Black Friday Comes Early For Kerkorian: Corporate Raider Cuts GM Holdings

First he tried to align the General with Renault-Nissan, next he said he wasn't going to be buying any more stock — worrying the General's brass that a proxy fight was in the works — and now he's decided the thought of a proxy battle's just not going to solve anything. The man with the big wad of cash just announced two days before the biggest shopping day of the year that a decent chunk of his shares will be up for sale as well. KirkKerk filed a regulatory whatever to tell the world he'll be selling 14 million shares of stock in the General — dropping his stake in the Detroit-based automaker from 9.9% to 7.4%. No coincidence we're assuming with the fact that his company, Tracinda, also announced plans to offer $55 a share in cash for 15 million shares of MGM Mirage Inc. — looks like somebody needed to pay for a little stock purchase.

Kerkorian to cut GM stake from 9.9% to 7.4% [Freep]

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