UPDATED: Hearing on what Ford Credit claims Reagor owes postpone

UPDATED: Hearing on what Ford Credit claims Reagor owes rescheduled

Posted: Updated:
LUBBOCK, Texas -

Update: 

The hearing set for 9 a.m. today has been rescheduled for 9 a.m. on October 7.

No reason was given during the brief announcement in court. 


Ahead of a hearing Thursday in federal court on how much Bart Reagor owes Ford Motor Credit, the credit agency urged Senior U.S. Judge Sam Cummings to not allow the auto group co-owner to essentially force another trial over how much he owes the creditor.

Judge Cummings ruled in Ford Credit's favor in the lawsuit originally filed against the Reagor-Dykes Auto Group nearly a year ago. The lone defendant now is Bart Reagor, after the dealerships declared bankruptcy and Rick Dykes cut a deal with the agency.

The agency reported Reagor owes $46.7 million to Ford Credit; that's dealership debt plus attorneys fees and miscellaneous costs, minus the millions the agency recouped in forfeitures and liquidations.

Reagor disputed that amount in an objection to its calculations; his attorneys essentially demanded Ford Credit show, line-by-line, how it totaled its accruals and show supporting documentation. Reagor also argued he can't be held liable for what it cost Ford Credit to litigate against other cases -- such as its participation in the Reagor-Dykes bankruptcy case -- or what he called excessive attorney fees.

In its answer to Reagor's objection, Ford Credit references Judge Cummings' judgment against Reagor, reminding his attorneys the court found the guaranties the co-owner signed "unambiguously require him to 'repay all of the dealerships' obligations' to Ford Credit, 'including interest, costs, expenses, and attorneys' fees.'"

Ford Credit's attorneys assure the court they're ready to provide supplemental evidence at the hearing Thursday regarding the amounts it's recovered, as well as the interest, costs, and expenses the creditor's incurred.

In addition to the court's summary judgment, Ford Credit's attorneys also hold the guaranties Reagor signed hold him personally responsible for "all such amounts [to] make Ford Credit whole for 'all losses, costs, attorneys' fees, or expenses' suffered as a result of the Reagor-Dykes Dealerships' default [...]." The creditor's filing points out the dealership agreements specifically identify bankruptcy as events of default.

The hearing is set for 9 a.m. Thursday at the federal courthouse. On the hearing's eve, Reagor put out another message through a hired media consulting firm.

Dolcefino Consulting called Ford's audits and the suit against the Reagor-Dykes Auto Group a sneak attack. 

"I think that they came in aggressively like they did to basically try to bury the company as fast as possible so that they never had to deal with any ramifications," Reagor said in an interview conducted by and video released by Dolcefino Consulting. "They knew they had liability."

"I just pray that Judge Cummings is open-minded and fair and looks at both sides and we get a fair deal," Reagor said in the video, in which he lays blame for the Auto Group's collapse on his former CFO, Shane Smith. Smith has pleaded guilty to a federal charge and faces up to 20 years in prison.

Reagor also blames Vista Bank and First Capital Bank, claiming they had some back alley deal with Smith, in exchange for exorbitant fees. Those two banks have sued each other, citing damages from Smith's check kiting scheme, and are involved in the bankruptcy hearings.

You can watch a longer video from Dolcefino Consulting here.

 

JULY 6: IBC Bank moves for summary judgment vs. Reagor, judge recuses himself
JULY 1: Reagor-Dykes files reorganization plan
JUNE 21:  Judge approves bankruptcy plan schedule for Reagor-Dykes
JUNE 19: Former Reagor-Dykes CFO pleads to federal conspiracy charge
JUNE 18: July 11 hearing set on amount Reagor owes Ford Credit
JUNE 17: Reagor: Ford Credit must show its work on how much it's owed
JUNE 3: Ford Credit: Bart Reagor owes $46 million plus interest
MAY 24: Ford Credit wins; court orders Reagor to pay
MAY 22: Progress reported in resolving Reagor-Dykes registration issues
MAY 9: Oklahoma bank sues Reagor, Dykes, offshore financial companies for $26 million
MAY 6: State of Texas sues Reagor, Dykes for more than $50,000 in sales taxes
APRIL 24: Reagor-Dykes registration issues may soon be resolved
APRIL 16: Bart, Annette Reagor deny breaching insurance corporation contracts in $2.4 million suit
APRIL 10: Progress but no agreement, just yet, on Reagor-Dykes TT&L plan
APRIL 8: Multiple objections filed to Reagor-Dykes' registration solution proposal
APRIL 2: Filing: Rick Dykes agrees to $58.7 million judgment to Ford Credit
MARCH 23: Universal Underwriters sues Reagors, claims Auto Group defaulted on contracts
MARCH 21: Vista Bank: FirstCapital Bank 'sealed the demise' of Reagor-Dykes with fraudulent agreement
MARCH 20: 700 Reagor-Dykes customers still have unresolved TT&L, trade-in
MARCH 19: Proposal could resolve many Reagor-Dykes registration, title issues
MARCH 19: Landlord: Reagor-Dykes Plainview abandoned in 'extreme disrepair'
FEB. 23: Dykes, Reagor response claims Ford Credit should have seen problems
FEB. 19: UPDATED: Reagor-Dykes mediation next week in Dallas
FEB. 15: Read order directing global mediation in Reagor-Dykes bankruptcy
FEB. 14: Judge orders Ford Credit to participate in Reagor-Dykes 'global mediation'
FEB. 11: Judge approves AmeriCredit's request for hearing on Reagor-Dykes Snyder
FEB. 8: Judge orders TT&L lists turned over to creditor, others request info
FEB. 8: GM Financial, citing 'little opportunity' for meaningful progress, requests access to relief
FEB. 8: Judge denies Reagor-Dykes request to delay summary judgment
FEB. 7: Landlord orders Reagor-Dykes out, another phone hearing next week
FEB. 7: Ford Credit objects to Reagor-Dykes' attempt at 'global mediation'
FEB. 6: First Bank & Trust opposes 'global mediation' for Reagor-Dykes
FEB. 6: Reagor-Dykes requests global mediation in bankruptcy
FEB. 6: Reagor and Dykes argue if Ford Credit was complicit in fraud, two men not responsible for $109 million+
JAN. 31: Reagor-Dykes seeks appeal of Bankruptcy Judge's order
JAN. 31: McDougal no longer involved in Reagor-Dykes re-organization effort
JAN. 28: Nearly 6 months later, hundreds of Reagor-Dykes customers still in limbo
JAN. 23: FirstCapital Bank allows Reagor-Dykes to use cash collateral
JAN. 18: Future uncertain for Reagor-Dykes Auto Group after recent ruling
JAN. 17: Judge: Ford Credit may repossess Reagor-Dykes vehicles
JAN. 9: Court approves Reagor-Dykes interim funding
JAN. 8: Reagor-Dykes, Ford Credit argue future of Auto Group in bankruptcy court
JAN. 8: Citing possible criminal investigation, former Reagor-Dykes CFO requests stay on discovery
JAN. 8: Ford Credit: Reagor, Dykes signed guaranties, should pay $112 million+ in relief
JAN. 7: Reagor-Dykes files reorganization plan
JAN. 7: 'Reagor-Dykes is not dead', Auto Group files response to Ford Credit's demands
JAN. 4: With no reorganization plan yet filed, Ford Credit seeks to take possession of Reagor-Dykes vehicles
JAN. 3: Lender asks bankruptcy court to force Reagor-Dykes legal team to produce documents
DEC. 26: UPDATE: Court allows Ford Credit lawsuit to proceed against Bart Reagor, Rick Dykes
DEC. 12: Slow progress reported on Reagor-Dykes customers' TT&L, trade-ins
NOV. 29: McDougal, Ewing and Dykes lead group to purchase Reagor-Dykes assets
NOV. 21 Former Reagor-Dykes CFO requests change of venue in lawsuit
NOV. 20: Toyota, GM file objections in Reagor-Dykes bid process
NOV. 14: State may extend titles for some Reagor-Dykes customers
NOV. 2: Five more Reagor-Dykes entities petition for bankruptcy
OCT. 29: Reagor-Dykes TT&L, trade-in issues remain unresolved; progress reported with some lenders
OCT. 29: Bart Reagor, Reagor Auto Mall claim First Bank & Trust party at fault
OCT. 29: Vista Bank asks to recoup funds in Reagor-Dykes accounts
OCT. 18: No resolution yet on Reagor-Dykes customers' unpaid TT&L, trade-in liens
OCT. 17: More lenders object to Reagor-Dykes' request for TT&L, trade-in payment
OCT. 16: U.S. Bank objects to Reagor-Dykes request for lenders to pay TT&L, trade-ins
OCT. 15: Compromise on vehicles in First Bank & Trust lawsuit v. Reagor Auto Mall
OCT. 15: Judge approves sale of Reagor-Dykes plane; Wells Fargo objects to portion of TT&L motion
OCT. 12: Ford Credit supports part of Reagor-Dykes' request for lenders to pay TT&L, trade-ins
OCT. 12: FirstCapital files counterclaim, motion to dismiss
OCT. 10: Reagor-Dykes aircraft to be sold, pending court approval
OCT. 10: Several filings in Reagor-Dykes bankruptcy case
OCT. 1: KamKad, Reagor-Dykes execute purchase agreement
SEPT. 24: FirstCapital Bank requests First Bank & Trust lawsuit against it, Reagor-Dykes, others move to federal court
SEPT. 21: Judge sets schedule, trial date in Vista Bank v FirstCapital Bank lawsuit
SEPT. 21: Former Reagor-Dykes CFO denies late payments, says Vista Bank attacked him, his family
SEPT. 20: Vista Bank sues former Reagor-Dykes CFO, claims loan default
SEPT. 19: Texas DMV: Reagor-Dykes should promptly resolve title issues
SEPT. 19: Brad, Kenneth Burgess file motion to dismiss Vista Bank lawsuit
SEPT. 18: First Capital Bank files motion to dismiss lawsuit
SEPT. 18: Court approves bid process for Reagor-Dykes Auto Group, extends use of cash collateral
SEPT. 17: Ford Credit, GM object to certain aspects of proposed Reagor-Dykes sale
SEPT. 14: Judge sets trial date in Ford Credit lawsuit vs. Reagor-Dykes
SEPT. 14: Reagor denies Ford Credit's claim vehicles sold out of trust
SEPT. 13: Dykes: Former Reagor-Dykes CFO admits he provided false info to Ford Credit
SEPT. 11: 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

Powered by Frankly
All content © Copyright 2000 - 2019 RAMAR. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.