Word: kerkorian
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...Kirk Kerkorian, 52, who built his $275 million fortune on airlines, hotels and Las Vegas gambling, last week added another potentially rich prize to his leisure and travel domain. He won control of Metro-Goldwyn-Mayer, the ailing moviemaker, with a stunningly successful tender offer for some $26 million of its common stock at $42 a share. In August, Kerkorian had picked up 22% of MOM's stock through another tender. Now his holdings will rise to at least 32% and perhaps to as much as 45% of the company's shares, depending on how much...
Whatever his decision, Kerkorian should be able to wrest MGM's reins from Edgar Bronfman, who is president of Seagram's, chairman of MGM and owner of about 16% of MGM stock. (TIME Inc. owns 5%.) Bronfman strongly opposed Kerkorian's first tender offer but took no position on the second. Kerkorian flew to Manhattan last week to meet MGM executives but kept silent as to whether he will try to oust Bronfman or President Louis ("Bo") Polk from their MGM posts...
Flight by Cattle Boat. Kerkorian does not care much for the thrill of the roulette wheel. He lives with his British-born wife and their two young daughters in a $250,000 ranch house next to Las Vegas' Desert Inn golf course. Only recently has the slim, dark-haired entrepreneur begun to show signs that the jet-set life might appeal to him. Last winter, he launched a 147-ft. motor yacht and traded up from a Lockheed Jetstar to a white-and-green DC-9 jet in which he installed a lavish office. It was the first such...
...Armenian immigrants who fled a Turkish massacre by cattle boat, Kerkorian was reared on a farm in California's San Joaquin Valley. He dropped out of school in the eighth grade to help the family and was signed on as a logger for $25 a month in the Civilian Conservation Corps. Every spare penny that he earned in a variety of odd jobs went for flying lessons, and he qualified as a civilian flying instructor with the Army Air Corps at the beginning of World War II. Later, as a civilian pilot for Britain's Royal Air Force...
Like many wartime pilots, Kerkorian started his own little airline after the war. His capital investment was $17,000. The company, Los Angeles Air Service, kept busy mainly by flying gamblers to Las Vegas. Kerkorian got to know them and their town well...