In Chicago's Federal Court last week, Preston Tucker's company and his rear-engined "car of tomorrow" looked like the one-hoss shay. If not bankrupt, the company seemed only a bumper's length away. The court appointed two trustees in reorganization to operate the business for the next 60 days, then submit a plan for reorganization along with a report on the "desirability of continuance."
Tucker was excluded from any further say in corporate affairs. The cash on hand was $32,000, about half of which was due on payrolls, and bills. Except for equipment, that was all that remained of the $25 million...
To continue reading:
or
Log-In
