Kerkorian Unloads Ford Shares

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	Kerkorian Unloads Ford Shares

Andrew Farrell

10-21-2008 5:01 PM

1145 views

Andrew Farrell says:

The billionaire has watched his investment in the struggling auto maker lose about two-thirds of its value.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/43595c35-974c-4d81-b1d1-3062a427e4de/9400E026-5530-4BBE-8C73-9E81D0DF2186/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/2008/10/22/business/22auto.html?em" href="http://www.nytimes.com/2008/10/22/business/22auto.html?em" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/10/22/business/22auto.html?em"><P>DETROIT — The billionaire investor <A title="More articles about Kirk Kerkorian." href="http://topics.nytimes.com/top/reference/timestopics/people/k/kirk_kerkorian/index.html?inline=nyt-per">Kirk Kerkorian</A> has sold part of his stake in the <A title="More information about Ford Motor Co" href="http://topics.nytimes.com/top/news/business/companies/ford_motor_company/index.html?inline=nyt-org">Ford Motor Company</A> and may divest himself of his remaining shares in another sign of slumping investor confidence in the ailing American auto industry.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/10/22/business/22auto.html?em"><P>The Tracinda Corporation, Mr. Kerkorian’s investment company, said on Tuesday that it  sold 7.3 million shares of <A title="More information about Ford Motor Company" href="http://topics.nytimes.com/top/news/business/companies/ford_motor_company/index.html?inline=nyt-org">Ford</A> on Monday at a huge loss and intended to further reduce its remaining 6.09 percent stake.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/10/22/business/22auto.html?em"><P>Mr. Kerkorian began buying Ford stock in April, and had spent about $1 billion to accumulate a initial 6.49 percent stake. With his remaining 133.5 million shares valued at $311 million, Mr. Kerkorian has lost about two-thirds of his investment.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/9400E026-5530-4BBE-8C73-9E81D0DF2186/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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