Autoblog

Kerkorian unloads rest of Ford stock

Damon Lavrinc — Mon, 29 Dec 2008 16:58:00 EST

Back in June, Kirk Kerkorian, billionaire investor and auto industry meddler, bought up 140.8 million shares in Ford Motor Company at $8.50 a pop, gaining a 6.49% stake in the automaker and becoming the largest single shareholder outside of the Ford family. By October, FoMoCo stock was hovering around $2.50 a share and Kerkorian's investment firm, Tracinda Corp., decided that it was time to unload a chunk of the stock. At the end of the day, Tracinda held onto 133.5 million shares and lost some $44 million, and less than a week later dropped another 26.4 million shares. Today, Kerkorian sold off the rest of his stock, with FoMoCo shares selling for just $2.22. While none of this comes as a surprise (Tracinda talked about selling off the remaining shares when it began unloading in October), analysts contend that the fire sale has less to do with Kerkorian's confidence in Ford (Mr. K has continued to applaud Ford CEO Alan Mulally), and more to do with Tracinda's declining MGM Mirage shares.

[Source: Detroit Free Press]

Kerkorian unloads rest of Ford stock originally appeared on Autoblog on Mon, 29 Dec 2008 16:58:00 EST. Please see our terms for use of feeds.

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Kerkorian sells off another load of Ford shares

Jonathon Ramsey — Wed, 29 Oct 2008 10:01:00 EST

Filed under: Ford, Earnings/Financials

Just four months ago, Kirk Kerkorian had a cup out and was asking passers-by for some spare Ford shares. Although he only wanted 20 million of them, he was offered one billion. Turns out those folks trying to get out of the Ford ownership business might have been a bit more prescient than the Tracinda billionaire. After a couple more weeks of watching Ford's share price begin digging toward the center of the earth, Kerkorian seems to want out of Ford himself.

A week ago Tracinda shed 7.3 million shares, and now it has unloaded another 26.4 million at an average price of $2.01 per share. That's about $6 less than he paid for them. Kerkorian used a $600 million line of credit from Bank of America to finance the original billion dollar investment in Ford, using shares in his MGM casino for collateral. In addition to the loss on the Ford investment, MGM's stock price hasn't held up either, and that means he's had to commit more of the casino to B of A. Kerkorian's latest divestment takes him under 5% ownership of The Blue Oval, which means he doesn't have to divulge any more share sales, but we have a feeling it won't be the last.

[Source: Bloomberg]

Kerkorian sells off another load of Ford shares originally appeared on Autoblog on Wed, 29 Oct 2008 10:01:00 EST. Please see our terms for use of feeds.

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Kerkorian begins unloading Ford stock

John Neff — Tue, 21 Oct 2008 09:53:00 EST

Filed under: Ford, Earnings/Financials, Celebrities

Kirk Kerkorian and his investment firm Tracinda Corp. made waves last summer by increasing their stake in Ford Motor Company by some 40 million shares to a total of 140.8 million shares, which accounted for 6.49% of the automaker and made the billionaire the largest single shareholder outside the Ford family itself. At the time Tracinda made the purchase, Ford stock was going for $8.50 per share. The company announced today that it has sold 7.3 million shares of Ford at an average price of $2.43 per share, leaving it with 133.5 million shares of the Blue Oval and a loss totaling some $44,311,000. Tracinda has also said that it may unload its entire investment in Ford and has already contacted an investment bank to that end, though we imagine it's waiting for the stock price to improve before divesting itself completely.

When Kerkorian increased his stake in Ford last summer, there was big talk of the billionaire being behind the automaker's turnaround effort, as well as possibly buying an even larger stake in the company if things went well. As we all know, things have not gone well, and Kerkorian is taking what's left of his investment and going back to what he knows best: investments in gaming, hospitality, oil and gas.

[Source: The Detroit News, Photo by William Thomas Cain/Getty ]

Kerkorian begins unloading Ford stock originally appeared on Autoblog on Tue, 21 Oct 2008 09:53:00 EST. Please see our terms for use of feeds.

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Kerkorian buys more of Ford than planned

Frank Filipponio — Thu, 19 Jun 2008 14:33:00 EST

Filed under: Ford, Earnings/Financials

Back in April, Kirk Kerkorian claimed he wanted to buy an extra 20 million shares of Ford Motor Co. That would have given him a total of 120 million shares and 5.6% of the Dearborn-based automaker. We learn today that Kerkorian took advantage of the demand for his offer of $8.50 per share and bought more than twice the amount of shares he originally intended. Tracinda Corp., Kerkorian's investment company, now owns 140.8 million shares of FoMoCo and a 6.49% stake in the automaker. He also now has a full $1 billion invested in the Dearborn automaker and has made it known that he is behind Ford's turnaround effort. This increased investment is surely putting your money where your mouth is.

The filing with the Securities and Exchange Commission hints that Kerkorian might sink more funds into Ford in order to save its money-losing U.S. operations. Kerkorian will also likely be in a position where he feels comfortable suggesting business strategies to get Ford back in the black. That could make him what they call an activist investor, a title Kerkorian's held at Chrysler and GM in the past. So much for those theories that he might remain hands-off.

Ford CEO Alan Mulally, Executive Chairman Bill Ford and Kerkorian just met a couple of days ago to talk about Ford's turnaround plan. Now that Kerkorian owns more of FoMoCo than the Ford family itself who owns just 3%, some might be scared by the quick move Tracinda has made. Never fear for the Ford family, however, as their minor stake is comprised of a special class of stock that gives them 40 percent of the voting power.

[Source: Automotive News, sub req, Photo by KAREN BLEIER/AFP/Getty]

Kerkorian buys more of Ford than planned originally appeared on Autoblog on Thu, 19 Jun 2008 14:33:00 EST. Please see our terms for use of feeds.

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Kerkorian asks for 20mil Ford shares, gets offered a billion

John Neff — Tue, 10 Jun 2008 16:01:00 EST

Filed under: Ford, Earnings/Financials

In late April, billionaire investor Kirk Kerkorian made public his intention to have Tracindo Corp., his investment company, buy up an additional 20 million shares of Ford stock to up his ownership of the Blue Oval from 4.7% to 5.6%. He offered $8.50/share, which at the time was a small premium over Ford's share price of $7.50 and today is a big premium over its current price of $6.16/share. He set a deadline for Ford shareholders to respond to his offer by yesterday at 5 PM, and boy did they. Kirkorian received offers to buy 1 billion shares of Ford, 980,000,000 more than he intends to buy. As such, Tracinda Corp. will easily acquire the additional shares it needs to reach 5.6% ownership of Ford at a price of around $170 million, but hasn't stated that it will buy up anymore of the Dearborn-based automaker. Ford's board of directors has already stated on record that it is neutral and has no opinion about Kirkorian's increase in shares. We wonder if their mood will change when he asks to sit down at the table with them at talk business.

[Source: Automotive News, sub. req'd]

Kerkorian asks for 20mil Ford shares, gets offered a billion originally appeared on Autoblog on Tue, 10 Jun 2008 16:01:00 EST. Please see our terms for use of feeds.

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Kerkorian not likely to be hands-off Ford investor

Dan Roth — Tue, 13 May 2008 09:32:00 EST

Filed under: Etc., Ford, Earnings/Financials

There's no indication that a leopard has ever changed its spots, so while Kirk Kerkorian and his Tracinda Corporation are making noises like they'll strive to be hands-off Ford shareholders, we'd expect some eventual attempts at steering the automaker from the board. As part of an offer to purchase more shares, Tracinda Corp. stated to the Securities and Exchange Commission that it has no intent to gobble up or influence Ford. The Las Vegas-based investment firm went on to say that it will continue to monitor the performance of its holding, and may suggest business moves to the automaker.

Jerry York apparently took this to heart when he started mouthing off about what Ford should do with Volvo and Mercury, but that statement has since been rescinded as "shooting from the hip." It would not be a surprise, given the past attempts of Kerkorian and his toadies to direct the course of General Motors and Chrysler, that he once again start to make aggressive attempts at directing the moves of Ford. Tracinda is Ford's largest shareholder, though the hierarchy of Ford's board gives the family a lot of voting muscle. Kerkorian's most recent offer to Ford is for an additional 20 million shares at $8.50 per share, as well as the future prospect of a cash infusion to offer the turnaround plan further liquidity and thus, flexibility. Ford is mulling Kerkorian's bid, but the turnaround plan was put together without Tracinda's money, and can proceed without it, though more money on hand would allow Ford to accelerate its plans. Everyone's playing it cool, though meetings between Bill Ford Jr., Alan Mulally, and Kerkorian are ongoing, and the board of directors has promised a response to Kerkorian by May 22nd.

[Source: Detroit News, Photo: Detroit News]

Kerkorian not likely to be hands-off Ford investor originally appeared on Autoblog on Tue, 13 May 2008 09:32:00 EST. Please see our terms for use of feeds.

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Ford stock up thanks to Kerkorian, Volvo remains "not for sale"

Dan Roth — Mon, 05 May 2008 19:32:00 EST

Filed under: Etc., Ford, Mercury, Volvo, Rumormill

Kirk Kerkorian's associate Jerry York stated last Thursday that Ford would do well to sell Volvo and extinguish Mercury. Coincidentally (or not) Ford's stock zoomed up to one of the highest price levels it's seen in the last six months. Tracinda Corporation, Kerkorian's firm, has expressed faith in Mulally's leadership and his plan to strengthen the automaker. There has been speculation about a sale of Volvo in the past, and punditry has been begging the Blue Oval to do something with Mercury, or put it out of its misery, for years.

While York seems certain that Volvo will be on the market in less than two years time, Ford continues to state that the Swedish subsidiary is not for sale. Looking at the Premier Auto Group shuffle of the last year, though, it could certainly be deduced that Volvo will indeed go on the market soon. Moving the brand out of the PAG location in Irvine, CA and back to Rockleigh, NJ, where Volvo had set up shop when it first started selling cars in the United States, is a move that set off whispers of impending sale. While it might be nothing more than right-sizing office space for Volvo now that the rest of the Premier Auto Group is gone, a cross country move is a deft way to trim operational fat without layoffs, and divorcing Volvo's North American operations from Ford locations makes an ownership transition easier, too. While Ford and Volvo products share a lot of engineering and parts, a well-negotiated deal wouldn't preclude a sale that gently phases out the currently entwined platforms as they age and replacements are brought to market.

[Source: Automotive News - sub req. - Photo: Bloomberg]

Ford stock up thanks to Kerkorian, Volvo remains "not for sale" originally appeared on Autoblog on Mon, 05 May 2008 19:32:00 EST. Please see our terms for use of feeds.

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Kerkorian's boy says Ford should offload Mercury, Volvo

John Neff — Fri, 02 May 2008 13:28:00 EST

Filed under: Ford

Every villain needs a sidekick, and if there were ever a villain character in the soap opera that is the North American auto industry, it's 91-year-old billionaire Kirk Kerkorian who recently revealed that his private holding company, Tracinda Corp., was buying up Ford stock like he knew something the rest of us didn't. Kerkorian's sidekick in this saga is Jerry York, an ex-auto exec who the billionaire placed on GM's board of directors back when he was pushing for an alliance between the biggest of the Big 3 and Nissan/Renault.

York has revealed that he met with Ford CEO Alan Mulally after Tracinda Corp. began buying up Blue Oval stock and expressed his confidence in the executive's plan to turn around Ford. He also said that if it were him at the helm, both Mercury and Volvo would be sold. York thinks that Mulally will likely put Volvo up for sale in the next 18 months, but there's a bit more analysis to be done on whether or not to sell Mercury.

While Volvo might command a pretty penny on the open market for its brand cachet and expertise in the area of safety, we're not sure there's much demand out there for Mercury. We suspect that Ford is faced with the same question that GM was when it scuttled Oldsmobile: kill it or keep the lights on? Like Oldsmobile, Mercury is seen as a brand of rebadged vehicles so intertwined with its parent company that no potential buyer would want to deal with the long, expensive process of extricating it from Ford and starting over. But York thinks Ford might be able to get something for it, which doesn't say a lot to us about Kirkorian's sidekick.

UPDATE: Ford issued a press release saying that Volvo is not for sale and that it continues to invest in Mercury. Lewis Booth, Volvo's CEO, also reiterated that his brand's not going anywhere.

[Source: Automotive News, sub. req'd]

Kerkorian's boy says Ford should offload Mercury, Volvo originally appeared on Autoblog on Fri, 02 May 2008 13:28:00 EST. Please see our terms for use of feeds.

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Kirk Kerkorian to up ownership in Ford to 5.6 percent

John Neff — Mon, 28 Apr 2008 10:29:00 EST

Filed under: Ford, Earnings/Financials

The auto industry's old friend Kirk Kerkorian is back on the scene, and this time he has his sights set on Ford. In a press release issued today, Kerkorian's company Tracinda Corp. announced that it intends to buy 20 million shares of FoMoCo at $8.50 per share, which is a 13% premium over the $7.50/share at which Ford's stock closed on Friday. This would up Tracinda's ownership of Ford from 100 million shares at 4.7% to 120 million at 5.6%. In its press release, Tracinda expressed confidence in Ford's performance going forward under the leadership of Alan Mulally, and revealed that the investment firm has been watching the automaker since it surprised the industry with its Q4 2007 earnings. Last week's announcement of a better-than-expected Q1 2008 for Ford apparently sealed the deal for Kerkorian.

Kerkorian has had a tumultuous past with Ford's crosstown rivals, General Motors and Chrysler. At one time he owned nearly 10% of GM and tried to broker a deal between the world's largest automaker and Nissan-Renault that ultimately fell through, after which Kerkorian sold all of his stock in the General. He also sued DaimlerChrysler for its allegedly deceptive "merger of equals" statement back in 1998, then tried to buy Chrysler from Daimler after it was all over.

Ford has released a statement by Bill Ford, Jr. and Alan Mulally that can be read after the jump, but it basically says that the company's stock is able to be purchased by anyone, even Kirk Kerkorian. As for what the 90-year-old is up to with his bid to buy more Blue Oval stock, time will tell.

[Source: Bloggingstocks, Photo by William Thomas Cain/Getty]

Continue reading Kirk Kerkorian to up ownership in Ford to 5.6 percent

Kirk Kerkorian to up ownership in Ford to 5.6 percent originally appeared on Autoblog on Mon, 28 Apr 2008 10:29:00 EST. Please see our terms for use of feeds.

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Cerberus may be only serious bidder for Chrysler

Chris Tutor — Sun, 13 May 2007 17:24:00 EST

Filed under: Chrysler, GM

Less than a week ago, we brought you a report saying Magna is the only serious bidder for Chrysler and that Cerberus was brought in to make it look like more parties were interested in buying. According to the Associated Press, if the plan was to throw reporters off the scent, it worked. The Detroit News and the Wall Street Journal both reported that private equity firm Cerberus is the front-running contender to take Chrysler away from the Germans.

The papers list Magna as an also-ran along with GM and Kirk Kerkorian.

So, if you were the German owner of a partially-restored, vintage American car company, who would you rather sell to? Your Russian-backed, Canadian parts supplier that has years of automotive experience or a U.S. equity firm with years of, um, private equity experience?

[Source: AP via Breitbart.com]

Cerberus may be only serious bidder for Chrysler originally appeared on Autoblog on Sun, 13 May 2007 17:24:00 EST. Please see our terms for use of feeds.

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April showers could bring May sale of Chrysler

Frank Filipponio — Sat, 21 Apr 2007 07:27:00 EST

Filed under: Chrysler, Daimler, Earnings/Financials

Last week we told you that DaimlerChrysler's Rüdiger Grube was heading to New York to visit with potential suitors for the Chrysler Group. And it appears he was a man on a mission. It seems that a close source has told news outlets that a sale could be wrapped up by as early as May. Although talks are ongoing and nothing is definite, it looks like at least one of the bidders has met the company's expectations in principle. Those bidders included Blackstone Group, Centerbridge Capital Partners LP and Cerberus Capital Management LP, as well as Canadian auto-parts supplier Magna International Inc. and private-equity firm Ripplewood Holdings Inc. After initial meetings, the final three appeared to be Cerberus, Blackstone and Magna.

Deals like this don't happen overnight, however, so even if a bidder has been chosen, it will take some time to dot the i's and cross the t's. And one slightly sticky point may remain. Workers' reps on the Chrysler supervisory board have reportedly been okay with a sale "as long as the buyer agrees to protect as many jobs as possible." That's a bit different than what UAW head, Ron Gettelfinger, said a couple of days ago. His words were a bit less supportive. Something closer to sale or no sale, UAW jobs were the most important thing. He also suggested he had the support of the supervisory board, of which he is a member. Equity partnership possibilities are also a potential stumbling block still. Since Kirk Kerkorian first brought that issue into the spotlight, other bidders have incorporated it into their proposals.

But billionaire Kerkorian's $4.5 billion bid is apparently still getting snubbed as well. Gettelfinger, who said he has met the bidders, said the UAW would reject any bid from so-called "strip-and-flip" investors. That seemed a thinly veiled slap at interested leveraged-buyout firms. The primary concern for the union is preserving jobs, which also explains why GM didn't ever have a real chance, according to sources. Of course, with a $1.5 billion loss last year, Chrysler still plans to cut 13,000 jobs in hopes of returning to profitability by 2008.

[Source: Automotive News, sub req]

April showers could bring May sale of Chrysler originally appeared on Autoblog on Sat, 21 Apr 2007 07:27:00 EST. Please see our terms for use of feeds.

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CAW rejects, Kerkorian cozies up to UAW workers' bid for Chrysler

John Neff — Fri, 20 Apr 2007 17:58:00 EST

Filed under: Chrysler, Daimler, Earnings/Financials

We just reported that a group of Chrysler employees in Toledo are crafting a proposal that would have the automaker's 50,000 UAW workers buy a controlling stake in the automaker. The proposed worker buyout offer is already stirring up a reaction among the major players involved in the potential sale of the Chrysler Group. Buzz Hargrove, president of the Canadian Auto Workers union, told Automotive News this morning that his organization is not interested in the proposal being put together by the Employee Buyout Committee. In his estimation, workers have already hitched their jobs and pensions to Chrysler's wagon, and that's enough. Hargrove admitted, however, he had not read the plan yet.

Though the UAW is getting the cold shoulder from its border brothers, billionaire investor Kirk Kerkorian is reportedly interested in meeting with the Employee Buyout Committee to discuss working together to acquire Chrysler. Kerkorian and his investment firm, Tracinda Corp., have already made a low-ball bid of $4.5 billion for the Chrysler Group. Perhaps sensing his reputation is a liability in these matters, Kerkorian may be looking for a partner in the UAW employees that could get him to the negotiating table.

[Source: Automotive News]

CAW rejects, Kerkorian cozies up to UAW workers' bid for Chrysler originally appeared on Autoblog on Fri, 20 Apr 2007 17:58:00 EST. Please see our terms for use of feeds.

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DaimlerChrysler ignoring Kerkorian bid?

Frank Filipponio — Wed, 11 Apr 2007 14:05:00 EST

Filed under: Chrysler, Daimler, Earnings/Financials

Is DaimlerChrysler deliberately snubbing Kirk Kerkorian? Word has it the company is sending one of its top executives to New York to meet with potential buyers, but Kirk isn't on the list. Kerkorian, as you may know, has already made a $4.5 billion offer for Chrysler.

According to the Wall Street Journal, DaimlerChrysler's Rudiger Grube is set to arrive in New York on Wednesday, but Kerkorian's Tracinda Corp. isn't on the itinerary. Companies that have made the list include Blackstone Group, Centerbridge Capital Partners LP and Cerberus Capital Management LP. Grube should also be meeting with reps for Canadian auto-parts supplier Magna International Inc. and private-equity firm Ripplewood Holdings Inc.

Kerkorian's absence could be explained by the fact that his offer is reportedly much lower than the others. That and the fact that it came with a laundry list of conditions, including that DaimlerChrysler would still be on the hook for pension and health care responsibilities for Chrysler. There's also the matter of the offer being opposed by labor unions. Even with all of that, The Wall Street Journal report said DaimlerChrysler wouldn't discriminate against Kerkorian, if he improves his bid.

[Source: The Wall Street Journal via EarthTimes.org]

DaimlerChrysler ignoring Kerkorian bid? originally appeared on Autoblog on Wed, 11 Apr 2007 14:05:00 EST. Please see our terms for use of feeds.

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Kerkorian cuts stake in General Motors

John Neff — Wed, 22 Nov 2006 14:04:00 EST

Filed under: GM, Earnings/Financials

Billionaire investor Kirk Kerkorian announced today that his investment firm Tracinda Corp. had cut its stake in General Motors from 9.9% to 7.4% by selling $462 million worth of the automaker's stock. That amounts to a sell off of 14 million shares at $33 per share.

The move by Kerkorian comes after the soap opera-like events surrounding a proposed alliance between General Motors and Nissan/Renault that ultimately fell through despite Kerkorian's support. In fact, Kerkorian and the man he placed on GM's board, Jerry York, were the ones who proposed the alliance and approached Nissan/Renault without the board's knowledge. Many postulate that GM CEO Rick Wagoner didn't appreciate the surreptitious move that usurped his power and he therefore made sure the proposal was shot down. A committee chosen by Wagoner was set up to evaluate the alliance and found that the proposed alliance would benefit Nissan/Renault more than it would GM. For its part, Nissan/Renault was unwilling to pay a large sum of money that numbered in the hundreds of millions, which GM proposed would even out the partnership. On account of the failed alliance, Jerry York resigned from GM's board on October 6th.

Who knows what goes on in the mind of Kirk Kerkorian, but knowing what we know about GM's product lineup stretching out through 2010, we'd have to say that selling his stake in the company is a move that will probably lose money in the long run. We're not financial analysts by any means, but GM's turnaround has just started the back nine and will bear fruit in the form of profits before the end of 2008. Or so says our Magic 8-Ball.

[Source: Automotive News]

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Kerkorian cuts stake in General Motors originally appeared on Autoblog on Wed, 22 Nov 2006 14:04:00 EST. Please see our terms for use of feeds.

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BREAKING: York quits GM board, Kerkorian won't buy more GM stock

John Neff — Fri, 06 Oct 2006 13:09:00 EST

Filed under: Hirings/Firings/Layoffs, GM

"Screw you guys, I'm going home." A phrase made famous by Cartman from South Park but one that we find so apt for news coming out of General Motors this afternoon. Royally irked over the ending of alliance talks with Renault/Nissan, billionaire investor Kirk Kerkorian has announced that he won't buy an additional 12 million shares of GM stock as he said he would, and that his advisor/muscle Jerry York has resigned his seat from the board of General Motors. The additional 12 million shares would've pumped Kerkorian's share of GM from 9.9 percent to around 12 percent. What will Kerkorian do now after his move to manhandle GM management has failed? Who knows, as this guy has been anything but predictable.

Thanks to Chris D. for the tip!

[Source: CNN Money]

BREAKING: York quits GM board, Kerkorian won't buy more GM stock originally appeared on Autoblog on Fri, 06 Oct 2006 13:09:00 EST. Please see our terms for use of feeds.

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Nissan responds to GM alliance talk

John Neff — Fri, 30 Jun 2006 19:01:00 EST

Filed under: Etc., GM, Nissan, Earnings/Financials

Here's Nissan's official response to the flurry of speculation caused by Tracinda Corp., Kirk Kerkorian's investment company, when it sent a letter to General Motors suggesting the automaker immediately explore joining Nissan and Renault's alliance.

Issued by Nissan Motor Co., Ltd., Tokyo, Japan:

NISSAN STATEMENT
The Renault-Nissan Alliance is an open partnership, which has never been restricted to two partners. Under the right circumstances and with the appropriate partners, the Alliance could be expanded further. Such an expansion would only be considered by the Alliance if it were executed in the full spirit of the Alliance, which is founded on trust, transparency, performance and the full respect for individual corporate and brand identity.

Mr.Ghosn, President and CEO of Renault and Nissan was approached by Mr.Kerkorian, Mr.York and representatives of Tracinda Corporation to assess the merits of GM joining the Renault Nissan Alliance.

At this point, it is necessary that GM Board and top management fully support this project in order to start the study of this opportunity after agreement of Renault and Nissan boards.

While Nissan certainly seems receptive to the idea of showing GM the secret handshake, it makes no mention of Renault and Nissan being interested in purchasing a minority stake in the General.

At the close of trading today GM ended up $2.35 (8.56%) at $29.79. For fun, we snagged a copy of the exact letter Tracinda sent to GM today. Read the whole thing (it's pretty short) after the jump.

[Source: The Detroit News]

Continue reading Nissan responds to GM alliance talk

Nissan responds to GM alliance talk originally appeared on Autoblog on Fri, 30 Jun 2006 19:01:00 EST. Please see our terms for use of feeds.

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Jerry York: Saab, Hummer good for GM after all

Erin Mays — Tue, 28 Feb 2006 11:30:00 EST

Filed under: Trends

Tracinda's Jerry York appears to have changed his tune about what General Motors needs to do in order to get back on track, according to Bob Lutz. Kirk Kerkorian's right-hand man made headlines in January, calling for GM to axe Saab and possibly HUMMER to focus on the automaker's core brands... but now, Lutz says, York acknowledges that he spoke too soon.

"Jerry made all those comments before he joined the board," Lutz said. "He realizes that it was a suggestion he wouldn't have made if he knew all the facts."

So... has York taken too many sips from the General's watercooler, or simply realized the error of his ways? Have your say in 'comments.'

[Source: Automotive News]

Jerry York: Saab, Hummer good for GM after all originally appeared on Autoblog on Tue, 28 Feb 2006 11:30:00 EST. Please see our terms for use of feeds.

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