Word: tracinda
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Kerkorian took another big swing last week. His investment vehicle, Tracinda, named for daughters Tracy and Linda, announced it had bought 22 million shares of General Motors and planned to buy up to 28 million more, for nearly a 9% stake, which would make Kerkorian one of GM's largest and most potentially nettlesome stockholders. Why GM, and why now? Just a couple of months ago, when a friend broached the idea, the billionaire brushed it off. "He said, 'They have a lot of problems,'" recalls Mason. GM stock has been a dud, and despite popping 18% after Tracinda announced...
...risk, or at least in play. Kerkorian's bid means that the company's managers will have to scramble to defend themselves. In 1990, in the midst of a recession that brought the company to the edge of bankruptcy for the second time in a decade, Kerkorian's Tracinda Corp., named for his daughters Tracy and Linda, started buying Chrysler stock at $12.37 a share. By now he has spent about $676 million accumulating a 10% stake. Noting that he had not lined up a cent in financing for his takeover bid, some Wall Street analysts suspect that his real...
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