March 5, 2008, 3:58PM
Kerkorian Donates 5M MGM Mirage Shares

© 2008 The Associated Press

NEW YORK – The investment arm of Kirk Kerkorian holds a 52.2 percent
stake in MGM Mirage after the billionaire donated more than $300 million
worth of the casino operator’s stock, according to a Securities and
Exchange Commission filing on Wednesday.

In a Form 4 filing, Kerkorian’s Tracinda Corp. reporting donated 5
million MGM shares on Wednesday, lowering its stake in the Las
Vegas-based company to 52.2 percent. More details were not disclosed.

In August, Tracinda reported a similar transaction. On Aug. 6, the
investor also donated 5 million MGM shares, bringing its stake to 54.2
percent at the time.

Insiders file Form 4s with the SEC to report transactions in their
companies’ shares. Open market purchases and sales must be reported
within two business days of the transaction.

MGM shares jumped $2.67, or 4.5 percent, to $62.52 in afternoon trading.
The stock has traded between $58.87 and $100.50 during the past 52
weeks.

From: Emil Lazarian | Ararat NewsPress