And just like that, Kirk Kerkorian's happy sidekick is back at the "kiddy table." No sooner was it reported that Tracinda Corp. hatchetman Jerry York was offered a seat with the big boys, Automotive News has now reported that GM has not, in fact, simply rolled over and handed over the keys to the shop.
And they shouldn't have.
This is much more likely a case of misinformation (regarding the board seat offer) than a change of heart by GM, though it doesn't really matter. It is not as if Jerry York stumbled into the Renaissance Center wearing a half-tucked in, mustard-stained Detroit Lions Jersey with a cup Java Joint coffee in one hand and a half eaten Dearborn frankfurter in the other, mumbling something about "that damn Ron."
No, they didn't take one look and think differently. Mr. Wagoner and the rest are well aware that GM's problems are dire and some corporate raider is not going to be able to snap their eager fingers and make things go away, freeing the share price to rise from the ashes. Sure, Mr. York might be useful as a scapegoat to Mr. Wagoner in the short-term, but at this point there really is no "short term" for this company. We are coming down to all or nothing.
As the last post mentioned, this doesn't mean that Rick has something up his sleeve, but more likely (with retirement package recently secured) slipped a dose of pride in his eggnog and like a true captain has decided to go down with the ship. Well, something like that.
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