DeLorean Walked Into Probe Amid Bail Struggle
John De Lorean languished in prison as reports say he stumbled into a major FBI and DEA probe. Despite an estimated worth of 28 million dollars, he could not raise 500 000 cash for a 5 million bond. Bail hearing set. two others held, Hetrick and Arrington, with bail figures of 20 million and 250 000 respectively.
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Terminal Island Federal Prison
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Herald Examiner
FBI and Drug Enforcement Administration
DeLorean to be told of 200 million loan before arrest
A Cleveland financier said John DeLorean would have learned of a 200 million financing deal for his company the day he was arrested. Larry Watts of Midwest Funding stated he attempted to inform DeLorean, whose car firm faced collapse, that lenders were ready to commit funds through an agent with full authority. CBS News later alleged an undercover setup linked DeLorean to a drug dealer to finance the rescue. The Justice Department declined to comment.
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DeLorean woes trigger car bonanza across dealers
After John Z. DeLorean’s arrest on federal drug charges, dealers report a surge of interest in the gull-winged sports cars. The 1981 models, pricey at about 25 000, gained buyers as stockpiles and potential profits drew offers from distant dealers, with early sales reviving amid heightened demand.
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