Sell, Mortimer, Sell!!: Kerkorian Unloads Millions of GM Shares

This image was lost some time after publication.
This image was lost some time after publication.

Eternal corporate busybody Kirk Kerkorian has cut his stake in GM by 20 percent, selling 12 million shares and sending the stock on a downward spiral ending at a 23-year low. GM shares began yesterday 5.7 percent higher than they were at the end of the day, falling $1.20 to $19.85. Failing to score a seat on the board of directors for one of his associates, Jerome York, last week may have influenced his decision to cut his losses and run for the hills, curtailing a bid for influence many had speculated would end in a hostile takeover attempt. But Kerkorian says the sale was made to take advantage of a capital loss by year's end that could save him millions in taxes. We have a feeling this story is far from over.


General Motors' European Stock Falls as Kerkorian Pares Holding [Bloomberg]

Slate on GM's Boardroom Mess [internal]

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