[DML] Re: Unusual DeLorean sighting AGAIN
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[DML] Re: Unusual DeLorean sighting AGAIN



Hey Team!  I have some friends in Logan, Utah, who used to work at the plant where John Z. built his snowcats.  John used the profits from the snow cat company to help finance the car company.  At one point in time John Z. had produced over 60% of all the snow cats in use in the world.  This is a court document that explains a little more about the company that John owned in Logan, Utah.  On a side note, I actually got in a mild argument with a group of people the other day who demanded that the DMC-12 was built in Logan, Utah.  Not Ireland.  I showed them proof from a book, they still didn't believe it, so I finally showed them the placard printed on my car, they still didn't believe it.  People are so funny sometimes.  So, according to these folks, our cars were built in Utah, not Ireland, sorry guys.
  Shane B. Clarke, CAPT, USAF
  VIN 1991
  LHIW, INC., a Utah corporation, Plaintiff and Appellant,
v.
John Z. DeLOREAN and Logan Manufacturing Company, a Delaware
corporation, Defendants and Respondents.  
    No. 19906.  
    Supreme Court of Utah.  
    April 22, 1988.  
  David R. Daines, Christopher L. Daines, Logan, for plaintiff and appellant.
  Robert S. Campbell, E. Barney Gesas, Salt Lake City, for defendants and respondents.
  DURHAM, Justice:
  Plaintiff LHIW, Inc., appeals the trial court's dismissal with prejudice of its claim for specific performance against defendants John Z. DeLorean and Logan Manufacturing Company. The trial court found that LHIW was unable to perform its duties under the contract between the parties. LHIW claims that the trial court erred in requiring it to perform prior to, or simultaneously with, DeLorean's performance. We affirm the trial court's order.
  Logan Manufacturing Company (Logan) manufactures off-road vehicles intended primarily for winter use. John Z. DeLorean purchased Logan from Thiokol Corporation in 1978. LHIW is a corporation whose sole shareholder is Ralph K. Walker. LHIW sought to purchase Logan from DeLorean. Following a short period of negotiations, DeLorean agreed on June 7, 1983, to sell LHIW his ownership interest in Logan and the real property upon which Logan's premises were situated. The agreement was memorialized in a document entitled "Asset Acquisition Agreement," which contained some contractual provisions, but specified that the "terms and conditions" of the sale would be "set forth in an Agreement of Purchase and Sale to be developed and executed by the parties prior to closing." The terms and conditions were to follow the form of the 1978 agreement between Thiokol and DeLorean wherein DeLorean purchased Logan. The total purchase price under the agreement included $5,000,000 in cash and
 $5,000,000 loaned by DeLorean to LHIW and secured by Logan real estate, machinery, and equipment. 
  Page 962
LHIW also agreed to satisfy DeLorean's obligation to Continental Illinois Bank, which had financed DeLorean's purchase of Logan, and to grant DeLorean an assignable option to acquire a 50 percent interest in LHIW upon approval by a majority of LHIW shareholders. The deal was set to close on June 30, 1983. The agreement was amended on June 10, 1983. 1   
  The asset acquisition agreement was again amended on June 21, 1983. Most of the terms of payment were altered by the amendment, and significantly, LHIW agreed to provide DeLorean with a first trust deed on Logan's real property and a second secured position with respect to all remaining assets of Logan, subordinated solely to General Electric Credit Corporation (GECC), with which LHIW was attempting to arrange financing. Under this last amendment, the parties agreed to close the deal by July 6, 1983.

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