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SUNDAY, NOVEMBER 8, 2009
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PREMIUM NEWS ARCHIVE

No country for old men; Kirk Kerkorian.

Article from: The Economist (US) Article date: October 25, 2008

Kirk Kerkorian is unexpectedly selling out of Ford

THIS is proving a ghastly year for Kirk Kerkorian, a 91-year-old billionaire who began 2008 as the world's 41st richest person. He reportedly told friends recently that he had "lived one year too long", after the value of his stake in MGM Mirage, which owns casinos and about half the rooms on the Las Vegas Strip, plunged from $14 billion to $2 billion. This week he took another hit as he started to sell his 6.4% stake in Ford at a price which looks likely to create a loss of at ...

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(Newser) - Billionaire investor Kirk Kerkorian, an old hand at investing in Detroit, began his Ford escape today, selling 7.3 million shares of common stock in the company at $2.43 per share, the Wall Street Journal reports. As recently as February Kerkorian was building his stake in the embattled automaker,... More »

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