Kerkorian Still Loves Chrysler
Chrysler has been very good to billionaire casino operator Kirk Kerkorian. His 9.8% stake in Chrysler, bought in late 1990 when the company was in the doldrums, is worth some $463 million today--a 39% capital gain on his investment.
Not that Kerkorian is bailing out anytime soon, associates say. He's a longtime admirer of Chrysler Chairman Lee Iacocca, but the naming of a successor, former GM Europe head Robert Eaton, doesn't faze him, they confide. Kerkorian is comfortable that Iacocca, who'll chair the executive committee, will keep his hand in. Also, Kerkorian doesn't need the cash for the $875 million MGM Grand hotel-casino he's building in Las Vegas.