Judgement: Bart Reagor owes Ford Motor Credit $53,759,450.96
LUBBOCK, Texas (KCBD) - Lubbock’s federal district court convened Thursday to formally determine the amount of money Bart Reagor owes Ford Motor Credit.
Bart and his wife were in the courtroom as a jury weighed the evidence from attorneys to determine a final number.
The total: $53,759,450.96.
This hearing was only to determine what, if anything, Bart Reagor owed Ford.
Bart Reagor had personally guaranteed the Reagor-Dykes debts owed to Ford Motor Credit, including floor plan financing and capital loan obligations. The court had previously ruled that Reagor had breached that guaranty.
Ford Motor Credit called the only witness during the two-day jury trial.
The judge told the jurors it would have to be a unanimous verdict. The jury was charged and sent to deliberate around 2:30 p.m. on Thursday, and only took an hour to decide a final ruling.
Ford Motor Credit sued both Bart Reagor and Rick Dykes personally on August 17, 2018. The suit was filed due to Reagor-Dykes defaulting on debt with Ford Motor Credit. They were sued individually as Reagor and Dykes were guarantors of the debt.
Rick Dykes settled in April of 2019, agreeing to pay Ford more than $58 million.
Thursday’s court determination has no effect on the legal issues surrounding bankruptcy proceedings.
On July 31, 2018, Ford Motor Credit Company, LLC filed its original complaint against certain Reagor-Dykes Auto Group entities. On August 1, 2018, and as a result of the Ford Litigation, six Reagor-Dykes Auto Group entities filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code. On November 2, 2018, four more Reagor-Dykes Auto Group entities filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code.
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