From MarketWatch.com on 21 Dec 2005:
Quote:
Kerkorian's GM sale raises questions
The last time General Motors Corp. shares traded around these levels, Ronald Reagan was busy waging his war on drugs, Pac-Man was all the rage, and Michael Jackson's Thriller was flying off the shelves. ...
More than two decades later, Kerkorian is swimming in red ink with his investment in Detroit-based GM, shares of which fell as low as $18.99 on Wednesday. Estimates put his losses at more than half a billion dollars. ...
This could be the first step in Kerkorian's eventual exodus from GM, according to Peter Morici, professor at the Robert H. Smith School of Business at University of Maryland.
"I wouldn't be surprised if he looks for a different situation where people are more receptive to change than General Motors," he said.
While to some the move comes as a sign of Kerkorian's weariness in holding tight to his evaporating stock value, others on Wall Street are hesitant to draw too many conclusions.
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Today, GM's stock dropped another 2.15%.