[DML] DMC's DEMISE Why it failed
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[DML] DMC's DEMISE Why it failed



John wasn't forced to increase production.  He insisted on doing this in order to make the public stock offering (IPO) more appealing to investors.  You see, his plan (which was incredibly complex and surely assisted by Thomas Kimmerly--his lawyer)  was to make all outstanding partnership shares in DMC worthless.  John's shares were the only convertible shares, so by going public, he would convert his partnership shares to the new issue and all other partners' shares become worthless.  He stood to make millions on this deal alone.

He constantly blackmailed the British Gov't. by demanding more funds with the threat of pulling out, which would cause a backlash of workers in Northern Ireland.  

He chose to produce in Northern Ireland because the British Gov't offered him the best deal, not out of the goodness of his heart.  He had offers from Detroit and Puerto Rico and played these against one another as any good businessman would.  But don't kid yourself, he did NOT set up there to help anyone but himself.

People speak of his personal investment which, if memory serves, was about $10,000.  A far cry from even the $25,000 DMC dealers were required to invest let alone the millions the British Gov't invested.

Don't forget the missing $16 MILLION he and Colin Chapman of Lotus spirited away.  To this day, $16 MILLION IS MISSING!

CTC (Compostie Technology Corporation).  What was its purpose?  To perform R & D that the parent company was already performing????  DMC would pay CTC for work that was already done by DMC?

Let's not forget about Roy Nesseth, John's thug.  I know a few people whom he 'met' with and it wasn't a nice event.  Nesseth is always swept under the rug and rarely spoken about.  He was John's muscle.  If you didn't do what John wanted, you'd get a visit from this man who would threaten you and or your family.

DMC wasted substantial money on numerous trips via the Concorde, providing cars for John's friends and family, etc.  These things add quickly, especially for a small start-up company.  The gold faucets in the house in Northern Ireland were just colored gold.  They were NOT 24 kt. gold plated as those crazy rumors stated.  I actually met a woman whose mother sold DMC the faucets and she (as well as others including Nick Sutton) confirmed this rumor false.

John destroyed many people in his wake, both professionally and emotionally.  Why do you think DMC went through 3 CFOs and so many other executive changes?

Another issue was having the two companies:  DMCUSA & DMCL.  His idea was for DMCUSA to import the cars, sell them here, and book the income.  DMCL was to produce the cars and keep all of the debt on their books in Northern Ireland.  This would make DMCUSA even more attractive to investors and spur on the IPO.  

And once and for all, can we PLEASE give credit to Bill Collins who had the idea for the GTO???!!!   As well as the DMC logo, for which John took credit?  I have the DMC logo doodles in Bill's own hand-writing and showed some at the museum.  

I didn't put this item out, but I have a memo which actually states that John took Zachary to the March 1981 press junket at the factory (where the leather jackets were given) in order to show the media that John felt that Northern Ireland was a safe place.  He used his own child as a prop.

I realize this has become a John bashing post and I apologize, but people must remember these things and not change history.  My goal with the museum and the collection as a whole is to preserve as much of the history of the car and the company as possible.  Just remember, that often times events aren't 'pretty' and don't always have a happy ending like a tv show.  Also, just because someone has passed away doesn't entitle them to sainthood.

Thanks for listening.

Matt


      

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