ABKO Properties was a joint venture between Wichita, Kansas real estate entrepreneur George Ablah and Wichita-based Koch Industries formed specifically to purchase Chrysler Realty Corporation in the late 1970s from a hard-pressed Lee Iacocca. Koch Industries is ranked 2 among the Forbes list of largest private companies. Chrysler Realty Corporation purchases, leases or options dealership facilities and then leases or subleases these facilities to Chrysler dealers. The name ABKO was derived from the first two letters of Ablah's name and the first two letters of Charles Koch's name, who is head of Koch Industries. At the time ABKO was formed, Chrysler was on the verge of bankruptcy.