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U.S. markets recover from steep losses
NEW YORK, Jan. 10 (UPI) -- An adviser to California investor Kirk Kerkorian, who controls the third-largest block of General Motors Corp. stock, will demand a 50-percent cut in dividends.
Jerry York, who once ran Chrysler's finances and now works for Kerkorian's investment company Tracinda Corp., was expected to issue the demand Tuesday in a speech to stock analysts, the Detroit News said.
Kerkorian, who holds 7.8 percent in GM, apparently thinks there is not enough urgency among GM managers about the corporation's financial woes. In the first nine months of last year, GM lost nearly $5 billion.
By cutting its $2 yearly dividend in half the company would save $500 million a year. Kerkorian also is believed to be concerned that GM's plans to shut factories and lay off workers is too little too late, the newspaper said.
The billionaire casino mogul and York have been meeting privately with GM's outside directors voicing these concerns.
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