GM's Wagoner Gets Ready to Fight Back

If third-quarter earnings are as strong as expected, GM's CEO will have much-needed firepower for a possible proxy fight with Kerkorian

General Motors' (GM) Chairman and CEO G. Richard Wagoner Jr. looks like he has, for the moment, got some breathing room from dissident shareholder Kirk Kerkorian. Barring any nasty surprises, and if the company announces a profitable third quarter as expected, he will have the punches he needs if there is a proxy battle with the feisty billionaire Kirk Kerkorian, whose investment company Tracinda owns 9.9% of GM stock.

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