For those wondering just what Kirk Kerkorian was going to do with the GM stock that he bought at $32/share, apparently the answer is that he’s going to sell twelve million shares of it at $20/share. As the stock continues to nose-dive and after Kerkorian’s Trancida investment corporation failed to reach an agreement on receiving a GM board seat, such a move makes some sense. However, that’s not the purported reason for the sale – Trancida claims it’s to offset capital gains on its $5B sale of the MGM movie studio earlier this year. The move drops Kerkorian’s share of GM from 9.9% to 7.8%, so he certainly hasn’t yet decided to completely divest himself of involvement in the automaker. That leaves his long-term strategy still in question, and also raises questions about the stock’s value in general.

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