Billionaire investor Kirk Kerkorian stated he wouldn't acquire more stock in GM after it decided against pursuing an alliance with Renault and Nissan. However, there has been speculation that Kerkorian may start a proxy fight - which GM is gearing up for. Peter Henning of the WSU Law School said the proxy fight would be more likely because of cost considerations. A takeover could require $20 billion in financing, which is difficult given the challenges facing GM's poor credit ratings as well as challenges facing the automotive industry as a whole. A proxy fight would cost $30 million, according to Henning. GM has changed its corporate bylaws to make it more difficult for Kerkorian to force changes at the company.