shameless kerkorian suit

If anybody is staying abreat of the kerkorian suit against DC:
Kerkorian has now stated that even though he was a member of the board of Chrysler he only browsed the proposed agreement
with Daimler and so he did not know exactly what he was approving.
Now I am not an expert on corporate governance but I think that there are not many things that a board member can do that is more important than agree to a merger.
Therefore his testimony is a sworn admittance that he did not do his job and therefore it seems to me that he should sue himself.
Its even more shameless since he is suing at the very end of an economic trough right before the economy picks up and a bunch of new models are introduced. In a couple of years the stock should be recovering and it will be impossible to claim damages.
Its even more shameless since Kerkorian is a casino owning billionaire. He is not naive. He knows about games of chance. I wonder if he would give a refund to a gambler who lost a great deal of money if the gambler said he only "browsed" the rules of the game.
There is nothing wrong with being rich and hopefully Mr. Kerkorian will make many more billions but trying to weasel out of a deal that you explicitly agreed to is wrong.
.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
If anybody is staying abreast of the kerkorian suit against DC:
Kerkorian has now stated that even though he was a member of the board of Chrysler he only browsed the proposed agreement with Daimler and so he did not know exactly what he was approving.
Now I am not an expert on corporate governance but I think that there are not many things that a board member can do that is more important than agree to a merger.
Therefore his testimony is a sworn admittance that he did not do his job and therefore it seems to me that he should sue himself.
Its even more shameless since he is suing at the very end of an economic trough right before the economy picks up and a bunch of new models are introduced. In a couple of years the stock should be recovering and it will be impossible to claim damages.
Its even more shameless since Kerkorian is a casino owning billionaire. He is not naive. He knows about games of chance. I wonder if he would give a refund to a gambler who lost a great deal of money if the gambler said he only "browsed" the rules of the game.
There is nothing wrong with being rich and hopefully Mr. Kerkorian will make many more billions but trying to weasel out of a deal that you explicitly agreed to is wrong.
.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

He's got a fairly good chance of winning this one. That idiot Schremp clearly called the takeover a "merger of equals" several times in the press. However, afterewards it was clear it was only a hostile takeover and ther are huge financial repercussions. The biggest one is that DC is not profitable, and the old Chrysler Corp was. Despite the many undeniable reasons why this has happened, Kirkorian can claim Daimler management lied to the board and the sharejholders to get them to agree on the "merger that became a hostile" takeover, and that they are in process of destroying a once [profitable Company.
I have no respect for Kirkorian, he's a bottom feeder in my view. You may recall, he tried his own hostile takeover of Chrysler back in the '90's, because they weren't distributing the cash they were sitting on in terms of dividends. They were instead claming it was to be used on product and market development.Some of that is true, they had serious quality problems and needed to invest in new tooling, components, plants, etc. However many of us think Eaton and his merry band of men were really just sitting on the money hoping to attract a buyout and thus cash in big for themselves.
I knew many folks at MBNA who were watching this buyout unfold. They mused that the Chrysler people were going to be eaten alive in the MB culture, and when you saw folks like Tom Cunningham leave right away, that was the handwriting on the wall that things weren't going to go Chrysler's way.
Kirkorian is very likely to cash in big on this, (I expect Daimler will settle out of court on this like they did once before with another shareholders group. Personally I think this guy Schremp has proven to be a one man wrecking crew for MB, much like that idiot Jac Nasser was at Ford. If the new product plan DC is rolling out in the USA is a flop, and there's every indication the products aren't anything special, my bet is the only thing left standing will be Jeep, and that Daimler will either split it off as a separate brand again, or sell it to GM or Ford and cut bait.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
Yah! Vell vhat did der idiots in der press go und report der truth for anyvay! I can just imaging ole Jerkin Shrimp saying this. Certainly there was duplicity. And certainly anyone on the board of a company ought to pay attention to what is going on. But Ole Jerkin Shrimp is a real company killer. He does not visualize what MB was. He has been too busy partying and carrying girls over his shoulder up to his lair after evenings of drinking! Of course now that he got married he has probably settled down (yeah right!). So ultimately the board that lets ole Jerkin carry on is the party responsible for the loss of MB and for the financial loss coming when Kirk wins. Sad. PS - heard there was some offer to settle already! Think it was on CNBC.
mcbrue sadly under the bridge in the trailer down by the river
96 S420
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

I heard that it WAS settled for $300 Million.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

Nope, I'm wrong as always. It is still an active trial.
http://www.bayarea.com/mld/montereyherald/business/7407045.htm
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
Jerry McG wrote:

The official record of his life seems to paint him as a fairly dynamic guy:
http://www.online-casino-guide.com/history/visionary-backgrounds/kerkorian-kirk /
http://www.gamblingmagazine.com/articles/08/08-13.htm
You have to give him credit. He started out poor. Perhaps shrewd is a better description.
.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

So was Al Capone.

http://www.online-casino-guide.com/history/visionary-backgrounds/kerkorian-kirk /
Shyster, huckster, MBA, Marketing genius....what's the difference?
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
Jerry McG wrote:

http://www.online-casino-guide.com/history/visionary-backgrounds/kerkorian-kirk /
When an extremely negative opinion of a person or group of people is held and the reason for this dislike is either avoided or supported by twisted specious logic then quite often the real reason is envy or something else of equal unattractiveness.
.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

Motorsforum.com is a website by car enthusiasts for car enthusiasts. It is not affiliated with any of the car or spare part manufacturers or car dealers discussed here. All logos and trade names are the property of their respective owners.