10-24-2008, 11:00 AM
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CC Member
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Join Date: Sep 2002
Location: Hickory,
NC
Cobra Make, Engine: ERA 427SC w/427so, ERA GT #2002
Posts: 1,106
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Just in case you haven't heard . . . date 10-22-08 from Peter DeLorenzo of AutoExtremist:
"Captain Kirk" Kerkorian has decided that the new "Detroit Miracle" is too slow in coming, apparently. Kerkorian's investment company - Tracinda - released the following statement yesterday: "In light of current economic and market conditions, (Tracinda) 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." Which means that Tracinda is selling off its investment in Ford stock beginning with 7.3 million shares sold Monday, with the rest of Kerkorian's stake - 133.5 million shares - possibly on the block (we're talking at a substantial loss too, like to the tune of around $700 million since April - ouch. We can see leaning toward the oil and gas industries over the auto sector, but the gaming and hospitality industries too? Maybe not so much. Kerkorian is the classic impetuous investor with a ton of money and he wheels and deals at a prodigious rate, but there's no question that his dumping of Ford shares sends a dire message about the state of the domestic automobile business. That giant steaming bowl of Not Good has just turned into a full-blown buffet...
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Tom
"If you can make black marks on a straight from the time you turn out of a corner until the braking point of the next turn, then you have enough HORSEPOWER." Mark Donohue
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