Breaking News: Kerkorian gets his GM board seat

Automotive News is reporting that GM has offered Kerkorian’s Tracinda Corp. a seat on the board of directors for Kerkorian’s advisor, Jerry York. York was previously CFO for Chrysler Corp., and worked with Kerkorian in his unsuccessful hostile takeover bid for Chrylser in 1995. In his current deal with Kerkorian, York stands to gain 4 percent of any profit that Kerkorian makes on his GM investment by 2009. Given that Kerkorian is currently underwater on his GM stake, to the tune of $436 million, Jerry has his work cut out for him.

By s.waterman@p1data.com
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Automotive News is reporting that GM has offered Kerkorian’s Tracinda Corp. a seat on the board of directors for
Kerkorian’s advisor, Jerry York.

York was previously CFO for Chrysler Corp., and worked with Kerkorian in his unsuccessful hostile takeover bid for
Chrylser in 1995.

In his current deal with Kerkorian, York stands to gain 4 percent of any profit that Kerkorian makes on his GM
investment by 2009. Given that Kerkorian is currently underwater on his GM stake, to the tune of $436 million, Jerry
has his work cut out for him.