As more billionaires are slammed by demands to pay up their trading IOUs, the legendary Kirk Kerkorian stands as out as one of the hardest-hit investors, with his stock fortune tumbling from a high of $16.6 billion to just $3.1 billion.
His three biggest stock holdings all hit new lows yesterday – MGM, Ford Motor and Delta Petroleum.
Only last month, the 91-year-old investor’s fortune was ranked in the new Forbes list of America’s richest people as being worth $11.2 billion, but it could now be much lower than that.
All his stock in Delta was put up as collateral five months ago for a $600 million credit line from Bank of America, filings said.
His Delta stake, worth $648.9 million at the time he pledged it, has since dived to just $324.4 million, based on yesterday’s close of $8.98, up 86 cents.
His worst loss came in MGM stock, which lost 80 percent of its value from its high of $100.50 a share exactly a year ago. It closed at $16.80, up 54 cents.
His 6.4 percent stake in Ford, which he bought for $635 million three months ago, dropped to $280.1 million, based on its close of $1.99, off 9 cents.