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12-07-2005, 09:18 PM
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DETROIT, Dec 7 (Reuters) - General Motors Corp. <GM.N> said on Wednesday it was in discussions with billionaire investor Kirk Kerkorian's Tracinda Corp. for a seat on its board of directors.
GM spokeswoman Toni Simonetti said the company had no further comment.
Analysts have said the likely candidate for a seat on GM's board would be Jerome York, the former chief financial officer at Chrysler Corp., now a unit of DaimlerChrysler AG.
Tracinda has spent $1.7 billion since April to buy 56 million shares of GM stock, about 9.9 percent of the total stock available.
Tracinda declined to comment.
GM's Chief Executive Rick Wagoner has been under mounting pressure as the world's largest automaker grapples with high labor and commodities costs, loss of U.S. market share to foreign rivals and slumping sales of large sport utility vehicles -- its longtime profit generator.
GM has lost nearly $4 billion this year, while its shares have lost more than 45 percent of their value amid wide speculation that Kerkorian would ask for a seat on the automaker's board.
York is a veteran of large-scale turnaround efforts at Chrysler and IBM, where as chief financial officer he led a rigorous cost-cutting effort.
If Kerkorian gets representation, GM will have an extremely vocal shareholder, T. Rowe Price analyst Brian Ropp said.
"Kerkorian will focus on what is best for GM's shareholders, which can conflict with GM bondholders, GMAC bondholders, and the UAW," Ropp said, referring to the United Auto Workers Union.
"It will make things very interesting."
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12-07-2005, 09:18 PM
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Banned
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Join Date: Jan 2003
Posts: 24,247
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DETROIT, Dec 7 (Reuters) - General Motors Corp. <GM.N> said on Wednesday it was in discussions with billionaire investor Kirk Kerkorian's Tracinda Corp. for a seat on its board of directors.
GM spokeswoman Toni Simonetti said the company had no further comment.
Analysts have said the likely candidate for a seat on GM's board would be Jerome York, the former chief financial officer at Chrysler Corp., now a unit of DaimlerChrysler AG.
Tracinda has spent $1.7 billion since April to buy 56 million shares of GM stock, about 9.9 percent of the total stock available.
Tracinda declined to comment.
GM's Chief Executive Rick Wagoner has been under mounting pressure as the world's largest automaker grapples with high labor and commodities costs, loss of U.S. market share to foreign rivals and slumping sales of large sport utility vehicles -- its longtime profit generator.
GM has lost nearly $4 billion this year, while its shares have lost more than 45 percent of their value amid wide speculation that Kerkorian would ask for a seat on the automaker's board.
York is a veteran of large-scale turnaround efforts at Chrysler and IBM, where as chief financial officer he led a rigorous cost-cutting effort.
If Kerkorian gets representation, GM will have an extremely vocal shareholder, T. Rowe Price analyst Brian Ropp said.
"Kerkorian will focus on what is best for GM's shareholders, which can conflict with GM bondholders, GMAC bondholders, and the UAW," Ropp said, referring to the United Auto Workers Union.
"It will make things very interesting."
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12-07-2005, 09:25 PM
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Hummer Guru
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Saw that coming...
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12-07-2005, 09:44 PM
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Join Date: Mar 2005
Location: COMO
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i was thinking about buying some GM stock.... what do you guys think? is it cheap enough?
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Drop the zero, grab a hero
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12-07-2005, 09:49 PM
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Nope, hasn't hit bottom yet.
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12-07-2005, 11:20 PM
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Join Date: Mar 2005
Location: COMO
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what do you think bottom is??
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Drop the zero, grab a hero
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12-08-2005, 12:19 AM
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I don't have a price in mind. I am thinking some things are going to happen with the union, some more cuts will happen, and if Kerkorian gets on board it will all get in the light. I am thinking that will be driving it down some more.
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12-08-2005, 01:21 AM
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Hummer Deity
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Location: In the basement of the Alamo
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Okay, this is priceless...You know I love you guys so I have to tell you -
I got excited because I thought Kerkorian was DeLorean and they were coming
up with a concept Hummer. 
Edit: Who would anyone name their child Kirk Kerkorian anyway? |
12-08-2005, 01:57 AM
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Hummer Guru
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by h2co-pilot:
Okay, this is priceless...You know I love you guys so I have to tell you -
I got excited because I thought Kerkorian was DeLorean and they were coming
up with a concept Hummer.
Edit: Who would anyone name their child Kirk Kerkorian anyway? </div></BLOCKQUOTE>
Dr. Kavorkian?
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TAIL RATED!
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12-08-2005, 03:40 AM
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Hummer Veteran
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Join Date: Nov 2005
Location: SoCal
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by h2co-pilot:
Who would anyone name their child Kirk Kerkorian anyway? </div></BLOCKQUOTE>
Or name their kid "Alec" when they know everyone is going to spell it "Alex".
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12-08-2005, 11:21 AM
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Hummer Expert
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Join Date: Jul 2003
Location: PA
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Didn't something already happen with the Union. I know they lost 4 billion or so while they still had over 20bil in cash but a couple months ago I heard that GM got the union to give up over 3bil towards health care costs. But then again that is what the media said and everyone knows the media hates the 2 domestic automakers.
What I find funny about the UAW is that they were crying over having to pay a portion of healthcare costs. Wow that suck  where have I heard that before. Oh yeah, most people without a union job already have to do that. |
12-08-2005, 01:59 PM
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Hummer Veteran
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Location: SoCal
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Sorry Alex.
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12-08-2005, 02:04 PM
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Hummer Messiah
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Join Date: Apr 2003
Location: Virginia Beach
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GM needs something. Heck, the MGM could cover the costs of purchase. 
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"My reading of history convinces me that most bad government results from too much government."---Thomas Jefferson
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12-08-2005, 02:11 PM
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Hummer Guru
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Alec W:
<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Connie_Chung:
<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by h2co-pilot:
Who would anyone name their child Kirk Kerkorian anyway? </div></BLOCKQUOTE>
Or name their kid "Alec" when they know everyone is going to spell it "Alex". </div></BLOCKQUOTE>
 </div></BLOCKQUOTE>
LMFAO
Now that was kinda funny Alec........
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"moonie" 
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12-08-2005, 02:21 PM
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Hummer Veteran
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Join Date: Nov 2005
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Shut it Moonbeam.
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12-08-2005, 03:13 PM
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Hummer Guru
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Join Date: Sep 2003
Posts: 2,089
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CONNIE...
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"moonie"
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12-08-2005, 03:16 PM
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Nice, Moonunit.
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12-08-2005, 04:03 PM
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Hummer Messiah
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Join Date: Apr 2003
Location: Virginia Beach
Posts: 37,474
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Great one Moonie!
__________________
"My reading of history convinces me that most bad government results from too much government."---Thomas Jefferson
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12-08-2005, 05:49 PM
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Hummer Messiah
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Join Date: Feb 2003
Location: Federal penitentiary
Posts: 21,046
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Alec W:
WTF is a MoonCricket anyway? </div></BLOCKQUOTE>
If I recall correctly it means "meat spin" in Swahili.
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<({O})>
Fishing Again.
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12-08-2005, 06:34 PM
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Hummer Deity
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Join Date: Feb 2005
Location: In the basement of the Alamo
Posts: 10,855
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by CO Hummer:
<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Alec W:
WTF is a MoonCricket anyway? </div></BLOCKQUOTE>
If I recall correctly it means "meat spin" in Swahili. </div></BLOCKQUOTE>
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