Reagor-Dykes Plainview landlord doesn't object to sale, wants re

Reagor-Dykes Plainview landlord doesn't object to sale, wants rent payment

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LUBBOCK, Texas -

A new court filing for the landlord of the Reagor-Dykes Plainview location essentially states it does not object to sale of the Auto Group. But it wants to be paid rent as soon as possible and not lost in the shuffle of many transactions.

As we reported Tuesday, the chief restructuring officer now running many of Reagor-Dykes' operations asked the court for approval to start bidding procedures for remaining assets. 

Attorneys for the estate of M.I. Jack Morris write that, at a minimum, rent of $6,500 per month should be paid until a sale is complete. "The reasonable rental value of the Plainview Dealership Property, which features a 25,000+ square foot dealership facility and nearly five acres of paved display space, substantially exceeds that amount," according to this filing.

The landlord objects to any extensions granted to Reagor-Dykes in this bankruptcy case, noting it has a motion pending asking the company to pay up or move out. The filing states "any extension of the deadline for assumption or rejection should be subject to and predicated upon the payment of minimum base cash rental to Plainview Landlord. Unless expressly stated to the contrary, no consent to or participation in the proposed sale procedure is to be implied as a consent to the extension of this deadline."

A few weeks ago the landlord involved with this filing as well as two investment companies that lease the Reagor-Dykes 82nd Street locations filed notice with  the court demanding payment. 

The latest filing is below:

TUES: Reagor-Dykes Auto Group requests court to allow sale of company
SEPT. 4: Reagor-Dykes Auto Group establishes process to resolve customer problems
AUG. 31: International Bank of Commerce asks for court to allow it to foreclose on Reagor-Dykes dealerships
AUG. 31: More Reagor-Dykes companies, co-owners may soon file for chapter 11
AUG. 30: Court extends Reagor-Dykes employment of CRO; officer discusses potential dealership buyers
AUG. 29 : International Bank of Commerce asks for loan payment in Reagor-Dykes case
AUG. 29: Ford Credit objects to Reagor-Dykes earlier legal team
AUG. 27: Vista Bank doubles relief request in new federal suit against FirstCapital Bank
AUG. 25: Reagor-Dykes chief restructuring officer hires new legal team
AUG. 25: GM proceeding with termination of Reagor-Dykes Floydada
AUG. 23: Landlords demand rent for Reagor-Dykes dealerships in Lubbock, Plainview
AUG. 20: Ford Credit moves ahead with suit against Reagor, Dykes, some R-D companies
AUG. 18: Reagor-Dykes bankruptcy case: Read court order following Aug. 16 hearing
AUG. 17: Auto dealer claims Reagor-Dykes owes $513,000, vehicles may be in consumers' possession
AUG. 16: Vista Bank sues FirstCapital for $6 million, claims Dykes helped perpetrate check kiting scheme
AUG. 16: Bankruptcy court allows Reagor-Dykes continued use of cash collateral, hiring of CRO
AUG. 15: Reagor-Dykes Auto Group issues written apology
AUG. 14: Loss of Reagor-Dykes Chevrolet in Floydada a potential financial pitfall for city
AUG. 14: Vehicle auction company claims Reagor-Dykes owes it $687,000
AUG. 14: Ford Credit claims Reagor-Dykes is not following court orders; court grants extension to file docs
AUG. 13: U.S. Trustee opposes Reagor-Dykes request to hire chief restructuring officer
AUG. 10: Ford Credit: Reagor-Dykes fraud may be among largest of its type in U.S. history; GM files to terminate Floydada dealership
AUG. 9: Reagor-Dykes questions former CFO’s actions; Contractor claims $700,000 due now
AUG. 7: Former Reagor-Dykes employees claim they were not paid
AUG. 6: Customers concerned over Reagor-Dykes 'unwinding' process
AUG. 6: Ford suit against Reagor-Dykes on hold while bankruptcy case proceeds
AUG. 3: Judge approves Reagor-Dykes employee pay
AUG. 2: Mayor: Downtown Lubbock growth to remain strong regardless of Reagor-Dykes future
INITIAL STORY: Ford Motor Credit sues Reagor-Dykes; R-D files for chapter 11 bankruptcy

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