Geez! Out of the blue Fidelity investments almost doubles its stake in Chrysler Corp. to 13.04%.That strengthens the Boston-based mutual fund's position as Chrysler's second-largest shareholder. Kirk Kerkorian, through his Tracinda Corp., holds 13.1 % of Chrysler's stock. Tracinda gets a $1 00 million line of credit that would allow it to boost its Chrysier holding to 14.9%, an iota short of the 15% holding that would kick in Chrysler's anti-takeover poison pill. Fidelity's move leaves Wall Street dumbfounded. Is Fidelity, and its $320 billion in assets, Chrysler's white knight or Mr. Kerkorian's ally? Between the two, they control 26% of Chrysler's stock. Add the new twists to Mr. Kerkorian's recent failed attempt to buy all of Chrysler using little of his own money and his naive alliance in that effort with former Chrysler boss Lee A. lacocca, which drew predictable scowls from Wall Street and the auto industry, and it's time to consult the only expert available to see where this water-torture takeover, if that's what it is, goes next. Get the Ouija board.
