GENERAL MOTORS CORP. chief executive officer Rick Wagoner and the company’s directors may not get much joy or relief from Kirk Kerkorian’s sale last week of 56 million GM shares, his entire stake.
Wagoner and the board must realize that Kerkorian, who represents a potential threat to GM’s management, may return to repurchase the automaker’s stock if the chance arises. Jerry York, his adviser, resigned from GM’s board Oct. 6 because he and Kerkorian were frustrated after the automaker rejected a possible alliance with Renault SA and Nissan Motor Co. and by the slow pace of GM’s restructuring.
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