Chrysler Downplays Iacocca Filing: A Chrysler Corp....
From Times Staff and Wire Reports
Chrysler Downplays Iacocca Filing: A Chrysler Corp. spokesman said a Securities and Exchange Commission filing by company Chairman Lee A. Iacocca that allows him to sell up to 75% of his Chrysler stock is being “totally mischaracterized.” “This is a simple registration” of securities, said company spokesman Steve Harris. He said Iacocca had to file the S-3 form to comply with SEC guidelines. He discounted reports speculating that Iacocca was about to “cash out” of the financially beleaguered No. 3 auto maker. Chrysler is expected to report first-quarter losses of at least $200 million later this month. Iacocca registered 315,000 shares under the filing. He told the SEC that he controls just under 409,000 Chrysler shares.
