Kirk Kerkorian, the controlling shareholder of MGM Mirage, has carried through with plans to acquire more shares of the struggling casino operator, according to a Monday regulatory filing.

Despite that, the Los Angeles billionaire? percentage ownership of the company has decreased due to the issuance of new shares. Kerkorian? stake has dropped from 54 percent to 42 percent.

Kerkorian's Tracinda Corp investment company reported it had acquired 14.3 million shares for $7 each, according to a filing with the U.S. Securities and Exchange Commission.

MGM Mirage announced last week that it planned to raise $2.5 billion through stock and bond offerings to pay off some of its more than $14 billion in debt. Following the company? issuance 143 million new shares and Tracinda? purchase of some of them.

Tracinda is using a credit facility to fund the share purchase, according to its filing.

The Los Angeles Business Journal, in its May 18 annual Wealthiest Angelenos issue, estimated Kerkorian suffered a $5.3 billion drop in net worth over the past year due to his investments in MGM Mirage and automaker Ford Motor Co. Kerkorian sold Ford shares at a loss.

JPMorgan on Monday upgraded MGM Mirage stock from "neutral" to "overweight,?saying the improved liquidity position of the company should alleviate bankruptcy concerns for at least two years.

MGM shares were up 72 cents, or 9 percent, to $8.38 in midday trading on the New York Stock Exchange,

?/b> Read the Los Angeles Business profile of Kerkorian in the annual Wealthiest Angelenos issue.