Announcement

Collapse
No announcement yet.

Bob Lutz says Kerkorian not a 'rapacious raider'

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Bob Lutz says Kerkorian not a 'rapacious raider'

    Bob Lutz says Kerkorian not a 'rapacious raider'

    Detroit Free Press
    Thursday, September 29, 2005

    BY MICHAEL ELLIS, FREE PRESS BUSINESS WRITER

    MILFORD -- Billionaire Kirk Kerkorian is not the `rapacious raider'
    that he is often portrayed to be, and the Las Vegas investor has taken
    a 9.5 percent stake in the automaker because he believes the company
    is ready for a turnaround, General Motors Corp. Vice Chairman Bob Lutz
    said Thursday.

    Kerkorian's investment company, Tracinda Corp. said last week it may
    seek one or more seats on GM's board of directors, but Lutz disputed
    any assertion that Kerkorian was making demands.

    `We are seeing so far, it would be fair to say, none of the behavior
    that the press ascribed to Kirk Kerkorian,' Lutz told reporters after
    a press conference at GM's proving ground in Milford.

    Tracinda, which said last week it may increase its stake in GM to not
    more than 9.9 percent, has maintained that Kerkorian is interested in
    GM for investment purposes. "Mr. Kerkorian has made a long-term
    value-driven investment because he has confidence in the company, the
    American auto industry and the U.S. economy as a whole," a spokeswoman
    for Kerkorian said earlier this month.

    Lutz affirmed that position.

    `He smells turnaround,' Lutz said. `He has an infallible instinct for
    getting in at the right time.'


    Contact MICHAEL ELLIS at 313-222-8784 or
    [email protected].

    http://www.freep.com/news/latestnews/pm6330_20050929.htm
Working...
X