Kirk sheds some more shares

Being an Aussie, I’d say Kirk Kirkorian’s taken his bat and ball and gone home. Actually, that may not be a unique Australian expression, but anyway….

From CNN

Billionaire investor Kirk Kerkorian said Thursday he sold another 14 million shares of General Motors, his second such sale this month, slashing his holdings in the world’s largest automaker by a third….

….The filing by Tracinda, Kerkorian’s investment firm, said it had sold the shares for $28.75 each Tuesday, which was about 4 percent below the stock’s low for the day. It’s also 13 percent below the price of his previous sale of 14 million shares, and unlike his previous sale is for less than the average $30.22 a share he had paid for his 56 million-share stake.

Kirk’s obviously recognised the General isn’t going to return his usual Wall Street type numbers without him being able to pull it apart and remake it in his image. An image that would have had Saab being owned by the French, or the Chinese, or whoever the heck else would have bought the shell he’d have offered for sale.

Whatever your opinion on GM’s ownership of Saab, KK was bad news for the little Swede and I for one am happy to see the back of him.

Having said all this, it should be noted that even after this sale he’s still the 5th largest single shareholder, trailing four other institutional shareholders.

Thanks Ryan and Eggs for the heads up.

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