Dealership asking court to allow recovery of 15 vehicles sold to Reagor-Dykes

Car dealership wants cars or cash

LUBBOCK, TX (KCBD) - A dealership filed a motion with the Lubbock bankruptcy court on Friday, asking the court to rule on the disposition of 15 vehicles that were purchased by Reagor-Dykes dealerships now that banks are refusing to honor the drafts made for those vehicles, totaling more than half a million dollars.

Nyle Maxwell of Taylor says these vehicle transactions were being processed when Reagor-Dykes filed for bankruptcy protection. They are asking the court to lift the stay and allow them to receive payment for the vehicles or to reclaim them from customers.

Nyle Maxwell told the court, "customers having possession of the Nyle Maxwell-owned vehicles are probably unaware of the status of their respective transactions. Nyle Maxwell requests that the stay be lifted and that it be permitted to recover its vehicles, or to allow Nyle Maxwell to contact customers regarding alternate financing or turnover of the vehicles to Nyle Maxwell."

The dealership is concerned about risk of loss from the vehicles and the possibility that the vehicles may be used to generate income paid to other creditors, saying, "Any delay in recovering the subject vehicles creates additional risk of loss to Nyle Maxwell or damage to its vehicles. Additionally, the Nyle Maxwell-owned vehicles may have been included in lease agreements which have generated income that is or will be used by Debtors to pay creditors other than Nyle Maxwell, which itself must meet obligations owed to its own creditors."

Related stories:

FirstCapital Bank responds to suit for $6M: Vista Bank is "weaponizing the judicial system"

Vista Bank sues FirstCapital Bank for $6M, claims Rick Dykes used insider information

Judge rules on use of Reagor-Dykes restructuring officer, paying employees

Reagor-Dykes issues apology to customers, friends, employees

Ford: 'Reagor-Dykes Auto Group created their own financial mess'

Judge grants order allowing Reagor-Dykes additional 30 days to submit financial documents

US Dept. of Justice objects to Reagor-Dykes request to hire Chief Restructuring Officer

Motion Granted: General Motors to terminate Reagor-Dykes Floydada Chevrolet franchise

Ford: This may be one of the largest frauds in the history of the United States

Reagor-Dykes Auto Group asks court to allow third party to investigate actions of former CFO, owners

Lubbock attorney breaks down what's next for Reagor-Dykes court cases

Judge issues rules for Reagor-Dykes Auto Group to use cash to operate

What you need to know about the Reagor-Dykes lawsuit

Ford Motor Credit Company sues Reagor-Dykes Dealerships; RD files for bankruptcy

Lubbock attorney considers options for Reagor-Dykes bankruptcy

Reagor-Dykes Auto Group files emergency motion to pay employees, Ford files objection

Some Reagor-Dykes departments closed until further notice; judge orders no hearing Aug. 8

Tax assessor: Recent Reagor-Dykes customers should check with dealer

Copyright 2018 KCBD. All rights reserved.