International Bank of Commerce Oklahoma, which recently purchased the Reagor Dykes Snyder property during a foreclosure auction on the steps of the Scurry County Courthouse, filed a petition against several Reagor Dykes companies.
The bank paid $1 million for the Snyder location and in court papers is claiming the companies, as well as Bart Reagor and Rick Dykes, have defaulted on millions of dollars in loans and promissory notes.
According to court documents, existing debt on the Snyder location totaled more than $2.5 million through Peoples Bank.
The petition, which was filed last week, listed 10 loan agreements and guaranty agreements totaling more than $35 million. The bank foreclosed on multiple Reagor Dykes properties that were pledged as collateral on May 7, but in court documents wrote that the total value was $16.4 million.
The bank stated that the companies, Reagor and Dykes owe approximately $26 million on guaranty obligations.
Earlier this month, The State of Texas, on behalf of several counties and cities including Scurry County and Snyder, filed a lawsuit in Travis County against the two owners of Reagor Dykes Auto Group.
Attorney General Ken Paxton’s office filed the suit to recoup more than $52,000 in back taxes and interest from Bart Reagor and Rick Dykes.
The lawsuit is seeking $4,988 that Paxton claims is owed to the state from Scurry County sales, as well $1,158 owed to the City of Snyder and $386 owed to Scurry County. The totals represent money owed from July through September 2018. Reagor Dykes Auto Group filed for bankruptcy in August 2018.
That lawsuit stated the money is being sought against the two men because they are the responsible parties of the auto group and under provisions of current state and federal tax codes, Reagor and Dykes are responsible since their names appear as owners of the business.
Also included in that suit are the cities of Plainview, Lubbock, Amarillo, Lamesa and Floydada, as well as Dawson County, Lubbock County and Hale County.
In early April, vehicles were removed from the dealership’s Snyder location as part of the auto group’s bankruptcy proceedings. The dealership is no longer open in Snyder.
Image
Body