Kerkorian May Boost His Stake in GM

[Variance]

Kerkorian May Boost His Stake in GM

Billionaire investor Kirk Kerkorian pressed his case for a three-way alliance between General Motors Corp., Renault and Nissan on Thursday, backing up his argument with a threat to push his GM holdings to more than 10 percent.

Kerkorian's Tracinda Corp., broke the news in a filing with the Securities and Exchange Commission, sending GM's stock to a 52-week high at $33.64 in early trading on the New York Stock Exchange. By closing, though, the price had eased to $33.06, up 78 cents, or 2.4 percent.

Read "Kerkorian may buy 12M more GM shares" @ Yahoo

[Northstar]

Screw Kerkorian. Why doesn't he take the huge amount of money he has made now and stop pretending to know how to run a company that he's only interested in because he's invested so much into the stock?

[Member55]

Screw Kerkorian. Why doesn't he take the huge amount of money he has made now and stop pretending to know how to run a company that he's only interested in because he's invested so much into the stock?

198974[/snapback]

If I owned 10% of any company I would expect to have some say so...

[Mr.Krinkle]

If I owned 10% of any company I would expect to have some say so...

198999[/snapback]

yup. could be what hes up to... does anyone have any idea what this old codger is up to? 90 yrs old and wheeling and dealin'.

[Northstar]

If I owned 10% of any company I would expect to have some say so...

198999[/snapback]

Sure, so would I, but having a say doesn't mean ordering the CEO and board of the company to form an alliance with another company when he doesn't even really know what's going on inside GM. I think it's pretty clear that GM can make world-class cars without help from anyone else. Personally, I think Kerkorian is just being greedy. If the alliance goes through, that means the stock price will probably see another big spike, which means Kerkorian makes millions upon millions more dollars. He doesn't care about GM's long term, he wants to get even richer in the short term, since he won't be around for that much longer.

[FAPTurbo]

Just die already Kirk.

We need the fossil fuels...

[Guest buickman]

Hello Kirk, goodbye Rick. Sounds good to me.

[Brandon Lutz]

Hello Kirk, goodbye Rick. Sounds good to me.

199067[/snapback]

I wouldnt count on that any time soon. If you hate Rick, then you would hate Kirk. He is a corporate raider with no intentions of helping out GM in any way. Rick is actually trying to turn things around, Kirk is not. All Kerkorian wants is to get all the share that he can while GM is making money so he can bail on them at the appropriate time for himself.

GM's turnaround is almost complete and small cars are profitable again, they are producing quality vehicles, and the company is starting to get a realistic handle on things. The worst thing that can happen is if Kirk takes control. Thankfully, that wont happen...

Edited September 30, 2006 by Brandon Lutz

[Member55]

Sure, so would I, but having a say doesn't mean ordering the CEO and board of the company to form an alliance with another company when he doesn't even really know what's going on inside GM.

His position is not strong enough to order anything, he is just urging the board to explore all options, including an alliance.

I think it's pretty clear that GM can make world-class cars without help from anyone else.

What if they can make world class cars for a few billion less, per year? Is that not worth exploring?

Personally, I think Kerkorian is just being greedy. If the alliance goes through, that means the stock price will probably see another big spike, which means Kerkorian makes millions upon millions more dollars. He doesn't care about GM's long term, he wants to get even richer in the short term, since he won't be around for that much longer.

199011[/snapback]

This is your pride speaking,not business common sense. How is making a company more profitable not caring about it long term?

[tama z71]

Hello Kirk, goodbye Rick. Sounds good to me.

199067[/snapback]

You're an ass.

[Guest buickman]

Rick blew billions on Fiat and other failed alliances, lost Olds, is selling GMAC, and you think he's special? Special prosecutor is my take.

How much shareholder value in spinnin GMAC? What do the shareholder's get???

Kirk will increase market capitalization and bring accountability to an inept management.

Buickman

the voice...

[Northstar]

Olds was lost well before Rick was CEO. You think he's solely responsible for everything? Was he the only one that said "let's invest in Fiat"? Was it his only his decesion to sell GMAC?

Kirk knows little about the auto industry. If he wants to offer suggestions, then fine, but telling someone how to run a company that he really doesn't know that much about is out of line.

[Guest buickman]

Kirkorian understands accountability and is able to unlock shareholder value. His investment in GM is the best thing to have happened since Ross Perot.

Buickman

the voice...

[CARBIZ]

Unlock shareholder value?????

Isn't that what is destroying American businesses right now? Wasn't the wave of greed in the '80s that got us into this mess now?

Shareholder value is all about the here and now - screw the future generations and the environment.

There is no accountabiliity. Wall Street and corporate raiders have no conscience. It was the Henry Fords and Walter Chryslers that built your country, not vultures like Kirk!

The Japanese have a far better understanding of the future. That is why Toyota can borrow billions from Japanese banks for FREE, while the likes of GM have to fend off corporate raiders.

I need a drink.

[Northstar]

Kirkorian understands accountability and is able to unlock shareholder value. His investment in GM is the best thing to have happened since Ross Perot.

Buickman 

beating a dead horse... 

199298[/snapback]

Right.

Kerkorian didn't invest in GM for any reason other than to make money for himself. So, he goes out and says "Hmm, what is a way I can make GM's stock go up? Oh, how about an alliance? That would get lots of news and make the stock jump, and I'd make millions." GM's plans are working, but they're going to unfold too slowly for Kerkorian to get even richer while he know's he'll still be alive. Plus, by adding Nissan to the mix, the only thing that's going to happen is the plan is going to get re-juggled and delayed.

Do you honestly think Kerkorian gives a rat's ass about what happens to GM 5-10 years down the road when he's no longer living? No. All he wants is more money.

On Monday if GM announces high sales and if GM later announces a profit for the 3rd quarter, I think that should pretty much end GM's board listening to Kerkorian.

[Guest buickman]

The alliance will go through in order to allow the banks and lawyers to feed their endless craving for dollars. Wagoner is nothing more than a stooge in this escapade, just as he was during the Fiat fiasco.

Buickman

[bdubsee]

The alliance will go through in order to allow the banks and lawyers to feed their endless craving for dollars. Wagoner is nothing more than a stooge in this escapade, just as he was during the Fiat fiasco.

Buickman

199492[/snapback]

Huh? You are contradicting yourself. Will Wagoner block this because he doesn't want accountability or will he go through with it because he is a stooge of the bankers and lawyers? Your take on both sides is negative....

FWIW- you were dead wrong about the alliance.