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View Full Version : Kerkorian sells Ford shares at a huge loss


XDCX
10-21-2008, 10:47 AM
If you've lost money in the Stock Market over the past year, don't feel too bad because misery loves company.

News reports indicated that Kirk Kerkorian has been selling off some of his Ford shares at a 60%+ loss. That's a 60% hit in less than a year.

The news report indicates that he may liquidate his entire position in Ford so he can make investments in the health care and gaming industries.

Here's a link to the news report: http://biz.yahoo.com/rb/081021/business_us_ford_kerkorian.html

goodone414
10-21-2008, 11:38 AM
Freeing up Cash so he can buy Chrysler ha-ha

CL Pgh
10-21-2008, 11:59 AM
Kerkorian selling Ford .?. maybe Ford is the one about to BK? I wouldn't think so, but is kind of wierd that he's dumping this stock so cheap when the per share up-side by far out wieghs the down-side.

XDCX
10-21-2008, 12:10 PM
Kerkorian selling Ford .?. maybe Ford is the one about to BK? I wouldn't think so, but is kind of wierd that he's dumping this stock so cheap when the per share up-side by far out wieghs the down-side.

I just watched a segment that CNBC did on Kerkorian's liquidation of his Ford holdings. As bad as his losses are on Ford, his losses on MGM are worse.

MGM is down over 80% year to date and Kerkorian has a 60%+ share of the company. The spin on CNBC is that he's liquidating Ford to make sure that he doesn't get a margin call forcing him to sell MGM shares.

With a somewhat morbid sense of humor Kerkorian, who is 91 years old, apparently has told people "...I lived one year too long."