Originally published in the Minneapolis Tribune 8-4-81


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Electric Vehicle Corp. files for bankruptcy

 

Associated Press

With more than $2.5 million in debts owed to more than 300 individuals and corporations, Electric Vehicle Corp. of Plymouth has filed for protection under Chapter 11 of the federal bankruptcy act in U. S. Bankruptcy Court in Minneapolis.

Among those who could sustain losses are 100 customers who paid up to $24,000 for cars marketed under the Bradley GT nameplate but not delivered.

Chapter 11 provides protection from creditors' demands while a company tries to work a plan to pay its debts.

 

 

 

The filing came a few days after the Minnesota attorney general's office charged the corporation with consumer fraud. Consumers alleged that cars that were shipped often lacked key components and had substantial deficiencies.

Deil Gustafson, Twin Cities banker, is listed in Federal Reserve Bank documents as an owner of 50 percent of Electric Vehicle and part owner of Thor Corp. and GCI, Inc., both related to Electric Vehicle and the subject of various lawsuits. The other 50 percent of Electric Vehicle is owned by Gary Courneya, a former Beverly Hills sports car salesman.


Thor and Electric Vehicle produced Bradley cars, consisting of fiberglass bodies mounted on Volkswagen chassis and powered by electric motors or gasoline engines. Thor did business as Bradley Automotive in Fridley.

In addition to being listed in documents as a director and officer of Electric Vehicle, Gustafson also is, indirectly, a creditor. Two of his financial companies have combined loans of $255,755 to Electric Vehicle.

 

Since the loans are secured by assets of the company, Gustafson would have rights in bankruptcy court proceedings to any Electric Vehicle inventory, physical property or money before the people who paid for cars that weren't delivered.

In the Chapter 11 filing, the largest creditor is Media Networks of New York, which lists $87,343. Other large debts include $12,146 to IBM, $25,534 to Northwestern Bell Telephone Co. and $29,587 to Lester Electric of Nebraska.

Copyright 2000 Associated Press. Republished with permission. No further republication or redistribution is permitted without the written consent of Associated Press.

 

 




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