5 things to know: Friday

5 things to know: Friday

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Reagor-Dykes bankruptcy filing sends ripple effects through Lamesa

LAMESA, Texas - The bankruptcy proceedings of the Reagor-Dykes Auto Group are affecting considerably more than just the employees and the executives. It is sending economic tremors through each community the dealerships call home. 

When the Walmart closed in Lamesa two years ago the outlook was bleak. Now the small West Texas town is facing what could be an even more daunting future; the loss of a second economic giant, the Spike-Dykes Ford and Lincoln.

"A lot of people from Lamesa worked out there, a lot of really good folks and they're just sitting out there in the unknown waiting to find out whether they're going to have a permanent job or not and what's going to happen in the next few weeks," said Scott Leonard, President of the Lamesa Economic Development Corporation. "So we're very concerned about them and the economic effect it has on their families."

The Reagor-Dykes Executives are expected to be in bankruptcy court for a follow up hearing on Aug. 16.

UPDATED: Reagor-Dykes questions former CFO’s actions; Contractor claims $700,000 due now

LUBBOCK, Texas - Universal Underwriters Service Corporation objects to a part of Reagor-Dykes’ motion to use cash collateral. 

According to court documents, Reagor-Dykes sells various Universal products, including contracts that cover vehicle service, debt cancellation, theft deterrence, road hazard protection, maintenance and limited warranties.

Universal claims under its agreement with Reagor-Dykes, the company must pay within 10 days of the close of the month for all products sold. Universal claims it is now owed $700,000. The filing states this money is not Reagor-Dykes’ to hold or use for any other purpose. 

The filing states Universal does not object to Reagor-Dykes’ agreement with Ford Motor Credit to use Ford’s cash collateral as has been outlined in court last week and previous filings. But Universal has objection with use of cash that is due to it — $700,000. 

Lubbock-Cooper ISD changes dynamics of learning with new school

LUBBOCK, Texas - Lubbock-Cooper ISD is changing the dynamics of teaching and implementing a modern style at its newest campus, East Elementary. Superintendent Keith Bryant said the district is embracing the growth.

"We are so very excited to open this school and see what it brings," said Bryant. "What opportunities kids have to expand their learning in ways they've never had the opportunity to do so."

This two story building features a discovery center, a space similar and an i-max theater. Bryant said the school's library will be a place where students can learn and have fun all at the same time with a slide and a social stair set up. 

Lubbock Cooper ISD redrew its attendance boundaries last year and will have 350 students enrolled on this campus, beginning next week. The school is expected to be complete and ready to go for the first day of class.

Money saving tips for tax free weekend

LUBBOCK - Tax free weekend starts Friday and runs through the weekend. You can save money on most shoes, clothing and school supplies

Jeffrey Nicholas, owner of Nicholas Financial advises shoppers to budget before going to the store.

"You don't have to have the name brand of this particular item if you can save ten or fifteen cents," Nicholas said. "You know you think about it if something fifty cents cheaper and I have four kids, that's two dollars I could save, which may not seem like a lot, but hey, that's a gallon of gasoline."

He said to keep the kids at home so they don't sneak in the cool patterned folders and notebooks, and even look at online prices.

As kids get older, supplies can get more expensive. Nicholas suggests looking into refurbished computers and surface pads. And most stores will price match online prices, so do your research.

Prosecutors to rest case at Manafort financial fraud trial

ALEXANDRIA, Va. (AP) - Prosecutors in Paul Manafort's financial fraud trial say they expect to rest their case on Friday.

On Thursday, prosecutors returned to the nuts and bolts of their case against the former Trump campaign chairman as they sought to show he obtained millions of dollars in bank loans under false pretenses.

Attorneys for special counsel Robert Mueller also got a rare, and narrow, acknowledgment from U.S. District Judge T.S. Ellis III in Alexandria, Virginia, that he likely erred when he angrily confronted them over whether he had allowed a witness to watch the trial.

Thursday's testimony was devoid of some of the drama of recent days, when star witness Rick Gates was confronted about embezzling hundreds of thousands of dollars from Manafort and was forced to admit to an extramarital affair.

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