Word: loreans
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Dates: during 1980-1989
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While going through documents that came across her desk, Secretary Marion Gibson, 42, began to surmise that her boss, John Z. De Lorean, 56, founder of the De Lorean Motor Co., had managed to avoid spending about $3.3 million the company was supposed to invest on its automaking facilities in Northern Ireland...
...outlay allegedly was part of a deal under which the British government would provide $160 million in loans, grants and guarantees to lure the new company to build an auto plant in economically depressed Ulster. De Lorean is producing a high-performance sports car that sells for $25,000 in the U.S. Some 2,000 cars have been sold since the auto was introduced last spring...
John Z. De Lorean, 56, has been audacious enough-many would say foolhardy -to attempt what no American has done since Walter Chrysler opened his first assembly line in 1925: launch a successful new mass-production auto company. The De Lorean is a low-riding, two-seat sports car that seems more suitable for Monte Carlo than Main Street. Two of the vehicle's distinctive features: a brushed stainless-steel finish expected to be rustproof for at least 25 years and unusual gull-wing doors that open up instead of swinging out and make it simple for someone...
...Lorean still exudes the brash self-assurance he displayed in 1973, when he walked out of a $650,000-a-year executive post at staid General Motors to create his own auto company. To finance his factory, he approached rival governments like a baseball free agent dickering with club owners. The U.S. Government offered him $65 million in loan guarantees if his plant were built in Puerto Rico, but De Lorean took $114 million in loans and grants from Britain to make his cars near economically depressed Belfast in Northern Ireland...
...first shipload of De Loreans is due to arrive next week at Long Beach, Calif. More than 10,000 people have put down as much as $2,000 for options to buy the car, and De Lorean is confident that the high sticker price will not scare away customers. Says he: "Our buyer is someone in the $70,000-a-year income bracket or over, and he is pretty much unaffected by minor economic travails...