Thursday, November 30, 2006

Kerkorian's Tracinda Dumps Another 14 Million GM Shares

In an amended 13D filing on General Motors (NYSE: GM), Kirk Kerkorian's Tracinda Corp disclosed they agreed to sell 14,000,000 shares of General Motors common stock in a private transaction for $28.75 per share. The sale is to be settled on December 1, 2006.

The sale brings Kerkorian's stake to 28,000,000 shares or 4.95%. This is down from the 7.4% stake he disclosed on 11/22, which was down from his prior 9.9% stake.

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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