As of July 1, Reagor-Dykes Auto Group exists basically on paper and in the memories of West Texans. On Monday crews could be seen taking the familiar ‘RD’ logo off the company’s headquarters in downtown Lubbock.
One day after former Chief Financial Officer for the Reagor-Dykes Auto Group, Shane Smith, pleaded guilty to one count of conspiracy to commit wire fraud by getting money through false documents, the court has scheduled the sentencing for October 1 at 9 a.m.
By order of Ford Motor Credit, thousands of items that previously belonged to the Reagor-Dykes Auto Group will be auctioned off Saturday morning to pay back some of the remaining $46 Million the former dealership group owes their main creditor.
On the heels of last month’s ruling by U.S. District Judge Sam Cummings that Bart Reagor is required to pay back Ford Motor Credit, the auto giant has come up with a number and a hefty amount of interest owed.
International Bank of Commerce Oklahoma filed a petition against several Reagor Dykes companies and personally against Bart Reagor and Rick Dykes on Wednesday, claiming they have defaulted on millions of dollars worth of loans and promissory notes.
Bart and Annette Reagor are demanding a trial by jury on all matters that may be tried. They’re also asking the judge to dismiss Universal’s complaint. Bart and Annette are also asking for the recovery of their costs and attorneys’ fees and for “further relief to which they may be justly entitled.”
Wednesday afternoon’s hearing in federal court offered no resolutions, though attorneys did tell the court they are making progress. The majority of items on the agenda were moved to later this month or next.
Universal Underwriters Service Corporation, a company who provides protection products for customers buying a vehicle, is suing Bart and Annette Reagor for $2,471,650.64 plus all attorneys’ fees, costs and expenses. According to the contract between Universal and Reagor-Dykes Auto Group, Bart and An
Rick Dykes has issued a new witness statement in the form of a timeline after Vista Bank again amended their lawsuit against FirstCapital Bank, Brad Burgess and Kenneth Burgess Jr. to recover more than $6 million in damages. They’re claiming FirstCapital had insider information they obtained through
It’s been 232 days since the Reagor Dykes Auto Group (RDAG) filed bankruptcy. Nearly eight months later, there are some customers still paying for vehicles they traded to the dealership in the weeks leading up to that filing.
Reagor Dykes Auto Group, Lubbock County, the Texas Comptroller and the Texas Department of Motor Vehicles have filed a notice that they have agreed to a resolution for the 656 remaining consumer title issues involving tax, title and license fees in Texas.
Attorneys for Bart Reagor and Rick Dykes are asking a district court to grant more time to find evidence disproving Ford Motor Credit’s claim that both Reagor and Dykes had a direct hand in committing an act of fraud.
On Jan. 17, Judge Robert Jones cleared the way for Ford Motor Credit to take back vehicles sold to Reagor-Dykes Auto Group. In a late afternoon filing on Jan. 31, officials with Reagor-Dykes Auto Group filed an appeal with the bankruptcy judge.
McDougal Companies has been invited to Dearborn, Michigan by Ford Motor Credit to attend a “global settlement” meeting. Ewing Auto Group out of the Dallas area has also been invited. The meeting is to discuss and possibly solve problems related to the bankruptcy of Reagor-Dykes Auto Group.
On the same afternoon attorneys for Reagor-Dykes Auto Group learned a Lubbock bankruptcy judge will allow Ford Motor Credit to repossess vehicles, attorneys also learned Gulf States Toyota can sever their agreement with the auto group’s Plainview Toyota dealership.
Judge Robert Jones has cleared the way for Ford Motor Credit to take back vehicles sold to Reagor-Dykes Auto Group. In the ruling Thursday, Judge Jones approved Ford’s relief request from the automatic stay motion filed eight days after Reagor-Dykes' initial bankruptcy.
In a legal reply filled with enough rebuttals for a scripted television drama, attorneys for Ford Motor Credit took issue with a number of claims by attorneys for Reagor-Dykes Auto Group Monday evening.
"Contrary to Ford Motor Credit Company LLC’s (Ford Credit) assertion that ‘there is no prospect for a reorganization,’ Reagor-Dykes is not dead. Reagor-Dykes is not out of money. Reagor-Dykes is not without a plan to restructure its debts and recapitalize its business."
Many customers still find themselves in the middle of the ongoing lawsuit involving Reagor-Dykes Auto Group. After six months, one finds herself still paying for her current car, and the one she traded in.
Ford Motor Credit is no longer pursuing their lawsuit against the Reagor Dykes Auto Group. But the suit is still ongoing against the two owners of the dealership conglomerate, Bart Reagor and Rick Dykes.
After combing through court documents and removing duplicate claims from dozens of creditors in the case for the original six Reagor-Dykes Auto Group locations where the deadline has passed to make a claim, the total dollar amount comes to more than $163.6 million.
Attorneys for Reagor Dykes' Chief Restructuring Officer say they are making progress on resolving a multi-million dollar issue of outstanding titles and trade-in amounts, but admit they are not moving at the speed many of the lenders would prefer.
Marc McDougal is leading a group of local investors who expect to buy Reagor-Dykes Auto Group assets, according to sources. The bankruptcy judge and Ford Motor Credit will need to approve the buy, which did not happen today during a 2 p.m. hearing.
Shane Smith, the former Chief Financial Officer of Reagor-Dykes Auto Group, filed a motion in bankruptcy court to move the case involving First Bank & Trust vs. multiple Reagor-Dykes entities, and others. On November 27, that motion was denied.
In documents filed in District Court in September, Vista Bank filed suit against the former Chief Financial Officer of Reagor-Dykes Auto Group, Shane Smith, accusing him of defaulting on an unsecured personal loan for $200,000.
Lubbock law firm Mullin Hoard & Brown, L.L.P., the former attorneys representing Reagor-Dykes Auto Group and their seven subsidiaries has joined the growing number of groups seeking money from the once-ubiquitous dealership group.
Vista Bank filed a motion last week to try and recoup some of the money they claim to have lost from “bad checks” from Reagor-Dykes entities during their alleged multi-million dollar check kiting fraud.
Eighteen days ago, the Reagor-Dykes Auto Group attorneys asked the judge to grant a motion to compel retail lenders to pay outstanding tax, title and license fees and trade-in payoffs. Although there was no resolution in today’s hearing, more facts have been revealed about what is involved with thi
Attorneys for Shane Smith, the former Chief Financial Officer for Reagor-Dykes Auto Group, have released a 28-page response by their client to allegations about his role in the ongoing bankruptcy involving the dealership.
Last week, the Reagor-Dykes Auto Group attorneys asked the judge to grant a motion to allow retail lenders to pay outstanding tax, title and license fees and trade-in payoffs. In a hearing today, the motion was pushed until Oct. 29 because a majority of the lenders are not yet on board.
Representatives with FirstCapital Bank of Texas have filed a counterclaim against First Bank & Trust and motion to dismiss in a lawsuit that alleges the FirstCapital kept at least $3 million from vehicles that were sold by Reagor Auto Mall.
The ruling means if there are any negative comments on an affected customer’s credit report, those comments will be removed. If the customer was having to pay for their trade in and their new car, the payoff for their old car will finally be paid.
In documents filed in District Court on Wednesday, Vista Bank has filed suit against the former Chief Financial Officer of Reagor-Dykes Auto Group for defaulting on an unsecured personal loan for $200,000.
Attorneys for Ken and Brad Burgess, Chairman and Chief Executive Officer of FirstCapital Bank of Texas have asked the court to toss Vista Bank’s lawsuit brought related to the alleged check-kiting fraud perpetrated by Reagor-Dykes auto dealership, according to officials with FirstCapital Bank.
The letters to Reagor-Dykes Auto Group and 10 finance companies say there are approximately 100 complaints that the Texas DMV is currently fielding against the dealerships, mostly in regards to titling issues.
According to the lawsuit, in August 2018, FirstBank, began investigating the status of RAM’s inventory at its Levelland and Imports (the “Dealerships”) locations in an effort to monitor vehicle sales information and to identify whether RAM was falsely reporting sales data and inventory status. Throu
A federal bankruptcy judge approved Reagor-Dykes Auto Group’s request to name KamKad Automotive as a “stalking-horse bidder” and to allow the competitive bid process to begin in RDAG’s bankruptcy case.