Advertisement
HomeCollectionsKerkorian
IN THE NEWS

Kerkorian

FEATURED ARTICLES
BUSINESS
By New York Times News Service | April 25, 1995
DETROIT -- Accusing Kirk Kerkorian of threatening to cripple the company, the directors of Chrysler Corp. rejected his offer to buy the automaker yesterday while dangling the prospect that they would buy back more stock or increase the dividend to mollify other investors.In a peppery letter to Mr. Kerkorian that scorned his financial strategy for the buyout, Chrysler's chairman and chief executive, Robert J. Eaton, wrote that "our directors do not have any interest in gambling with Chrysler's future."
ARTICLES BY DATE
BUSINESS
By Tim Higgins and Tim Higgins,Detroit Free Press | April 17, 2007
DETROIT -- Kirk Kerkorian's $4.5 billion offer to buy the Chrysler Group does one thing no one else has done publicly: provide a road map for reviving the struggling U.S. automaker. Auto industry observers say the ideas laid out, such as forming partnerships with labor unions, make sense and that other bidders should be proposing some of the same things. "That's the road map the other three players have probably laid out in a similar fashion," analyst Joseph Phillippi of AutoTrends Consulting said.
Advertisement
BUSINESS
By New York Times News Service | April 20, 1995
One of the few legs of credibility supporting Kirk Kerkorian's $22.8 billion bid for Chrysler Corp. was knocked out yesterday.Bear, Stearns & Co., the securities firm that had been widely expected to serve as Mr. Kerkorian's investment banker on the deal, has decided not to represent him -- or any other bidder -- in a hostile takeover of the automobile company, Chrysler executives and others involved in the deal said yesterday.While Mr. Kerkorian may still find advisers on Wall Street, Bear, Stearns' decision will certainly appear as a stumble.
BUSINESS
By Tim Higgins and Katie Merx and Tim Higgins and Katie Merx,Detroit Free Press | April 6, 2007
BERLIN -- Kirk Kerkorian, the Las Vegas billionaire with a history of shaking up the Detroit auto industry, is on the steps of DaimlerChrysler AG, offering $4.5 billion to take the struggling Auburn Hills, Mich.-based unit off the Germans' hands. In a letter to DaimlerChrysler Chairman Dieter Zetsche and the company's supervisory board, made public yesterday, Kerkorian's Tracinda Corp. made a cash offer for the Chrysler Group. He also offered to place $100 million in escrow for a 60-day exclusive window to review the company's books before making the deal final.
BUSINESS
By John O'Dell and John O'Dell,Los Angeles Times | October 7, 2006
General Motors Corp. director Jerome York abruptly resigned from the board yesterday while his ally, billionaire investor Kirk Kerkorian, dropped a plan to add up to 12 million GM shares to his 9.9 percent stake in the company. The moves could set the stage for a bid by Kerkorian - GM's fourth-largest investor - to run his own slate of candidates for the automaker's board next year. Kerkorian, 88, and York, 68, acted three days after GM's board voted to end talks with Renault SA and Nissan Motor Co. aimed at exploring York's proposal for an alliance of the three automakers.
SPORTS
By John Steadman | May 23, 2000
Gary Kerkorian, a predecessor of John Unitas as Baltimore Colts quarterback, died yesterday of lung cancer at age 70 in Fresno, Calif. Kerkorian had been a judge in the California court system for more than 20 years. The Stanford graduate played for the Pittsburgh Steelers in 1952 and with the Colts from 1954 through 1956. Jim Mutscheller, his former roommate, said, "He was just a first-rate gentleman, studious and a friend to everyone." Kerkorian attended the 40th reunion of the 1958 NFL title-winning Colts in Baltimore two years ago because he had become an emergency member of the team when Unitas was injured.
BUSINESS
By BLOOMBERG BUSINESS NEWS | February 9, 1996
HIGHLAND PARK, Mich. -- Chrysler Corp. ended its long battle with dissident shareholder Kirk Kerkorian by agreeing yesterday to put a Kerkorian ally on the board and to step up its stock repurchase program.In return, the 78-year-old Las Vegas billionaire agreed not to raise his stake in the company for at least five years.Chrysler also formally adopted an "anti-greenmail" policy banning the payment of a premium for shares held by hostile holders in an effort to silence them.Mr. Kerkorian's critics, including Chrysler executives at times, have contended that his intent all along was to have Chrysler buy him out so he could pocket a big profit.
BUSINESS
By New York Times News Service | November 15, 1994
DETROIT -- With one tart letter to the Chrysler Corp.'s board, Kirk Kerkorian, the largest investor in the company, made $100 million in paper profits yesterday.He said he planned to increase his 9 percent stake in Chrysler, the No. 3 U.S. automaker, and would put pressure on the board to quickly raise the share price.Chrysler stock surged $3.125 on the news, to close at $49, with almost 4 million shares changing hands. It was the second-most-active issue on the New York Stock Exchange.Mr.
BUSINESS
By DETROIT FREE PRESS | July 1, 2006
DETROIT -- In a startling move that could reshape General Motors Corp. and the global automotive industry, GM's largest single shareholder has urged France's Renault SA and Japan's Nissan Motor Co. Ltd. to buy a significant minority stake in the automaker to form a three-way global alliance. Nissan and Renault are each considering buying a 10 percent stake in GM, which, combined with the 9.9 percent owned by billionaire investor Kirk Kerkorian, could exert heavy pressure on GM's board and Chief Executive Officer G. Richard Wagoner Jr. to make substantial cost cuts, according to a person familiar with the situation.
BUSINESS
By Tim Higgins and Tim Higgins,Detroit Free Press | April 17, 2007
DETROIT -- Kirk Kerkorian's $4.5 billion offer to buy the Chrysler Group does one thing no one else has done publicly: provide a road map for reviving the struggling U.S. automaker. Auto industry observers say the ideas laid out, such as forming partnerships with labor unions, make sense and that other bidders should be proposing some of the same things. "That's the road map the other three players have probably laid out in a similar fashion," analyst Joseph Phillippi of AutoTrends Consulting said.
BUSINESS
By John O'Dell and John O'Dell,LOS ANGELES TIMES | November 23, 2006
LOS ANGELES -- Beverly Hills, Calif., investor Kirk Kerkorian disclosed yesterday that he had agreed to sell a quarter of his nearly 10 percent stake in General Motors Corp., signaling that he won't pursue a fight to remake the automaker's board. The acknowledgment, contained in a regulatory filing by Kerkorian's privately held investment company Tracinda Corp., spoiled Thanksgiving for many GM investors as the automaker's shares fell to their lowest point in more than a month. In heavy trading yesterday, GM shares declined $1.52, or almost 4.7 percent, to $31.09 - well below the $33 price at which Tracinda said its block would change hands.
BUSINESS
By John O'Dell and John O'Dell,Los Angeles Times | October 7, 2006
General Motors Corp. director Jerome York abruptly resigned from the board yesterday while his ally, billionaire investor Kirk Kerkorian, dropped a plan to add up to 12 million GM shares to his 9.9 percent stake in the company. The moves could set the stage for a bid by Kerkorian - GM's fourth-largest investor - to run his own slate of candidates for the automaker's board next year. Kerkorian, 88, and York, 68, acted three days after GM's board voted to end talks with Renault SA and Nissan Motor Co. aimed at exploring York's proposal for an alliance of the three automakers.
BUSINESS
By JIM MATEJA and JIM MATEJA,CHICAGO TRIBUNE | July 27, 2006
CHICAGO -- Nissan boss Carlos Ghosn might have to unsaddle his steed. Billionaire investor Kirk Kerkorian's proposal for the chief executive of Renault and Nissan to ride to the rescue of financially ailing General Motors Corp. was dealt a setback yesterday. GM reported a $3.2 billion loss in the second quarter, noting one-time costs associated with its restructuring. But adjusted results gave GM an operating profit of $1.2 billion, or $2.03 a share, far surpassing the 18 cents to $1.17 a share projected by analysts - and leaving them with red faces.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | July 8, 2006
Bowing to a request by its biggest shareholder, Kirk Kerkorian, the board of General Motors directed its chief executive, G. Richard Wagoner Jr., yesterday to begin "exploratory talks" with Renault and Nissan on a potentially historic three-way alliance. The board's decision to put Wagoner in charge of the discussions, rather than a board committee as Kerkorian had urged, represented a strong show of support by the directors for the embattled chief executive. The board also reiterated its backing of the turnaround strategy of Wagoner, who serves as the board's chairman.
BUSINESS
By DETROIT FREE PRESS | July 1, 2006
DETROIT -- In a startling move that could reshape General Motors Corp. and the global automotive industry, GM's largest single shareholder has urged France's Renault SA and Japan's Nissan Motor Co. Ltd. to buy a significant minority stake in the automaker to form a three-way global alliance. Nissan and Renault are each considering buying a 10 percent stake in GM, which, combined with the 9.9 percent owned by billionaire investor Kirk Kerkorian, could exert heavy pressure on GM's board and Chief Executive Officer G. Richard Wagoner Jr. to make substantial cost cuts, according to a person familiar with the situation.
BUSINESS
By RICK POPELY and RICK POPELY,CHICAGO TRIBUNE | February 7, 2006
An aide to billionaire investor Kirk Kerkorian was named to General Motors Corp.'s board of directors yesterday, a move that could spur changes at the world's largest automaker. Jerome York, former chief financial officer of Chrysler Corp. and International Business Machines Corp., was elected at a regular board meeting in Detroit. Kerkorian owns 9.9 percent of GM's stock, and York has been his frontman in pushing GM for more drastic changes. In a speech to an analysts' conference in Detroit last month, York called on GM to cut its dividend in half, reduce compensation for executives and board members and cut salaries for all workers for what he called "equality of sacrifice."
BUSINESS
By John O'Dell and John O'Dell,LOS ANGELES TIMES | November 23, 2006
LOS ANGELES -- Beverly Hills, Calif., investor Kirk Kerkorian disclosed yesterday that he had agreed to sell a quarter of his nearly 10 percent stake in General Motors Corp., signaling that he won't pursue a fight to remake the automaker's board. The acknowledgment, contained in a regulatory filing by Kerkorian's privately held investment company Tracinda Corp., spoiled Thanksgiving for many GM investors as the automaker's shares fell to their lowest point in more than a month. In heavy trading yesterday, GM shares declined $1.52, or almost 4.7 percent, to $31.09 - well below the $33 price at which Tracinda said its block would change hands.
BUSINESS
By Tim Higgins and Katie Merx and Tim Higgins and Katie Merx,Detroit Free Press | April 6, 2007
BERLIN -- Kirk Kerkorian, the Las Vegas billionaire with a history of shaking up the Detroit auto industry, is on the steps of DaimlerChrysler AG, offering $4.5 billion to take the struggling Auburn Hills, Mich.-based unit off the Germans' hands. In a letter to DaimlerChrysler Chairman Dieter Zetsche and the company's supervisory board, made public yesterday, Kerkorian's Tracinda Corp. made a cash offer for the Chrysler Group. He also offered to place $100 million in escrow for a 60-day exclusive window to review the company's books before making the deal final.
BUSINESS
By James F. Peltz and James F. Peltz,LOS ANGELES TIMES | June 9, 2005
Los Angeles billionaire Kirk Kerkorian nearly doubled his ownership in General Motors Corp. yesterday, heightening speculation on Wall Street about his next move with one of the nation's most storied companies. Kerkorian bought the additional GM stock - giving him 7.2 percent of the company and making him the third-largest shareholder - a day after the automaker unveiled a broad restructuring aimed at lifting GM from its deep U.S. sales slump and reversing a $1.1 billion first-quarter loss.
SPORTS
By John Steadman | May 23, 2000
Gary Kerkorian, a predecessor of John Unitas as Baltimore Colts quarterback, died yesterday of lung cancer at age 70 in Fresno, Calif. Kerkorian had been a judge in the California court system for more than 20 years. The Stanford graduate played for the Pittsburgh Steelers in 1952 and with the Colts from 1954 through 1956. Jim Mutscheller, his former roommate, said, "He was just a first-rate gentleman, studious and a friend to everyone." Kerkorian attended the 40th reunion of the 1958 NFL title-winning Colts in Baltimore two years ago because he had become an emergency member of the team when Unitas was injured.
Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.