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I'd suspect the timing belt, so do one of two things:
1) look in oil cap to see if cam is turning as you crank the engine
2) remove dist cap and see if rotor is turning
If those things aren't happening, you've broken the belt. In any other year 240, I'd say, get a new belt and put it in, no worries.... BUT in 1982 there were some problems with the head receiving sufficient oil. SOmetimes these cars will seize the camshaft in the head. The fix is, a new head, or remove and thoroughly remove all damaged metal on the cam bearings. We did this twice with a friend's 82 and he got 50K miles each time- the third time the cam seized, he junked it!
It's also possible that it's simply an electrical problem or the fuel pump has died or some such thing. Hope it's simple.
Good luck!
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Rob Bareiss, New London CT ::: "Roterande Fläkt Och Drivremmar!"
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