Ford Credit moves ahead with suit against Reagor, Dykes, some R-D companies
Ford Motor Credit is proceeding with its lawsuit against Bart Reagor, Rick Dykes and Reagor-Dykes companies that are not included in chapter 11 bankruptcy filings.
Ford Credit first filed suit against Reagor-Dykes July 31. The next day several, but not all, Reagor-Dykes companies filed for bankruptcy protection. This effectively put Ford Credit's lawsuit on pause. However, this latest filing shows Ford Credit is moving ahead against the individual owners and the companies not involved in bankruptcy proceedings. Specifically this is against: Reagor-Dykes Auto Mall I, L.L.C., Reagor-Dykes II, L.L.C., Reagor-Dykes III, L.L.C., Bart Reagor and Rick Dykes.
The July 31 suit claims Reagor-Dykes companies collectively owe more than $116 million, with more than $40 million due now.
U.S. Senior District Judge Sam Cummings vacated an Aug. 8 hearing on the lawsuit and set Aug. 17 as the deadline Ford Credit had to change its lawsuit to remove entities that filed for bankruptcy protection. Ford Credit met that deadline with this filing. The suit's defendants have until Aug. 31 to respond.
While the lawsuit is moving forward against just the entities listed above, in this new filing Ford Credit provided an overview of amounts owed by each dealership as of July 31. These figures include dealerships covered in bankruptcy proceedings.
|Dealership||Estimated Amount Outstanding|| |
Amount Currently Due
Ford Credit's filing states interest continues to accrue. Also, Ford Credit lists outstanding principal indebtedness as $3,916,671.00.
Ford Credit is asking for a jury trial. Judge Cummings on Monday ordered Ford Credit to provide documents to the court by Sept. 10.
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