  The two-dimensional, colossal magnetoresistive system GdI_2 develops an
unusual metallic state below its ferromagnetic transition and becomes
insulating at low temperatures. It is argued that this geometrically
frustrated, correlated poor metal is a possible candidate for a ferromagnetic
excitonic liquid. The renormalized Fermi surface supports a further breaking of
symmetry to a charge ordered, excitonic solid ground state at lower
temperatures via order by disorder mechanism. Several experimental predictions
are made to investigate this unique orbitally correlated ground state.
