Kirk keeps cutting

The Bev Hills billionaire is selling another 14 million GM shares for $28.75 each, or a little over $400 million. That reduces Kerkorian's holdings to 28 million shares, or 4.95 percent - about half what it was when GM turned down his suggestion that the automaker team up with Nissan and Renaut. He's still the fifth largest GM shareholder. "It sure looks like an exit strategy to me because he's selling a considerable amount of his shares for a loss,'' David Healy, an analyst for Burnham Securities told Bloomberg News.