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Correct me if I am wrong, but I seam to remember an article with almost the
exact wording in the past? Is this a new development, or the reoccurance
of a past issue with DeLorean?
Michael Babb
----- Original Message -----
Sent: Wednesday, September 22, 1999 8:42
AM
Subject: [DML] JZD in the news
Tuesday September 21, 9:04 pm Eastern Time
DeLorean Files for Bankruptcy
NEWARK, N.J. (AP) -- Former automaker John Z. DeLorean was able to prevent
the U.S. marshal's auction of
his sprawling Bedminster estate by filing for bankruptcy protection.
DeLorean, known for the stainless steel, gull-wing sports cars that bore
his name, issued a statement that his
Chapter 11 reorganization filing would allow him to develop his 434-acre
Lamington Farm into two 18-hole golf
courses and an equestrian center.
He could not be reached for comment Tuesday.
One of his chief creditors, his onetime lawyer Mayer Morganroth, told The
Star-Ledger of Newark on Tuesday that the filing was an ``inappropriate''
ploy to
buy time and would be challenged.
A message left for Morganroth at his Michigan office was not immediately
returned. He is trying to enforce a $7.5 million judgment against DeLorean
for
unpaid legal fees.
DeLorean, 74, also owes about $11 million to Merrill Lynch Credit Corp.
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