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* USA - GM's battle: Heats up as York quits
What it means?: Kirk Kerkorian adviser Jerry York's resignation from GM's board and Kerkorian's decision not to increase his stake in GM now could mean the investor is preparing to battle management for control of GM - Wall Street jittery over Kerkorian's next moves, sends stock sliding $2
Detroit,Mich,USA -The Detroit News, by Bill Vlasic -7 Oct 2006: -- Kirk Kerkorian rocked General Motors Corp. on Friday when his top deputy, Jerry York, quit the GM board and raised "grave reservations" about the company's ability to compete against Asian automakers... The bombshell moves appear to be the first volleys in an all-out battle for control of GM between Kerkorian and GM Chairman Rick Wagoner and his board of directors... But by ending the talks without authorizing an outside review, the GM board sent Kerkorian into attack mode... Despite pulling back on plans to buy the additional GM shares, Kerkorian indicated Friday that he is far from finished with GM... In its filing with the U.S. Securities and Exchange Commission, Tracinda said it will make further investment moves "based on market and general economic conditions, the business affairs and financial condition of General Motors, the market price of its shares and other factors deemed relevant"... Besides buying or selling shares to exert pressure on GM, the possibility also exists for Kerkorian to launch a proxy fight to replace all or part of GM's board of directors...
posted by Unknown @ 3:36 PM
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