaire investor Kirk Kerkorian had raised his stake in GM to 9.9 percent. Kerkorian has called for sweeping changes at the auto giant, and a key adviser has suggested he might be prepared to organize a fight for control of the GM board.

General Motors Acceptance Corp., the company's finance unit, posted net income of $614 million, down from $683 million a year earlier.

The automaker plans to sell a controlling stake in its finance arm in order to restore the unit's investment-grade ratings. Both GM and GMAC have said talks with potential partners are "ongoing."

Motownr · 01-26-2006, 10:27 AM

Quote:

Originally Posted by doh

Some quotes; from http://biz.yahoo.com/rb/060126/autos_gm_earns.html?.v=6

The automaker plans to sell a controlling stake in its finance arm in order to restore the unit's investment-grade ratings. Both GM and GMAC have said talks with potential partners are "ongoing."

Rumor on the Street is that the talks have stalled out...opening offers FAR below GM's expectations.

If this turns out to be true, the stock will take another dip, as investors are expecting the sale to add to GM's cash reserves.

Less reserves, less cushion against losses, less time to turn the ship before Chapter 11 really starts to loom.

This could wind up being a bigger story than anyone thought.

saturnsteve · 01-26-2006, 10:29 AM

Screw this guy man!

cfch3399 · 01-26-2006, 11:25 AM

Forget Kerkorian, he's just using GM stock to lower his taxes.
On the other hand, get York on the board!!!

doh · 01-26-2006, 11:51 AM

Quote:

Originally Posted by Motownr

Rumor on the Street is that the talks have stalled out...opening offers FAR below GM's expectations.

If this turns out to be true, the stock will take another dip, as investors are expecting the sale to add to GM's cash reserves.

Less reserves, less cushion against losses, less time to turn the ship before Chapter 11 really starts to loom.

This could wind up being a bigger story than anyone thought.

And higher cost as their credit rating continues to fall.

Kinda a catch 22

01-25-2006, 05:45 PM	#1 (permalink)
doh 6.0 Liter LS2 V8 Join Date: Sep 2003 Location: N.W.Ontario Posts: 4,793	Kerkorian "Hes' back" http://biz.yahoo.com/rb/060125/autos...rian.html?.v=1 Reuters Kerkorian increases GM stake to 9.9 pct-SEC filing Wednesday January 25, 4:56 pm ET WASHINGTON (Reuters) - Billionaire investor Kirk Kerkorian has increased his stake in General Motors Corp. (NYSE:GM - News) to 9.9 percent from 7.8 percent, according to a regulatory filing on Wednesday. Kerkorian's Tracinda Corp., over which he has effective control, acquired 5 million shares on the open market on January 23 at an average price of $21.40 a share and an additional 7 million shares in a private transaction expected to settle on January 27, according to the filing with the U.S. Securities and Exchange Commission. Tracinda spent a total of about $262.8 million to acquire the shares

01-25-2006, 05:54 PM	#2 (permalink)
Quickening 7.0 Liter LS7 V8 Join Date: Oct 2005 Location: San Antonio, Texas Drives: 2004 Saab 9-3 Aero Posts: 5,149	Re: Kerkorian "Hes' back" Make him leave! HE should go buy on Ford. __________________ 2004 Saab 9-3 Aero

01-25-2006, 06:18 PM	#3 (permalink)
Maas Oyama Banned Join Date: Nov 2005 Location: England Drives: honda civic 2 liter type-R 3 door hatchback Posts: 174	Re: Kerkorian "Hes' back" every time capt kirk buys gm stock, the price crashes! so does this mean that gm stock will plumb new depths?

01-25-2006, 06:24 PM	#4 (permalink)
CRBoyd91 5.3 Liter LS4 V8 Join Date: Jun 2005 Location: Houston, TX (Katy Area) Drives: 2004 Pontiac Grand Prix GT Posts: 3,941	Re: Kerkorian "Hes' back" Oh great. Just what we need... __________________ Family Vehicles: Mom: 2003 Chevrolet Suburban LS - 78,000 mi. Dad: 1996 Ford Ranger XLT - 230,000 mi. Sister: 2001 Saturn SC2 - 50,000 mi. Me: 2004 Pontiac Grand Prix GT - 88,000 mi.

01-25-2006, 06:28 PM	#5 (permalink)
01cavalier 6.0 Liter LS2 V8 Join Date: Jul 2005 Location: Portland, OR Drives: 2007 Cobalt Posts: 4,818	Re: Kerkorian "Hes' back" If I remember right it was hot a secret that this was going to happen....

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01-25-2006, 06:29 PM	#6 (permalink)
Bravada 70 MPG Two Mode Saturn Hybrid Join Date: Nov 2004 Location: Warsaw, Poland Posts: 10,871	Re: Kerkorian "Hes' back" 9.9% Wow! The takeover is imminent!

01-26-2006, 08:40 AM	#7 (permalink)
sigma 6.2 Liter Vortec V8 Join Date: Sep 2005 Location: In the Galactica CIC Drives: 2005 Chevy Malibu Posts: 2,557	Re: Kerkorian "Hes' back" You, under no circumstances, want GM to be taken over by Kirk Kerkorian. When he is done, you won't be able to recognize GM and I highly doubt the corporation would still be self sufficient. Here is what would probably happen: Takes over Raids the cash Sells Hummer, Saab and probably a couple of other brands like Pontiac and Buick Spins of divisions like GM Powertrain, GMAC, Chevrolet and Cadillac. Pockets money from both transactions. GM is left a shell of its former self. GM goes into Ch.11 Probably doesn't emerge again.

01-26-2006, 08:46 AM	#8 (permalink)
Bravada 70 MPG Two Mode Saturn Hybrid Join Date: Nov 2004 Location: Warsaw, Poland Posts: 10,871	Re: Kerkorian "Hes' back" If ANYBODY would want to buy Buick and Pontiac at a reasonable price, they would probably do a better job with these brands than GM does now. But I doubt it whether anybody would, maybe except the Chinese.

01-26-2006, 09:53 AM	#9 (permalink)
D C 3.9 Liter V6 Join Date: Aug 2003 Posts: 755	Re: Kerkorian "Hes' back" Speculation was that he sold his shares at a loss last year in order to offset a profit he made elsewhere. Sell at a loss to offset profits, re-buy at the same price in the next fiscal year. What loss?

01-26-2006, 10:03 AM	#10 (permalink)
Randle2I 6.0 Liter Vortec V8 Join Date: Nov 2003 Posts: 1,636	Re: Kerkorian "Hes' back" Kerkorian is the last thing GM needs. He's a smart man, but I have severe doubts that his interest are in the interest of the customer (unless that customer is himself). __________________ Watch The 4400 or suffer the fate of a terrible future. I'm a new VW Whore and owner of a 71 VW Super Beetle .

01-26-2006, 10:08 AM	#11 (permalink)
doh 6.0 Liter LS2 V8 Join Date: Sep 2003 Location: N.W.Ontario Posts: 4,793	Re: Kerkorian "Hes' back" Some quotes; from http://biz.yahoo.com/rb/060126/autos_gm_earns.html?.v=6 The earnings report came a day after news that billionaire investor Kirk Kerkorian had raised his stake in GM to 9.9 percent. Kerkorian has called for sweeping changes at the auto giant, and a key adviser has suggested he might be prepared to organize a fight for control of the GM board. General Motors Acceptance Corp., the company's finance unit, posted net income of $614 million, down from $683 million a year earlier. The automaker plans to sell a controlling stake in its finance arm in order to restore the unit's investment-grade ratings. Both GM and GMAC have said talks with potential partners are "ongoing."

01-26-2006, 10:29 AM	#13 (permalink)
saturnsteve 4.4 Liter Supercharged Northstar Join Date: Nov 2004 Location: Oklahoma City Drives: 2006 Ford Fusion 2005 GMC Envoy XL Posts: 2,088	Re: Kerkorian "Hes' back" Screw this guy man! __________________ Cars.com Field Sales Manager

01-26-2006, 11:25 AM	#14 (permalink)
cfch3399 6.0 Liter Vortec V8 Join Date: Jul 2004 Posts: 1,619	Re: Kerkorian "Hes' back" Forget Kerkorian, he's just using GM stock to lower his taxes. On the other hand, get York on the board!!!

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