Tracinda Corp., the investment firm of billionaire casino mogul Kirk Kerkorian, reportedly is reducing its stake in General Motors Corp. from 9.9% to 7.8% due to federal and state tax purposes. The 12 million-share sale raised $251.6 million for Tracinda and reduced the firm’s holdings in GM to 44 million shares, down from 56 million, according to a filing with the U.S. Securities and Exchange Commission. The sale also will put the company at a capital loss for the fiscal year ending ...

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