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BUSINESS
July 27, 1995 | From Times Wire Services
Las Vegas billionaire Kirk Kerkorian, who Tuesday closed a tender offer for 14 million shares of Chrysler Corp. stock at $50 a share, told federal regulators Wednesday that he might buy even more. After the financial markets closed, Kerkorian's Tracinda Corp. filed documents with the Securities and Exchange Commission saying it is considering increasing its ownership in Chrysler.
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BUSINESS
March 18, 2010 | Bloomberg News
Kirk Kerkorian's Tracinda Corp. will pay $8.1 million to settle a class-action lawsuit brought by former DaimlerChrysler shareholders who claimed the billionaire investor sold shares in 1999 based on inside information. The shareholders sued Kerkorian and his Tracinda investment company in 2003. They alleged that James Aljian, who helped manage Tracinda's investments and served on DaimlerChrysler's shareholder committee board, passed confidential information about the company's declining cash flow to Kerkorian in 1999.
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BUSINESS
August 3, 1995 | Times Staff and Wire Reports
Tracinda to Boost Chrysler Stake: Billionaire investor Kirk Kerkorian, who received tenders for 58.4 million Chrysler Corp. shares--many more than he can buy--said he will purchase about 24% of them starting today. Kerkorian's Tracinda Corp. will stick to plans to buy 14 million shares for about $700 million. The other 44.4 million shares tendered in Tracinda's $50-a-share offer, which expired July 25, will be returned to shareholders, the company said.
BUSINESS
October 29, 2008 | Times Wire Reports
Billionaire Kirk Kerkorian sold 26.4 million more Ford Motor Co. shares as he unwinds a $995-million investment in the second-largest U.S. automaker to focus on gambling, hotels and energy. Kerkorian, 91, reduced his holdings to 107.1 million shares, or 4.89%, his Tracinda Corp. said in a regulatory filing. The sales occurred Oct. 21 through Monday at an average of $2.01 a share, Tracinda said. The investor last week reversed course on Ford less than six months after expressing confidence in Chief Executive Alan Mulally's turnaround efforts.
BUSINESS
June 29, 1993 | From Bloomberg Business News
ITT Corp. said it signed an agreement to buy Desert Inn Properties from an investment group led by financier Kirk Kerkorian for about $160 million. The move marks ITT's first foray into gaming. For almost a year and a half, ITT Sheraton, the holding company's lodging unit, has been seeking a major acquisition of a gaming property. "This agreement is the culmination of yearlong discussion, which began with personal conversations between Kirk Kerkorian and me," said ITT Chairman Rand V. Araskog.
BUSINESS
December 17, 1990 | From Associated Press
California billionaire Kirk Kerkorian disclosed today he has no immediate plans to add to his 9.77% stake in Chrysler Corp. In a filing today with the Securities and Exchange Commission, Kerkorian said the purchase "is solely for the purpose of investment." He said he will consider general economic, money and stock market conditions in determining whether to buy more Chrysler shares. Chrysler disclosed on Friday that Kerkorian had purchased about 9.
BUSINESS
July 13, 1996 | CLAUDIA ELLER, TIMES STAFF WRITER
In a move that has heads shaking in Hollywood, investor Kirk Kerkorian has positioned himself to once again own the lion's share of Metro-Goldwyn-Mayer--the famed studio that the reclusive Las Vegas billionaire became notorious for having dismantled during his 20-year reign. Kerkorian's Tracinda Corp. officially emerged Friday as the major equity backer for a management buyout bid led by Frank Mancuso, MGM chairman and chief executive.
BUSINESS
March 18, 2010 | Bloomberg News
Kirk Kerkorian's Tracinda Corp. will pay $8.1 million to settle a class-action lawsuit brought by former DaimlerChrysler shareholders who claimed the billionaire investor sold shares in 1999 based on inside information. The shareholders sued Kerkorian and his Tracinda investment company in 2003. They alleged that James Aljian, who helped manage Tracinda's investments and served on DaimlerChrysler's shareholder committee board, passed confidential information about the company's declining cash flow to Kerkorian in 1999.
BUSINESS
June 20, 2008 | From the Associated Press
Billionaire investor Kirk Kerkorian has raised his stake in Ford Motor Co. to 6.49%, saying his investment company would consider throwing additional money into the struggling automaker's turnaround effort. Tracinda Corp. said Thursday in a regulatory filing that it purchased another 20 million Ford shares, raising its stake to 140.8 million. It previously had disclosed a 5.5% stake.
BUSINESS
June 18, 2008 | From Times Wire Services
Ford Motor Co. said its top executives met with representatives of billionaire Kirk Kerkorian's Tracinda Corp., a week after the investor completed an offer to buy more of the automaker's shares. The meeting "was positive and a chance for the leaders of both companies" to discuss Ford's turnaround efforts, the Dearborn, Mich.-based automaker said. The second-largest U.S.-based automaker said Chairman William Clay Ford Jr. and Chief Executive Alan Mulally attended. The statement didn't identify who represented Tracinda.
BUSINESS
November 28, 2007 | From Bloomberg News
Billionaire Kirk Kerkorian's Tracinda Corp. on Tuesday withdrew its $1.4-billion tender offer for 16% of Tesoro Corp., citing a stockholder-rights plan adopted by the oil refiner. Shares of Tesoro fell almost 6%. The rights plan "inhibits value for all Tesoro shareholders by, among other things, restricting the ability of shareholders to vote, sell or acquire Tesoro shares freely without fear of triggering the draconian provisions of the rights plan," Beverly Hills-based Tracinda said.
BUSINESS
November 16, 2007 | From Times Wire Services
Tesoro Corp., a U.S. refiner targeted in a $1.4-billion tender offer by Kirk Kerkorian's Tracinda Corp., suggested giving a Tracinda representative a seat on its board. Tesoro Chief Executive Bruce Smith, during a Nov. 13 meeting with Tracinda executives in Beverly Hills, said it might be "a good idea" for the investment firm to have a board seat, according to a public filing by Tracinda. San Antonio-based Tesoro also suggested entering into a shareholder agreement with the firm.
BUSINESS
October 27, 2007 | From Bloomberg News
Kirk Kerkorian's Tracinda Corp. plans a $1.4-billion tender offer to acquire a 16% stake in Tesoro Corp., a U.S. refiner whose profit jumped tenfold in the last four years as gasoline demand and prices climbed. The offer will be for 21.9 million shares of San Antonio-based Tesoro at $64 each, Los Angeles-based Tracinda said Friday. The price is 12% higher than Thursday's close. Kerkorian, a 90-year-old billionaire, would become Tesoro's largest shareholder, with a 20% stake.
BUSINESS
June 21, 2007 | Martin Zimmerman, Times Staff Writer
Never mind. Billionaire investor Kirk Kerkorian has abandoned his effort to buy two of MGM Mirage's premier Las Vegas developments, the Bellagio casino-resort and the $7-billion CityCenter development. The announcement Wednesday by Kerkorian's Tracinda Corp.
BUSINESS
December 24, 1991 | From Times Staff and Wire Reports
MGM Grand Completes Desert Inn Transaction: MGM Grand Inc. said it has completed the sale of the Desert Inn Casino/Hotel to Tracinda Corp., a firm controlled by financier Kerk Kerkorian. The $130-million proceeds of the sale will be used in the construction of the MGM Grand Hotel and Theme Park in Las Vegas. The Desert Inn sale was closed shortly after requisite governmental approvals were received, and prior to the originally anticipated closing date.
BUSINESS
November 16, 2007 | From Times Wire Services
Tesoro Corp., a U.S. refiner targeted in a $1.4-billion tender offer by Kirk Kerkorian's Tracinda Corp., suggested giving a Tracinda representative a seat on its board. Tesoro Chief Executive Bruce Smith, during a Nov. 13 meeting with Tracinda executives in Beverly Hills, said it might be "a good idea" for the investment firm to have a board seat, according to a public filing by Tracinda. San Antonio-based Tesoro also suggested entering into a shareholder agreement with the firm.
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