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Preston Tucker loses control of company..



Item # 587053

March 4, 1949

THE DETROIT FREE PRESS, Detroit, Michigan, March 4, 1949

* Preston Tucker loses control of his company
* Automobile designer & entrepreneur
* 1948 Tucker Sedan "Tucker Torpedo" fame


This 36 page newspaper has a two column headline on page 29: "Rescue Planned for Tucker Corp." with caption: "Everybody's Business". 1st report coverage on Preston Tucker losing control of his automobile company. Great to have in a Detroit paper.

Other news, sports and advertisements of the day throughout. Some small binding holes along spine, otherwise good condition.

wikipedia notes: In 1949, Preston Tucker surrendered his corporate records to the U.S. Securities and Exchange Commission. United States Attorney Otto Kerner, Jr. began a grand jury investigation in February 1949. On March 3, 1949, a federal judge handed control of the Tucker Corporation over to Aaron J. Colnon an dJohn H. Schatz. Soon thereafter on June 10, 1949, Tucker and six other Tucker Corporation executives were indicted on 25 counts of mail fraud, five counts of violations of SEC regulations and one count of conspiracy to defraud. The indictment included 46-year-old Tucker, Harold A. Karsten, 58, "alias Abe Karatz"; Floyd D. Cerf, 61 (whose firm had handled the stock offering); Robert Pierce, 63; Fred Rockelman, 64; Mitchell W. Dulian, 50, Tucker sales manager; Otis Radford, 42, Tucker Corporation comptroller; and Cliff Knoble, 42, Tucker advertising manager. Tucker publicly called the charges "silly and ridiculous" and hailed the indictment as "an opportunity to explain our side of the story". Tucker and his colleagues' defense was handled by a team of attorneys led by William T. Kirby.

On January 22, 1950, after 28 hours of deliberations, the jury returned a verdict of "not guilty" on all counts for all accused. Tucker had prevailed at the trial, but the Tucker Corporation, now without a factory, buried in debt, and faced with numerous lawsuits from Tucker dealers angry about the production delays, was no more.

Category: The 20th Century

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