York, the former CFO of Chrysler Corp., stands to get 4 percent of any profit billionaire financier Kirk Kerkorian makes on his GM investment. But York has to wait until 2009 to cash in, according to a filing with the Securities and Exchange Commission.
Kerkorian hired York as a consultant for Tracinda Corp. as part of his bid to buy 28 million shares of GM at $31 a share. But other stockholders offered up only about 19 million shares by the deadline. Kerkorian holds about 7.2 percent of GM's stock.
York and Kerkorian have history. York and former Chrysler CEO Lee Iacocca were a part of Kerkorian's team when he made a hostile bid to buy Chrysler in 1995. York was Tracinda's vice chairman for four years until 1999, advising the investor during Daimler-Benz's acquisition of Chrysler.