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Auto investor Kirk Kerkorian dead at 98

Kirk Kerkorian, among the most talked-about investors in the American auto industry in recent memory, died at the age of 98 in Los Angeles on Monday, June 15. The billionaire ran the investment company Tracinda Corp. and was the largest shareholder in MGM Resorts International. Kerkorian attempted to use his power as a well-financed investor to push the auto industry in some fascinating ways. In 2006, he used his nearly 10-percent stake in General Motors to push a merger with the Renault-Nissan Alliance. The deal made it as far as discussions, but eventually fell through. Kerkorian also attempted to purchase Chrysler - twice. According to Automotive News, the first effort came in 1995 with a $22.8-billion offer for the automaker, and soon after it failed the company merged with Daimler. Then in 2007, Kerkorian was back with a bid for $4.5 billion, but things eventually fell to Cerberus. The billionaire finished the trifecta by buying up $1 billion in Ford stock in 2008 to make Kerkorian the single largest investor in the company. However, the situation didn't last long, and by the end of that year, he had unloaded the shares. According to Automotive News, Kerkorian was ranked by Forbes as the world's 41st richest man in 2008 with a net worth of $16 billion. News Source: Automotive News - sub. req.Image Credit: Joe Cavaretta / AP Photo Celebrities Earnings/Financials Chrysler Ford GM obituary

2015 Ford F-Series Super Duty is class-leading once again

Time for everyone to feign surprise - Ford has just announced that it has the increased horsepower and torque levels of its 6.7-liter Power Stroke turbodiesel V8 engine for 2015. As you'd expect, the Blue Oval is claiming class-leading figures of 440 hp (up from 400) and 860 pound-feet (up from 800), and that's enough to enable Ford's F-450 Super Duty model to tow as much as 31,200 pounds, which, again, the automaker claims is class leading.
Now, it should be noted that the max rating quoted above is achieved with the Ford F-450. The 2015 F-350, which is perhaps a better comparison to the Ram 3500 HD pickup that claimed the towing crown in 2013 at an even 30,000 pounds, is capped at 26,500 pounds, either with a gooseneck or when towing a fifth-wheel trailer. In any case, it's going to take a load the size of Godzilla to make any of the current crop of fullsize heavy-duty pickup trucks break into a sweat. For those keeping track, Chevy rates its 2015 Silverado HD at a maximum of 23,200 pounds.
Ford's newfound pulling power comes courtesy of a larger turbocharger for its in-house Power Stroke engine, new fuel injector tips and, we'd assume, retuned computer controls. Besides the engine enhancements, the F-350 gets a wider front track for 2015 and new front springs, while the F-450 gains commercial-grade 19.5-inch wheels and tires, new rear U-joints, leaf springs, stabilizer bars and shocks. The steering and brake systems have also been upgraded.

Bill Ford augments his power by nearly doubling stake of supervoting shares

Bill Ford Jr. has more sway than ever over the automaker that bears his surname, as the great-grandson of Ford's founder has reportedly doubled is holdings of Class B Ford stock. According to a report from Reuters (which cites a newly discovered securities filing), he acquired some 3.7 million Class B shares from an unnamed family member.
Class B shares of Ford stock are held by descendants of Henry Ford and offer expanded voting power to their holders - Bill Ford Jr. now controls roughly 11.5 percent of the total Class B pool. Ford Jr. is also a one of five trustees that manage a voting trust that oversees the majority of these "supervoting" shares. In total, Reuters reports there are 71 million Class B shares that account for 40 percent of the voting power in the company, despite making up just 2 percent of the total volume of all Ford stock.
Ford Jr. served as Ford's CEO until 2006, when he stepped down to hire and make space for current CEO, Alan Mulally. The move to consolidate Ford family voting power, at least somewhat, is seen by many as a comforting sign with Mulally's departure from the company likely to happen in the next several years.