Progress is being made in resolving some of hundreds of Reagor-Dykes customers' registration issues.
The International Bank of Commerce - Oklahoma filed suit Thursday in a Lubbock district court against co-owners Bart Reagor and Rick Dykes individually, as well as multiple capital and insurance branches of the Reagor-Dykes Auto Group.
The State of Texas filed suit against Bart Reagor and Rick Dykes, individually, in Travis County Monday, asking for more than $50,000 in unpaid sales taxes plus interest and attorney's fees.
During a hearing in bankruptcy court Wednesday morning, Reagor-Dykes counsel said resolutions have been reached with multiple entities that earlier filed objections to this plan. It would allow Lubbock County to register vehicles, waiving unpaid sales tax.
The Reagor-Dykes Auto Group co-owner and his wife denied most claims from an insurance company in its $2.4 million dollar lawsuit against the couple. Universal Underwriters Service Corporation sued the Reagors in March, asking for backpay it claims Reagor-Dykes owes from insurance contracts.
Progress is being made on a plan to resolve hundreds of tax, title and license issues for Reagor-Dykes customers. But there isn't an agreement just yet.
Several entities connected to the Reagor-Dykes Auto Group object to its proposal and amended proposal to resolve hundreds of tax, title and license issues. It's not the issue of resolving customer's problems ongoing since early August. It's how it should get done.
GM Financial supports the effort to resolve hundreds of problems keeping Reagor-Dykes customers from registering their vehicles. But it does not want to turn over titles or other documents without a guarantee it will be paid.
The Federal Court has approved the agreement between Rick Dykes and Ford Motor Credit. Dykes will owe $58.7 million to Ford Credit in the civil lawsuit filed against Dykes and Reagor.
In Ford Motor Credit's lawsuit filed against Bart Reagor and Rick Dykes, a filing indicates there is an agreement between Dykes and Ford Credit.
Counsel for the Reagor-Dykes Auto Group has filed its proposal that could help hundreds of customers who have not been able to register their vehicle or transfer a title.
An insurance company based in Kansas is suing Bart Reagor and his wife Annette. It claims the Auto Group co-owner and all the dealerships he runs have defaulted on all their contracts.
Vista claimed Rick Dykes placed $7.5 million in a FirstCapital account in exchange for $2.1 million in capital; the court documents indicate Bart Reagor transferred an unknown amount of mutual fund assets for a similar agreement, but FirstCapital never extended any additional capital to the dealership.
There appears to be a significant breakthrough for some Reagor-Dykes customers who have not been able to register their vehicle or transfer a title.
In the Reagor-Dykes bankruptcy, Judge Robert Jones has approved GM Financial's request for relief from automatic stay. This allows, effective March 6, GM Financial to repossess any of its vehicles or other collateral at Reagor-Dykes Snyder.
The focus was once again placed on a Ford Credit regional manager and former Reagor-Dykes chief financial officer Shane Smith in Bart Reagor and Rick Dykes' response to Ford Credit's lawsuit. This latest filing is the defendants' opposition to Ford Credit's motion for summary judgment.
A global mediation involving several parties involved in the Reagor-Dykes bankruptcy is scheduled next week in Dallas, Feb. 25 and Feb. 26.
Read the bankruptcy judge's order directing Ford Credit to take part in global mediation.
U.S. Bankruptcy Judge Robert Jones will order global mediation between many parties involved in the Reagor-Dykes bankruptcy.
U.S. Bankruptcy Judge Robert Jones has granted AmeriCredit Financial Services' request for an expedited hearing on its motion for relief from automatic stay in the Reagor-Dykes bankruptcy.
The bankruptcy judge has ordered Reagor-Dykes to provide documentation to MUSA Auto Finance and MUSA Auto Leasing, related to vehicles it financed, leased or otherwise processed. The order lists some specific vehicles, but also includes other vehicles involving MUSA with unresolved tax, title and license or trade-in liens.
Attorneys write "GM Financial continues to incur extraordinary expense in protecting its collateral with little proposals being shown for a reorganization of either Reagor-Dykes Snyder, L.P. or the Reagor-Dykes Group, generally."
U.S. Senior District Judge Sam Cummings finds Reagor-Dykes has not shown good cause as to why the Court should put off considering Ford Motor Credit's request for summary judgment, according to an order filed Friday. Ford Credit is asking for the judge to rule in its favor without proceeding through a full trial.
Another phone conference will be held in a week, Feb. 14, to discuss a motion to compel global mediation for the many parties involved in the Reagor-Dykes bankruptcy.