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In his letter of resignation from the board of General Motors (NYSE:GM), Jerry York seemed to be laying the groundwork for a future fight to replace some of the company's directors.

York probably thinks he can better serve Kirk Kerkorian as an outsider -- just as he did when Kerkorian tried taking over Chrysler (DCX).

So I'm thinking more fireworks are coming.

Plus, York has a big financial incentive to see that GM's shares rise. The Wall Street Journal pointed out over the weekend that York's deal with Kerkorian provides that York will receive about $2.2 million for each point GM shares go up, as measured in mid-2009.

Yet what if I'm wrong -- and Kerkorian exits the GM picture?

Well, the stock would definitely come under short term selling pressure.

But you know I first recommended GM in April 2005 at $26.75 per share. And that was BEFORE Kekorian came into the picture.

I always liked him involved because, as I stated several times, his presence shakes things up. It has to a certain degree already and could do so even more. But investing in GM was never a play on Kerkorian.

If Tracinda Corp. ends up dumping its 9.9% holding, the stock will go down. If so, I anticipate patiently holding my position through any sell off.

GM 1-yr chart:

GM 1-yr chart

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Source: Jerry York Quits GM Board - Is a Kerkorian Fire Sale Next?