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Kerkorian dumps entire stake in Ford

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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Last updated: November 09, 2009: 07:06 AM

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