Kerkorian wants new study for alliance.
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Kerkorian wants new study for alliance.
For September 29, 2006
From the newsroom of Automotive News
Kerkorian will push for independent study of GM alliance
Jamie LaReau
DETROIT -- General Motors shareholder Kirk Kerkorian, frustrated with CEO Rick Wagoner's lack of enthusiasm for an alliance with Nissan-Renault, will ask the board of directors to hire an independent committee to study the deal, says a source familiar with the situation.
GM's board will meet Tuesday, Oct. 3. At that time, Kerkorian's representative, Jerry York, is expected to push for third parties not connected to GM to study the benefits of the alliance. Other board members are expected to support the request, but it's not clear how many favor an independent committee, the source says.
Kerkorian, who owns a 9.9 percent stake in GM, this week said he may buy more shares. He proposed an alliance between GM and Nissan-Renault in July. GM agreed to enter exploratory talks with Nissan-Renault for 90 days. Those talks are being led by management of all three companies.
Wagoner has repeatedly said that GM's first priority is focusing on its turnaround plan, not an alliance. GM lost $10.6 billion last year.
The source says that the board could vote to hire the independent committee or give management more time to study the alliance.
The source says that board members favoring an independent committee will likely argue it is needed, in part, to protect GM from potential shareholder lawsuits for ignoring their fiduciary responsibility.
From the newsroom of Automotive News
Kerkorian will push for independent study of GM alliance
Jamie LaReau
DETROIT -- General Motors shareholder Kirk Kerkorian, frustrated with CEO Rick Wagoner's lack of enthusiasm for an alliance with Nissan-Renault, will ask the board of directors to hire an independent committee to study the deal, says a source familiar with the situation.
GM's board will meet Tuesday, Oct. 3. At that time, Kerkorian's representative, Jerry York, is expected to push for third parties not connected to GM to study the benefits of the alliance. Other board members are expected to support the request, but it's not clear how many favor an independent committee, the source says.
Kerkorian, who owns a 9.9 percent stake in GM, this week said he may buy more shares. He proposed an alliance between GM and Nissan-Renault in July. GM agreed to enter exploratory talks with Nissan-Renault for 90 days. Those talks are being led by management of all three companies.
Wagoner has repeatedly said that GM's first priority is focusing on its turnaround plan, not an alliance. GM lost $10.6 billion last year.
The source says that the board could vote to hire the independent committee or give management more time to study the alliance.
The source says that board members favoring an independent committee will likely argue it is needed, in part, to protect GM from potential shareholder lawsuits for ignoring their fiduciary responsibility.
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Joined: Apr 2001
Posts: 3,698
From: USA
Re: Kerkorian wants new study for alliance.
Here is an idiot trying to prop the shares up before he dies. Problem is, he is screwing with the welfare of millions of people in doing it. NO GM employee wants Goshn anywhere near GM. Plus GM's plan is working. All mergin with Nissan will do, is throw a wrench in the plans already laid, and delay everything.
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Posts: 13,713
From: The Golden State
Re: Kerkorian wants new study for alliance.
GM's 3rd quarter sales figures will be out October 2nd.
If GM's is solidly into a turnaround &/or shows a profit, expect GM's board to begin treating Kerkorian's antics quite a bit differently than they do today.
If GM's is solidly into a turnaround &/or shows a profit, expect GM's board to begin treating Kerkorian's antics quite a bit differently than they do today.
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Joined: Jul 2002
Posts: 1,579
From: The Land of Pleasant Living
Re: Kerkorian wants new study for alliance.
He should just shut up already! No study is needed, its a bad idea.......... period.
No discussion necessary. Boycott all tracinda products please. 
No discussion necessary. Boycott all tracinda products please.
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Joined: Dec 2000
Posts: 2,575
From: Arlington, Texas
Re: Kerkorian wants new study for alliance.
Originally Posted by guionM
GM's 3rd quarter sales figures will be out October 2nd.
If GM's is solidly into a turnaround &/or shows a profit, expect GM's board to begin treating Kerkorian's antics quite a bit differently than they do today.
If GM's is solidly into a turnaround &/or shows a profit, expect GM's board to begin treating Kerkorian's antics quite a bit differently than they do today.
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