Word: loreans
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That kind of backing was all De Lorean needed to lure still more money. About 130 rich investors put $18 million into a tax-shelter partnership formed by the Wall Street securities firm of Oppenheimer & Co. to finance research and development on the new car. One businessman familiar with that deal says that even in retrospect, the investment looks prudent. "There was about $107 million in before the partnership was signed. This would have satisfied anybody...
Demand might have been a little stronger, despite the cost, if the car had not been so long getting to market. In the mid-1970s when the DMC-12 began taking shape in De Lorean's mind, there was nothing quite like it on the road. But by 1981 Mazda, Porsche and Datsun had competitive cars on the market, and the DMC-12 found itself in a rigorous grille-to-grille battle. De Lorean's sense that he could not fail compounded the problems. His own market research showed that perhaps 12,000 DMC-12s, at most, could...
...Lorean was not the only one. At least 345 car dealers chipped in a total of $8.6 million to buy stock in his company. The dealers, mostly for GM, who had known De Lorean from his days at Pontiac, were impressed by his record and wowed by the pitch he began delivering to them in 1977. Other believers were Tonight Show Host Johnny Carson, who kicked in $500,000, and Entertainer Sammy Davis Jr., who invested...
...Lorean actually had two governments competing to put money into his company. In the early part of the year, after negotiations with officials in Puerto Rico, he won $40 million in loan guarantees from Washington and the Commonwealth for a $96 million plant in Aguadilla, a poor area 70 miles from San Juan. In addition, a group of drug companies and General Electric's pension fund were ready to pump $35 million into the project...
...July De Lorean surprised everyone and infuriated the Governor of Puerto Rico by making a deal with the British instead. The British went along even in the face of some discouraging reports. The management consulting firm of McKinsey & Co. was asked to assess De Lorean's proposal and reported back that the project had only a one-in-ten chance of succeeding. Nonetheless, the British Labor Party, which was then in power, outbid Puerto Rico by promising some $110 million to get De Lorean's factory to Ulster...