[DML] JZD in the news

[James Espey <james@xxxx>]

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.