October 18, 2006

GM builds Kerkorian roadblocks

Law professor Peter Henning comments in an article that focuses on the recent attempt by GM investor and maverick shareholder Kirk Kerkorian to gain more control over the company's board of directors. Henning said he isn't sure if GM is expecting another foray by Kerkorian "but I would say they are preparing for one." GM has retained Goldman Sachs and Morgan Stanley - two renowned investment banking firms - to help prepare for a potential Kerkorian-led proxy fight or other hostile action. A GM spokesman said the automaker's main focus is continuing its company-wide turnaround.

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