LUBBOCK, Texas (KLBK/KAMC) – As of Friday, Ford Motor Credit is not actively suing the Reagor Dykes companies but instead is suing only Bart Reagor and Rick Dykes.
Ford requested that Reagor Auto Mall, Reagor Dykes II LLC, and Reagor Dykes III LLC be severed from the lawsuit it filed back on July 31.
Ford requested a court order that “… all remaining claims and counterclaims among Ford Credit and Bart Reagor and Rick Dykes are not stayed and shall proceed.”
A list of Reagor Dykes companies filed for bankruptcy on August 1 with more Reagor Dykes companies joining the list in November. Companies in bankruptcy have protection from lawsuits.
But Mr. Reagor and Mr. Dykes have not personally filed for bankruptcy and are therefore still subject to lawsuits. The two had previously signed contracts with Ford to personally guarantee their company debts to Ford.
In the original lawsuit, Ford accused Reagor Dykes of defaulting on roughly $40 million of debt. Ford called it one of the largest fraud cases of its kind in U.S. history.
The bankruptcy case continues. So does the lawsuit against Mr. Reagor and Mr. Dykes.