The pledge is on top of 50 million shares of MGM Tracinda previously put up as collateral. The 100-million total represents 36% of MGM's outstanding common stock. Tracinda controls approximately approximately 54% of all outstanding shares of the casino resort company. It controls approximately 6.5% of Ford shares.
Both companies' share price has fallen sharply this year. Shares of MGM Mirage have fallen 83% while Ford shares have dropped 68%.
NOT FOR REPRINT
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
