DeLorean’s Assets Vulnerable: U.S. District Judge James...
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DeLorean’s Assets Vulnerable: U.S. District Judge James Woods has allowed creditors to begin claiming the assets of former auto maker John Z. DeLorean after an extension ran out on a $9.4-million bankruptcy settlement. Woods accepted an order from creditors who seek DeLorean’s first payment of $4.9 million. The money was due Feb. 28. The 1987 settlement stems from claims against DeLorean, whose sports car company went bankrupt in 1984 after his arrest on federal cocaine smuggling charges. DeLorean was acquitted. DeLorean’s attorney said a Utah bank and a New York mortgage banking company are preparing a loan for DeLorean. DeLorean’s assets include a Utah manufacturing company, a New York apartment and a mansion and farm in New Jersey.
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