Iacocca’s 1-on-1 Auto Show for Kirk Kerkorian

Some investors, namely the biggest ones, are more equal than others.

So when Beverly Hills billionaire Kirk Kerkorian wanted to look over Chrysler Corp.’s new cars and trucks before pouring more money into the company, he got a private tour from Chrysler boss Lee A. Iacocca at the Beverly Hilton Hotel.

Chrysler took over the posh hotel last month on its international road show to persuade investors to buy Chrysler stock in an ultimately successful new offering that raised more than $350 million. Prototypes of future models through 1995 were on display for the several hundred investors invited to the Southern California stopover.

Kerkorian is “sort of a reclusive individual, as you know,” Iacocca said in an interview before Tuesday’s opening of Chrysler’s new $1-billion technical center north of Detroit.

“He sent two of his guys to the road show. He wanted to see it, but he didn’t want to be there with a couple hundred people, so he dropped in and I played the salesman, showed him the showroom. We had a nice little talk and walked around.”

Though he isn’t doing too well so far on his Chrysler investments, Kerkorian apparently liked what he saw: He bought an extra 6 million shares at $10.125 each to maintain his previous 9.8% stake.

When deal maker Kerkorian quietly built up his stake in Chrysler last fall, it sent chills through the boardroom. Despite his statement that he is merely an investor who was “impressed” with Iacocca, the auto maker tightened its takeover defenses after the investor refused to agree to a standstill agreement.

Did Iacocca learn any more from their little talk?

“Nothing. He’s an investor,” Iacocca said with a grin. “He’s given me no reason to think otherwise.”

Kerkorian paid an average of nearly $12.50 a share for his first 66 million shares. The auto industry’s woes and the diluting effect of Chrysler’s then-pending stock offering drove the price to $10.125 by the Oct. 2 sale. On Tuesday, Chrysler stock rose 12.5 cents on the New York Stock Exchange to close at $11.50.