xcel
10-21-2008, 02:03 PM
Tracinda's Ford shares cost an average of $7.07 while Ford trades at $2.14 earlier today. (http://www.bloomberg.com/apps/news?pid=20601213&sid=a1eSQ5Rx_VEA&refer=home)
http://www.cleanmpg.com/photos/data/501/Ford_s_-_Way_Forward.jpgBill Koenig - Bloomberg - Oct. 20, 2008
Ford stock is heading towards $2.00 a share.
So the Billionaire was only interested in the money and not helping the domestic automaker as he always says he does. The losses serve him right :angry: - Ed.
Billionaire Kirk Kerkorian is unwinding his Ford Motor Co. stake after the auto industry recession cut the value of his $995 million holding by two- thirds and put his firm's gambling investments at risk.
Kerkorian's Tracinda Corp. sold 7.3 million Ford shares yesterday for an average of $2.43 each and said it contacted an investment bank about unloading the rest. Tracinda's remaining 133.5 million shares were valued at $311.1 million yesterday.
Kerkorian, 91, reversed course less than six months after expressing confidence in Chief Executive Officer Alan Mulally's turnaround efforts at Ford. Last week, Ford's collapsing stock price forced Kerkorian to pledge another 50 million shares of his MGM Mirage casino company to back the $600 million credit line used to buy into the second-largest U.S. automaker.
``It was an investment that made no sense,'' said Maryann Keller, an independent auto analyst and consultant in Greenwich, Connecticut. ``He's pulling in his horns and concentrating on areas he knows best.''
Tracinda ``intends to further reduce its holdings'' in Ford to focus on gambling, hotels and energy, according to the filing, without giving details… http://www.bloomberg.com/apps/news?pid=20601213&sid=a1eSQ5Rx_VEA&refer=home
http://www.cleanmpg.com/photos/data/501/Ford_s_-_Way_Forward.jpgBill Koenig - Bloomberg - Oct. 20, 2008
Ford stock is heading towards $2.00 a share.
So the Billionaire was only interested in the money and not helping the domestic automaker as he always says he does. The losses serve him right :angry: - Ed.
Billionaire Kirk Kerkorian is unwinding his Ford Motor Co. stake after the auto industry recession cut the value of his $995 million holding by two- thirds and put his firm's gambling investments at risk.
Kerkorian's Tracinda Corp. sold 7.3 million Ford shares yesterday for an average of $2.43 each and said it contacted an investment bank about unloading the rest. Tracinda's remaining 133.5 million shares were valued at $311.1 million yesterday.
Kerkorian, 91, reversed course less than six months after expressing confidence in Chief Executive Officer Alan Mulally's turnaround efforts at Ford. Last week, Ford's collapsing stock price forced Kerkorian to pledge another 50 million shares of his MGM Mirage casino company to back the $600 million credit line used to buy into the second-largest U.S. automaker.
``It was an investment that made no sense,'' said Maryann Keller, an independent auto analyst and consultant in Greenwich, Connecticut. ``He's pulling in his horns and concentrating on areas he knows best.''
Tracinda ``intends to further reduce its holdings'' in Ford to focus on gambling, hotels and energy, according to the filing, without giving details… http://www.bloomberg.com/apps/news?pid=20601213&sid=a1eSQ5Rx_VEA&refer=home