LUBBOCK, Texas (KCBD) - Just two days before items from his former auto conglomerate go on the auction block, Attorneys for Bart Reagor say he already paid back the $3 million loan Vista Bank sued him over earlier this year.
The lawsuit was filed in Lubbock County’s 72nd Judicial District Court on March 1 for the alleged default of the loan taken by Reagor and Dykes in May 2017. The loan’s maturity date was extended to May 2019 a few months before Reagor Dykes Auto Group filed for bankruptcy last year.
In the initial response to the lawsuit, Reagor’s attorneys objected to the lawsuit based on the facts that Vista Bank failed to prove the conditions for meeting the loan were not met, and that Reagor revoked his guaranty of the loan before the lawsuit was filed.
On Thursday afternoon a new ‘amended original answer’ was filed with the court that reiterates those arguments, but adds the loan was repaid with monies from CD’s Reagor and Dykes held with Vista Bank, as well as money from the personal accounts of Reagor and his wife.
Reagor’s attorney previously argued Vista Bank “ignored multiple attempts to have him fulfill his personal obligations.”
In a response from Vista Bank, the bank said it is suing Reagor because he guaranteed a $3 million loan, which the bank issued to three Reagor-Dykes entities.
The full statement read:
Defendant Reagor’s claims are false. Vista Bank brought this lawsuit against Defendant Reagor because he personally guaranteed a $3,000,000 loan which Vista Bank issued to three of the Reagor-Dyke entities. When these three Reagor-Dyke entities filed for bankruptcy, they later defaulted on this loan.
The $4,000,000 dollars in CD’s referenced in Defendant Reagor’s Amended Answer were collateral for other loans which are not part of this lawsuit. While a small portion of Defendant Reagor’s assets may have been used to offset part of the loan, roughly 1.4 million dollars remain outstanding that Defendant Reagor personally guaranteed.
Additionally, it’s ironic that Defendant Reagor claims that he is being treated unfairly by the media, specifically KCBD, when his claims are receiving equal coverage.
Vista Bank looks forward to swift and certain justice on its motion for summary judgment against him.
The next hearing in this case is set for June 21 at 1:15 p.m. at the Lubbock County Courthouse. Reagor’s federal case involving Ford Motor Credit is also ongoing. On Monday Ford stated Reagor owes them more than $7,000 a day in interest from loans.