Kerkorian Sells GM shares
In May of 2005 Kerkorian’s company, Tracinda bought aproximatly 5% of (NYSE:GM) for around $31/share. Before this Tracinda already owned 3.9% of the company and had paid around $26.33/share. The company announced on Monday that it will sell approximately 2.5% of the company to a private investor for $33/share. If Kerkorian can sell the rest of the shares at this price he will have made a tiday 13.9% gain on the GM deal, however upon receiving news of the sale the market price of GM dropped to just above $31/share positioning Tracinda to make a very un-Kerkorian gain. Speculators have seen this as a sign that Kerkorian’s plans for a GM-Nisssan Merger failed and that he planned to sell off his shares for investments that he sees to be more lucrative such as (NYSE:MGM) and possibly other Vegas companies.