International Bank of Commerce is asking a Lubbock County Court to collect more than $23 million from four banks. It’s filed against Bart Reagor’s accounts at Lubbock National Bank, AIM Bank, Wells Fargo and Prosperity bank.
As part of the resolution of the Third Amended Chapter 11 Plan of Liquidation for Reagor-Dykes Auto Group, the Trustee is prepared to announce the chance for former Reagor-Dykes consumers to assert claims for compensation.
More than two years after the first claims against the Reagor Dykes Auto Group, legal action continues as the creditor’s trust for the bankrupt company filed a lawsuit claiming AimBank ignored warning signs of fraud.
Documents filed in Federal Court Thursday granted a settlement payment from General Motors, LLC, to Reagor Dykes Floydada for $84,684.14. A settlement previously agreed upon by both parties.
Businesses and individuals who were victims of fraudulent actions by employees of Reagor-Dykes Auto Group may be closer to receiving compensation after the third amended Chapter 11 liquidation plan was filed Tuesday.
Attorneys for the Reagor-Dykes Auto Group estate filed a motion late Monday morning claiming former CFO Shane Smith “cooked the books,” allowing him to take $527,076.81 commission payments he was not owed.
In a 33-page complaint filed Wednesday, the bankrupt auto group claims: “FMCC racked up millions in profits from interest that the Debtors paid and interest that consumers paid on vehicle deals that Reagor-Dykes originated.”
The plan will shut down the remaining business operations, sell off everything that is left, and will hand over the consumer issues to a creditors trustee and the consumer ombudsman. The plan also supports the settlement with Rick Dykes.
A motion for a proposed settlement submitted Thursday afternoon by Reagor-Dykes Motors, Rick Dykes and supported by the Texas Attorney General, would release Rick Dykes from all financial claims and/or causes of action in the Reagor-Dykes bankruptcy case.
Federal Bankruptcy Judge Robert L. Jones approved the $7.5 million settlement between Vista Bank and the Reagor-Dykes Auto Group bankruptcy estate in a hearing on Feb. 26, 2020.
In court documents filed Wednesday morning by a court appointed Special Litigation Counsel attorney for Reagor-Dykes estates, they claim FirstCapital “knowingly and intentionally participated in Shane Smith’s fraudulent schemes to defraud [Reagor-Dykes Auto Group] and their creditors.”
The court hearing that could have decided whether the Reagor Dykes estates stay in reorganization or are liquidated under Chapter 7 has been continued until March 24, 2020.
On the eve of a court hearing that may decide whether the Reagor Dykes estates stay in reorganization or are liquidated, new filings in the RDAG bankruptcy case by the Texas Attorney General reveal that Reagor Dykes has “resolved approximately 90 percent of the initial consumer issues.”
FirstCapital Bank of Texas asked a judge to end Reagor-Dykes reorganization plans on Wednesday, a move that would effectively force the dealership into liquidation.
Vista knew the nature and the extent of Shane’s fraudulent schemes. Far from stopping them, they took active measures to help Smith carry out his schemes, according to the documents.
Twelve Reagor-Dykes Auto Group employees have pleaded guilty in federal court in connection to the auto giant criminal case. Three of those were set to be sentenced on two separate dates in January. All three sentencing hearings were cancelled.
The number of guilty pleas in the Reagor-Dykes floor plan fraud scheme has grown after another employee pleaded guilty to conspiracy to commit wire fraud.
Eleven people have pleaded guilty for their role in the Reagor-Dykes “fraud scheme.” The investigation reveals more than $40 million worth of “collateralized inventory that RDAG was unable to produce for inspection,” according to court documents.
A Lubbock District Judge has ordered Bart Reagor to pay Vista Bank $1,792,605.39. The order was granted by District Judge Ruben Reyes on Monday, Dec. 2.
A total of eight people have now pleaded guilty for their role in the Reagor-Dykes “fraud scheme,” according to the U.S. Attorney for the Northern District of Texas. The investigation reveals more than $40 million worth of “collateralized inventory that RDAG was unable to produce for inspection,” ac
A total of seven people have now pleaded guilty for their role in the Reagor-Dykes “fraud scheme,” according to the U.S. Attorney for the Northern District of Texas.
The Federal Bankruptcy judge granted a request for an expedited hearing on Reagor-Dykes Auto Group expedited motion for approval of compromise and settlement with FirstBank & Trust.
First Bank & Trust has filed a motion asking the court to move the Reagor-Dykes companies from Chapter 11 bankruptcy, aimed at restructuring and preserving the dealerships, to Chapter 7 bankruptcy, which would liquidate all the assets and end Reagor-Dykes as a going concern.
Two more Reagor-Dykes Auto Group employees have pleaded guilty to fraud for their role in a $23 million check kiting scheme, allegedly under the direction of the auto group’s former Chief Financial Officer, Shane Smith.
Bart Reagor has been barred by a federal judge from commenting on a current case against Ford Motor Credit to the public. This gag order, as it’s known, was issued today, Oct. 3.
The sentencing hearing for Shane Smith, the former CFO for the Reagor-Dykes Auto Group who pleaded guilty to one count of wire fraud, has been rescheduled for 1:30 p.m. on Jan 7.
A federal bankruptcy court approved a Reagor-Dykes disclosure statement on Tuesday, laying out a timeline for creditors to file objections and vote on the proposed reorganization.
Two former employees with the Reagor-Dykes Auto Group pleaded guilty for their role in a $23 million check kiting scheme, allegedly under the direction of the auto group’s former Chief Financial Officer, Shane Smith.
A second reorganization plan has been submitted to a federal bankruptcy court that would allow a Reagor-Dykes Auto Group plan sponsor $13 million for re-organizational operating costs. This has yet to be approved by the court.
As the calendar inches closer to the one year mark since the Reagor-Dykes Auto Group’s bankruptcy, a bank that backed the group for millions of dollars is suing the company they say started the chain reaction of events.
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.
A plan has been drafted to conclude the bankruptcy case for the Reagor-Dykes Auto Group. The hope is it will be completely prepared by the end of July and confirmed by September.
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.
The former Chief Financial Officer for the Reagor-Dykes Auto Group, Shane Smith, has pleaded guilty to one count of conspiracy to commit wire fraud by getting money through false documents.
July 11 is the date set for Ford Motor Credit Company and Bart Reagor to settle the amount owed to Ford after the Reagor-Dykes Auto Group filed for Bankruptcy on Aug. 1.
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.
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.
Bart Reagor will have to join his former business partner Rick Dykes in paying Ford Motor Credit millions of dollars as the co-guarantor of the Reagor-Dykes Auto Group.
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.
Friday afternoon KCBD learned that in the first week of the portal being online, the Lubbock Tax Assessor-Collector’s office has processed 31 titles for former Reagor-Dykes customers.
Judge Robert Jones agreed on a motion Wednesday that would eliminate the sales tax for Reagor-Dykes Auto Group customers in Lubbock County that are in the vehicle registration process.
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.
Ford Motor Credit Company LLC and Rick Dykes have agreed to a judgment saying Dykes personally owes Ford more than $58 million. The motion was filed today in the U.S. District Court.
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.
As the ongoing bankruptcy hearings for the Reagor-Dykes Auto Group drag into their eighth month, hundreds of customers remain trapped between the auto group and their local tax collector’s office.
Judge Robert Jones has ruled an agreement between Levelland-based AimBank and two Reagor-Dykes dealerships can move forward despite objections from GM Financial.
Vista Bank has filed a civil lawsuit in Lubbock County court against Bart Reagor saying he is personally in default $1,448,401.23 on a loan, because he signed a personal guarantee on the note.
Eighty Second Street Investments LLC and Lubbock Windmill Real Estate LLC have filed court documents that orders the Reagor-Dykes Auto Group to pay up or move out.
The time and place for mediation between Ford Motor Credit and Reagor-Dykes Auto Group has been set, and now KCBD has learned one interested party will no longer be in attendance.
A crowd of more than one dozen attorneys were in Judge Robert Jones’ courtroom Thursday to plead their cases in the ongoing Reagor-Dykes reorganization.
Eighty Second Street Investments LLC and Lubbock Windmill Real Estate LLC have filed court documents that ordered the Reagor-Dykes Auto Group to vacate its Mitsubishi dealership on 82nd Street.
FirstBank & Trust officials filed a response in opposition to Reagor Dykes Auto Group’s motion to compel global mediation in their bankruptcy case on Wednesday.
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.
In court documents filed on Feb. 4 in civil court, Ford Motor Credit wants Bart Reagor and Rick Dykes to pay $109,091,460.95 following a “massive fraud” which happened on Reagor and Dykes' watch.
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.
In a surprising move from McDougal Companies, officials sent a news release saying they’re “ceasing discussions in the Reagor-Dykes Auto Group bankruptcy.”
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.
Attorneys for Reagor-Dykes Auto Group were back in federal bankruptcy court Wednesday on a number of matters related to the dealership group’s ongoing bankruptcy case.
Court documents filed today say the bankruptcy judge has granted Ford Motor Credit the ability to immediately repossess their vehicles from 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 federal courtroom filled with mostly attorneys and members of the media, Judge Robert Jones approved Reagor-Dykes' request for immediate use of cash collateral to continue operating.
Following five hours of testimony Tuesday, Judge Robert Jones announced he will make his decision on Reagor-Dykes' reorganization plan Wednesday afternoon.
