Crazy like a Kerkorian

OK, so shares of MGM Mirage are down about 7 percent today after the 89-year-old L.A. billionaire (he turns 90 this month) decided he didn't want the Bellagio and that monster retail/condo/fun house development after all. So what? Need anyone be reminded that MGM stock was at $62.95 a share before he announced his interest on May 21 and that today, even after all the selling, it's still above $80? That's a $17-a-share paper profit for Kerkorian, who happens to own 56 percent of MGM Mirage. We're talking more than $4 billion in the space of a month, which even for a guy who is worth around four times that amount is not exactly a bad return. And he would snare more if a private equity firm made a juicy bid for all of MGM Mirage - kind of unlikely at this point but you never know. Managing to win when it seems as if you're losing is quite a talent. (AP, DealJournal)