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12-07-2005, 09:18 PM
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Banned
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Join Date: Jan 2003
Posts: 24,247
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DETROIT, Dec 7 (Reuters) - General Motors Corp. <GM.N> said on Wednesday it was in discussions with billionaire investor Kirk Kerkorian's Tracinda Corp. for a seat on its board of directors.
GM spokeswoman Toni Simonetti said the company had no further comment.
Analysts have said the likely candidate for a seat on GM's board would be Jerome York, the former chief financial officer at Chrysler Corp., now a unit of DaimlerChrysler AG.
Tracinda has spent $1.7 billion since April to buy 56 million shares of GM stock, about 9.9 percent of the total stock available.
Tracinda declined to comment.
GM's Chief Executive Rick Wagoner has been under mounting pressure as the world's largest automaker grapples with high labor and commodities costs, loss of U.S. market share to foreign rivals and slumping sales of large sport utility vehicles -- its longtime profit generator.
GM has lost nearly $4 billion this year, while its shares have lost more than 45 percent of their value amid wide speculation that Kerkorian would ask for a seat on the automaker's board.
York is a veteran of large-scale turnaround efforts at Chrysler and IBM, where as chief financial officer he led a rigorous cost-cutting effort.
If Kerkorian gets representation, GM will have an extremely vocal shareholder, T. Rowe Price analyst Brian Ropp said.
"Kerkorian will focus on what is best for GM's shareholders, which can conflict with GM bondholders, GMAC bondholders, and the UAW," Ropp said, referring to the United Auto Workers Union.
"It will make things very interesting."
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12-08-2005, 06:49 PM
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Hummer Guru
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Join Date: Sep 2003
Posts: 2,089
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LMFAO Co-Pilot.........
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"moonie" 
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12-08-2005, 03:13 PM
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Hummer Guru
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Join Date: Sep 2003
Posts: 2,089
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CONNIE...
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"moonie"
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12-08-2005, 02:04 PM
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Hummer Messiah
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Join Date: Apr 2003
Location: Virginia Beach
Posts: 37,474
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GM needs something. Heck, the MGM could cover the costs of purchase.
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"My reading of history convinces me that most bad government results from too much government."---Thomas Jefferson
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12-07-2005, 09:25 PM
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Hummer Guru
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Join Date: Nov 2002
Location: Cognito
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Saw that coming...
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12-08-2005, 06:51 PM
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Hummer Guru
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Join Date: Sep 2003
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Alec, it started when I was in college......some guys I played baseball with lived next to me in their dorms, I had mucho sex (with my girlfriend at the time) on a old mattress late at night, and everyone on the team nicknamed me Mooncricket......
Most think it's refering to the other Mooncricket which I believe is "Racist" and has nothing to do with that.
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"moonie"
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12-07-2005, 09:18 PM
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Banned
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Join Date: Jan 2003
Posts: 24,247
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DETROIT, Dec 7 (Reuters) - General Motors Corp. <GM.N> said on Wednesday it was in discussions with billionaire investor Kirk Kerkorian's Tracinda Corp. for a seat on its board of directors.
GM spokeswoman Toni Simonetti said the company had no further comment.
Analysts have said the likely candidate for a seat on GM's board would be Jerome York, the former chief financial officer at Chrysler Corp., now a unit of DaimlerChrysler AG.
Tracinda has spent $1.7 billion since April to buy 56 million shares of GM stock, about 9.9 percent of the total stock available.
Tracinda declined to comment.
GM's Chief Executive Rick Wagoner has been under mounting pressure as the world's largest automaker grapples with high labor and commodities costs, loss of U.S. market share to foreign rivals and slumping sales of large sport utility vehicles -- its longtime profit generator.
GM has lost nearly $4 billion this year, while its shares have lost more than 45 percent of their value amid wide speculation that Kerkorian would ask for a seat on the automaker's board.
York is a veteran of large-scale turnaround efforts at Chrysler and IBM, where as chief financial officer he led a rigorous cost-cutting effort.
If Kerkorian gets representation, GM will have an extremely vocal shareholder, T. Rowe Price analyst Brian Ropp said.
"Kerkorian will focus on what is best for GM's shareholders, which can conflict with GM bondholders, GMAC bondholders, and the UAW," Ropp said, referring to the United Auto Workers Union.
"It will make things very interesting."
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12-08-2005, 06:34 PM
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Hummer Deity
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Join Date: Feb 2005
Location: In the basement of the Alamo
Posts: 10,855
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by CO Hummer:
<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Alec W:
WTF is a MoonCricket anyway? </div></BLOCKQUOTE>
If I recall correctly it means "meat spin" in Swahili. </div></BLOCKQUOTE>
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12-07-2005, 11:20 PM
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Join Date: Mar 2005
Location: COMO
Posts: 188
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what do you think bottom is??
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Drop the zero, grab a hero
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12-08-2005, 03:16 PM
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Hummer Veteran
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Join Date: Nov 2005
Location: SoCal
Posts: 217
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Nice, Moonunit.
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12-08-2005, 01:57 AM
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Hummer Guru
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by h2co-pilot:
Okay, this is priceless...You know I love you guys so I have to tell you -
I got excited because I thought Kerkorian was DeLorean and they were coming
up with a concept Hummer.
Edit: Who would anyone name their child Kirk Kerkorian anyway? </div></BLOCKQUOTE>
Dr. Kavorkian?
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TAIL RATED!
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12-08-2005, 03:40 AM
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Hummer Veteran
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Join Date: Nov 2005
Location: SoCal
Posts: 217
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by h2co-pilot:
Who would anyone name their child Kirk Kerkorian anyway? </div></BLOCKQUOTE>
Or name their kid "Alec" when they know everyone is going to spell it "Alex".
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12-08-2005, 01:21 AM
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Hummer Deity
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Join Date: Feb 2005
Location: In the basement of the Alamo
Posts: 10,855
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Okay, this is priceless...You know I love you guys so I have to tell you -
I got excited because I thought Kerkorian was DeLorean and they were coming
up with a concept Hummer.
Edit: Who would anyone name their child Kirk Kerkorian anyway? |
12-08-2005, 02:21 PM
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Hummer Veteran
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Join Date: Nov 2005
Location: SoCal
Posts: 217
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Shut it Moonbeam.
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12-07-2005, 09:44 PM
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Join Date: Mar 2005
Location: COMO
Posts: 188
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i was thinking about buying some GM stock.... what do you guys think? is it cheap enough?
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Drop the zero, grab a hero
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12-08-2005, 11:21 AM
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Hummer Expert
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Join Date: Jul 2003
Location: PA
Posts: 515
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Didn't something already happen with the Union. I know they lost 4 billion or so while they still had over 20bil in cash but a couple months ago I heard that GM got the union to give up over 3bil towards health care costs. But then again that is what the media said and everyone knows the media hates the 2 domestic automakers.
What I find funny about the UAW is that they were crying over having to pay a portion of healthcare costs. Wow that suck  where have I heard that before. Oh yeah, most people without a union job already have to do that. |
12-08-2005, 01:59 PM
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Hummer Veteran
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Location: SoCal
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Sorry Alex.
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12-08-2005, 02:11 PM
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Hummer Guru
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Join Date: Sep 2003
Posts: 2,089
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Alec W:
<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Connie_Chung:
<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by h2co-pilot:
Who would anyone name their child Kirk Kerkorian anyway? </div></BLOCKQUOTE>
Or name their kid "Alec" when they know everyone is going to spell it "Alex". </div></BLOCKQUOTE>
 </div></BLOCKQUOTE>
LMFAO
Now that was kinda funny Alec........
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"moonie"
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12-08-2005, 05:49 PM
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Hummer Messiah
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Join Date: Feb 2003
Location: Federal penitentiary
Posts: 21,046
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Alec W:
WTF is a MoonCricket anyway? </div></BLOCKQUOTE>
If I recall correctly it means "meat spin" in Swahili.
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<({O})>
Fishing Again.
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12-08-2005, 04:03 PM
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Hummer Messiah
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Join Date: Apr 2003
Location: Virginia Beach
Posts: 37,474
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Great one Moonie!
__________________
"My reading of history convinces me that most bad government results from too much government."---Thomas Jefferson
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