Word: deloreans
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...Praise the Lord," said John Z. DeLorean when he heard the not-guilty verdict at his cocaine-trafficking trial last year. But his legal troubles were far from over. A federal grand jury in Detroit last week indicted the once and possibly future automaker on new charges: mail and wire fraud, interstate transportation of stolen money, and income tax evasion. The accusations stem from his handling of the finances of DeLorean Motor Co., which went bankrupt in 1982. Investigators charge that DeLorean, 60, bilked his backers out of $8.9 million...
...case focuses on $12.5 million that investors put up for research and development of the DeLorean, a sleek, stainless-steel sports car with distinctive gull-wing doors. The indictment charges that beginning in 1978 DeLorean funneled much of that money into a mysterious Panamanian company called GPD Services, which in turn deposited the funds at the Pierson Bank in Amsterdam. Eventually, $8.9 million went from that bank into DeLorean's personal account at New York's Citibank. Of that amount, the indictment says, DeLorean used $7.5 million to buy Utah-based Logan Manufacturing, which makes equipment for maintaining ski slopes...
After the indictment, DeLorean, a former General Motors executive who was once in the auto industry's fast lane, brushed off questions from reporters | outside his Manhattan apartment with a brusque "Read the book. It's all in the book." He was referring to DeLorean (Zondervan; $17.95), his new autobiography. In it, he denies the charges raised in Detroit. Writes DeLorean: "When all the documents and facts are presented, I expect to be fully vindicated...
...DeLorean car, which was manufactured in Northern Ireland with the help of loans and grants from the British government totaling more than $120 million, made its debut in 1981. Thanks in part to the car's $25,000-plus price tag and a U.S. recession, sales were low. When the company was near collapse, DeLorean allegedly planned to raise cash in a big cocaine deal, but his prospective partners in crime turned out to be FBI agents. He was acquitted because the jury decided that he had been entrapped by the agents. His celebration was bittersweet, however. Just before...
...week that ensues, Marty will have to get his parents back together, or else he won't be born. Then he has to make sure he gets back into the DeLorean in time for a lightning storm so that the car can be charged back to the future (hence the title...