Wednesday, November 22, 2006

Kerkorian's Tracinda Confirms Large Sale of GM Stock

In an amended 13D filing on General Motors Corporation (NYSE: GM) this afternoon, Kirk Kerkorian's Tracinda Corporation disclosed a 7.4% stake (42 million shares). This is down from the prior 9.9% stake (56 million shares) the firm disclosed. Rumors of a lowered Tracinda stake were rampant on Wall Street today.

On November 20, 2006, Tracinda agreed to sell 14,000,000 shares of common stock in a private transaction for $33.00 per share.

The sale follows news in October that Tracinda's representative on GM'S board, Jerome York, resigned as a director after global partnership talks with Nissan-Renault broke down. Tracinda was pushing for the partnership.

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