These are some procedural updates in both Ford Motor Credit's lawsuit against Reagor-Dykes as well as bankruptcy proceedings for some Reagor-Dykes companies.
As we reported Aug. 20, Ford Motor Credit is proceeding with its lawsuit against Reagor-Dykes companies that have not filed for bankruptcy as well as individual owners Bart Reagor and Rick Dykes. However, documents last week showed these companies and the owners may also soon file for chapter 11. Ford Credit 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 for those companies that filed for protection.
Documents filed Tuesday show summons for Bart Reagor, Reagor Auto Mall I and Reagor Auto Mall II were delivered to Bart Reagor at the Reagor-Dykes downtown headquarters on Aug. 23. A summons for Rick Dykes was delivered to Dykes at his home Aug. 24.
The Bankruptcy Court has scheduled upcoming hearings in the case.
International Bank of Commerce has requested the court allow it to proceed to foreclose on dealership locations in Lubbock, Amarillo, Plainview, Lamesa and Floydada. This motion will be heard 10 a.m. Sept. 18.
Universal Underwriters Service Corporation is asking the court to allow it to recoup $700,000 owed for insurance, warranty and protection plans Reagor-Dykes sold to customers. Universal's request will be heard 1:30 p.m. Sept. 19.
Manheim Remarketing, Inc and Online Vehicle Exchange has made a similar request to proceed to reclaim $687,345 plus other interest and fees tied to vehicles these companies sold to Reagor-Dykes. Manheim and Online Vehicle Exchange's request will be heard Sept. 19.
The landlord of Reagor-Dykes' Plainview location is seeking similar action to get paid or reject its lease. This request will also be heard Sept. 19.
There are other issues before the court that were not heard at last week's hearing that will be on the docket Sept. 18 or 19. The items listed above were merely filed with the court Wednesday.
TUE: 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