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Old 11-30-2006, 02:23 PM   #1
NYCshopper
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Default Kerkorian selling another 14M GM shares

Kerkorian selling another 14M GM shares

http://news.yahoo.com/s/ap/20061130/...s/gm_kerkorian

Quote:
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.
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Old 11-30-2006, 03:54 PM   #2
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408,000,000.

Can I have 1/408th of that? Please?

--kC
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Old 11-30-2006, 04:35 PM   #3
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will all this selling take cash out of GM's coffers?
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Old 11-30-2006, 06:14 PM   #4
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Quote:
Originally Posted by pio!pio! View Post
will all this selling take cash out of GM's coffers?
I'm guessing he's not selling them back to GM. They'll probably get spread across the open market.
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