Liberty Bank objects Reagor-Dykes using its lines of credit to s - FOX34 Lubbock

Liberty Bank objects Reagor-Dykes using its lines of credit to stay in business

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LUBBOCK, Texas -

Liberty Bank, a floor plan lender for Reagor Auto Mall, objected to Reagor-Dykes using its lines of credit to stay in business in federal bankruptcy court Monday. Liberty claims Reagor-Dykes may have improperly obtained "missing title funds" and is using them as the court-ordered cash collateral to keep the business operating.

Liberty does not specify how much of its credit line is considered "missing title funds," but asks the court to ensure the use of its money is blocked should the court determine some of the cash collateral to be Liberty's.

According to the filing, Liberty is unable to presently prove with certainty where the money went at all after the money was received by First Capital Bank. 

Liberty notes Reagor Auto Mall is not named in the Reagor-Dykes bankruptcy case, and most of its lines of credit were provided to the Reagor Auto Mall in Addison.

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. 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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