Chrysler Knocks, And Kerkorian Answers Again

They code-named it "Grand Slam." And Chrysler Corp. was praying for just such a big play. Faced with a possible cash crunch brought on by sluggish car sales and the expensive launch of two new models, Chairman Lee A. Iacocca was beating the bushes for $350 million in fresh cash. Detroit's No. 3 auto maker got its prayers answered on Oct. 2, when Los Angeles moneyman Kirk Kerkorian picked up 17% of its new shares.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.