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.
Ford Credit objects to Reagor-Dykes' proposal to force all parties to come together in a global mediation in a few weeks.
First Bank & Trust opposes Reagor-Dykes' attempt to convene a global mediation meeting in a few weeks, noting such a resolution isn't feasible.
Attorneys for the Reagor-Dykes Auto Group have asked the bankruptcy judge to force many parties involved in the bankruptcy case to a global mediation, to resolve the "complicated jigsaw puzzle" of intertwined issued.
Bart Reagor and Rick Dykes are entitled to defend themselves, a new legal filing states. It also includes depositions from Ford Credit employees.
The legal team for the Reagor-Dykes Auto Group is seeking an appeal of Bankruptcy Judge Robert Jones' order granting Ford Credit's relief from stay. The order allows Ford Credit to take back vehicles it financed and other collateral.
The McDougal Companies will no longer be involved in discussions to re-organize the Reagor-Dykes Auto Group, according to a statement issued on behalf of McDougal.
It has been almost 6 months since the auto group filed for bankruptcy. Hundreds of customers still do not know when, or even whether, they will get titles or money for trade-ins.
McDougal Companies and Euwing Auto Group were invited by Ford Motor Credit to meet in Michigan at a "global settlement" meeting. Marc McDougal was asked to help RDAG through it's bankruptcy process.