Kerkorian selling another 14M GM shares
DETROIT - General Motors Corp. shareholder Kirk Kerkorian is selling another 14 million shares in the troubled automaker, dropping his stake by a third to 4.95 percent
In a filing Thursday with the U.S. Securities and Exchange Commission, Kerkorian's Tracinda Corp. said it had reached agreement on Tuesday to sell the shares at $28.75 each.
The sale will close on Friday, the filing said.
Last week, Kerkorian also sold GM stock, lowering his stake to 7.4 percent from 9.9 percent.