Kerkorian sells off Ford Shares

From Reuters:

Billionaire investor Kirk Kerkorian has sold off all of his remaining shares of Ford Motor Co, completing a retreat from a high-profile stake in the No. 2 U.S. automaker that cost him hundreds of millions of dollars.

A spokeswoman for Kerkorian’s investment firm, Tracinda Corp, said that the firm’s remaining Ford shares had been sold. A spokesman for Ford had no comment on the development.

Tracinda, which briefly ranked as Ford’s largest outside investor, said in a regulatory filing in October that it had begun working with bankers to sell the 133.5 million shares of the No. 2 U.S. automaker it still held at that time.

It was not immediately clear when Tracinda had completed those remaining sales of Ford stock over the past two months.

The pullout from Ford by Kerkorian caps a two-year period during which the activist investor took a run at all three Detroit-based car companies as they struggled to restructure.

I bought some Ford back in October at $2.00 and then doubled up when it dropped to $1.38.  I sold off half the position when it went to $3.00 and then sold some March Calls out against the position to offset some downside and am protected down to about $.75 a share.  I don’t see it getting that low unless it passes it on the way to zero.

My dad and I talked back in October when I gave him the stock tip, and neither of us could see the Federal Government allowing a major automaker to go broke.  I think maybe I should have gotten completely out when it was over $3.00.

On another note, was looking at the Airline Stocks again today, and when I did a comparison of AMR and LUV, it turns out that AMR outperformed LUV in the market this year.  This really has been a strange year in the market.


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