CHRYSLER SHAREHOLDERS FIGHT TAKEOVER

Chrysler's shareholders have filed 28 lawsuits seeking to block a $22.8 takeover bid by former Chairman Lee Iacocca and entertainment-casino tycoon Kirk Kerkorian . The lawsuits contend that Chrysler's directors would breach their duty if they approved the buyout without fetching a higher price. After Iacocca and Kerkorian unveiled their proposal yesterday, Chrysler said "the company is not for sale," although its directors will review the $55-a-share offer. One of Chrysler's biggest complaints is that Kerkorian -- the top shareholder in the No. 3 automaker and a close friend of Iacocca's -- wants to tap 70 percent of the company's $7.5 billion cash reserve to help finance the deal. Kerkorian promised not to cut jobs or intimidate the company into buying his stock at a high price.