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]
Related:
Slate on GM's Boardroom Mess [internal]