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.
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