Back in October I wrote that super investor Kirk Kerkorian has slashed his stake in Ford Motor Company (NYSE: F) by a few million shares but in a press release, Kerkorian's Tracinda was careful to note that "in light of current economic and market conditions, it sees unique value in the gaming and hospitality and oil and gas industries and has, therefore, decided to reallocate its resources and to focus on those industries."Apparently the reallocation continued: Reuters is reporting that Mr. Kerkorian has now eliminated entirely his stake in the beleaguered auto company. It's not yet known when or how he disposed of the stake but it's been a costly foray for Mr. Kerkorian. Tracinda had previously disclosed that it had hired an investment bank to look for a buyer for its stake in Ford.
Last week on BloggingStocks, Brent Archer named him one of our money losers of 2008 for his losses in Ford and MGM Mirage (NYSE: MGM).
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Reader Comments (Page 1 of 1)
12-29-2008 @ 9:18PM
KEEF said...
ITS BEEN A WHILE BUT IN THE PAST KERKORIAN STATED THAT BEFORE HE DIED HE WANTED TO OWN A CAR COMPANY HE MAY HAVE SOMETHING IN THE WORKS I KNOW IM NOT IN THE KNOW AND IM SURE THAT ANYBODY THATS ON AOL ISNT EITHER BUT KEEP AN EYE ON HIM AND IACOCCA THEY ARE TWO OLD GUYS WITH MORE SMARTS THAN THE PEOPLE THAT RUN THIS COUNTRY