Crisis Legal NewsClick here to add this website to your favorites
Crisis News Search >>>

Kirk Kerkorian's investment firm said Tuesday it sold 7.3 million of its shares in Ford Motor Co. and plans to further cut what is now a 6.1 percent stake, for a potential loss of more than half a billion dollars on the investment.

Tracinda Corp. sold the shares at an average price of $2.43 per share and said it may sell its remaining 133.5 million shares depending on market conditions.

Kerkorian has tried to leave his mark on the Detroit-based automakers over the past decade. But Tracinda said that in light of current economic conditions it now sees "unique value" in other industries such as gambling, hotels, and oil and gas, so it's moving its resources.

Tracinda, which is named after Kerkorian's daughters, Tracy and Linda, has the majority stake in the casino and hotel operator MGM Mirage Inc.

The sale comes just four months after Tracinda purchased 20 million of the Dearborn, Mich.-based automaker's shares at market rates to boost his stake to 6.49 percent. Those purchases were announced two days after Kerkorian met with Ford Chief Executive Alan Mulally and Executive Chairman Bill Ford to discuss the company's turnaround plan.

A week earlier, Kerkorian had acquired another 20 million shares through a tender offer for about $170 million, or $8.50 per share. Based on that share price, Kerkorian lost about $44.3 million in Tuesday's sale.

At the time the tender offer was announced, Tracinda said it owned 100 million Ford shares at average cost of $6.91 per share. If the firm sold those shares at Monday's closing price of $2.33 apiece, it would translate to a loss of about $458 million.

© Crisis Legal News - All Rights Reserved.

The content contained on the web site has been prepared by Legal Crisis News
as a service to the internet community and is not intended to constitute legal advice or
a substitute for consultation with a licensed legal professional in a particular case or circumstance.
 Law Firm Web Design Information
Law Promo can construct your law firm a brand new responsive website, or help you redesign your existing site to secure your place in the mobile world. We believe our work speaks for itself by showcasing quality design while reflecting our extensive experience in the online legal marketing industry. Law Firm Website Designs by Law Promo.| Law Firm Logo Design
   Latest Crisis Legal News
   Sponsored Links
Chicago Business Law Attorney
Corporate Litigation Attorneys
Fort Lauderdale Criminal Defense Lawyer
Miami Sex Crimes Lawyer
Fort Washington Employment Law Firm
Attorney Marc E. Weinstein
Santa Ana Workers' Compensation Lawyers
Car Accidents Attorneys
New Rochelle Personal Injury
Eugene Criminal Defense
Law Office of Max J Mizejewski
Family Law. Call 541.505.9872
CPA Accounting Web Design
Finanace Office Web Designs
Lorain Elyria Divorce Lawyer
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
Cobb County Criminal Attorney
Georgia Criminal Defense Lawyer
San Francisco Trademark Lawyer
San Jose Trademark Lawyer
Eugene Chapter 7 Bankruptcy Lawyer
Oregon Chapter 7 Bankruptcy Lawyer