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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: mishedlo who wrote (31773)5/5/2005 8:26:24 AM
From: Ramsey Su  Read Replies (1) of 110194
 
Mish,

back to GM.

Let me see what is happening now. Kerkorian said he will buy 28M shares at 31.5 (31 offer plus some dividend to be paid in June). GM closed at 32.8 and trading at around 33 premarket right now.

If Kerkorian has done nothing before the announcement, then no one is going to tender their shares at 31 when they can sell at 33. Something is not adding up.

So the shorts got squeezed.
The long term GM holders are temporarily relieved but in the long run, they still own a failing giant.
The winners are the ones who bailed yesterday.
The clear winner is Kerkorian, who got at least profits of 22 million shares bought at 26, and GM would most likely hold at 31 or more since the shorts are going to be concerned about a repeat of yesterday.

What a game. No wonder Kerkorian lives in Vegas. Roll them dice.
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