Skip to: Content
Skip to: Site Navigation
Skip to: Search
THURSDAY, NOVEMBER 26, 2009
| Subscribe to Newser's RSS feeds RSS | Follow Newser on Twitter Twitter

PREMIUM NEWS ARCHIVE

Kerkorian speeds away from autos.(NEWS)(Kirk Kerkorian)(Brief article)

Article from: Automotive News Article date: October 27, 2008

When even the riverboat gamblers abandon ship because it's too risky, you know you're in trouble.

Kirk Kerkorian, the most daring auto industry investor in recent years, did a dramatic about-face last week, dumping part of his 6.5 percent stake in Ford and suggesting he might sell the rest.

Tracinda, his investment company, said he was putting the money into the more promising hotel, gambling and oil industries.

For the auto industry, it was a screaming vote of no confidence. As analyst John Casesa ...

Read full article   (with a Free Trial at HighBeam Research)
Newser gathers stories from across the web and packs what you need to know into about 120 words. Check out these stories related to your search.
Visit our grid for the latest news.

Related Newser Stories

Kerkorian Pulls Out of Ford

Biggest non-family stockowner begins dumping stake, looks to energy instead

Oct 21, 08 8:46 AM CDT
(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 »

MORE ABOUT:
investing • Kirk Kerkorian • Detroit • stocks • Ford • manufacturing • auto industry

 Detroit's 
 Silverdome 
 Sells for 1% 
 of $56M Cost 

Stunning bargain sale marks state's desperation

Nov 19, 09 2:06 AM CST
(Newser) - In a stunning sign of the imploding economy, Detroit is selling its $56 million sports dome for a bargain basement $580,000. The 80,000-seat Pontiac Silverdome, once home to the Detroit Lions, went for 1 percent of the cost to build it 35 years ago. The city of Pontiac... More »

MORE ABOUT:
Detroit • Michigan • Pontiac • auto industry • economic crisis • Pontiac Silverdome

UPDATED


 GM to Repay Bailout Early, 
 Posts (Smaller) $1.2B Loss 

Auto giant speeds $1.2B per quarter repayment sked

Nov 16, 09 6:48 AM CST
(Newser) - General Motors will start repaying its $6.7 billion debt to the US and Canadian governments early, with $1.2 billion quarterly payments beginning next month, reports the Detroit News . The accelerated repayment plan is a strong indication that finances are looking up for the troubled automaker, which today... More »

MORE ABOUT:
General Motors • Detroit • auto industry • auto bailout • Cash for Clunkers

Auto Turnaround

@Ford: Give Social Media Some Credit

Ford's finally profitable, and coincidentally, it owns the web

Nov 2, 09 1:29 PM CST
(Newser) - You’ve heard all the standard reasons for Ford’s $1 billion third-quarter profit—cost-cutting, layoffs, cash for clunkers, and so forth. Lost in the hubbub is another crucial element: Ford’s social media prowess. The company's social media guru has been extremely successful at drumming up buzz for its... More »

MORE ABOUT:
social networking • Ford • auto industry • Twitter • social media