LUBBOCK, Texas — Ford and Bart Reagor filed a joint court record on Friday which outlines the highlights of their ongoing legal battle.
Ford sued Reagor and Rick Dykes last year amid allegations that the Reagor-Dykes companies committed fraud and default. Reagor-Dykes filed for bankruptcy in August 2018.
The basis of the lawsuit was not the allegations of wrongdoing. Instead, Ford demonstrated that Mr. Reagor and Mr. Dykes both signed personal guarantees for money that was loaned out by Ford.
Dykes settled out of court with Ford for $58.7 million according to court records filed earlier this year. Reagor continued the dispute with Ford, but a judge ruled that Reagor’s personal guarantee was valid. The question still in court is this; specifically how much money does Reagor owe Ford?
Court records filed on Friday said, “Ford Credit is entitled to a judgment against Reagor in the amount of $46,288,070.14.”
Reagor claims it’s less than $46.2 million because Ford’s claim for attorney fees is unreasonable.
The trial date is set for October 1. Both sides estimate that it will require a two-day jury trial.
In the bankruptcy case, which is separate, a plan has been proposed to sell the dealerships and use that money to pay off some of the debts. The bankruptcy case is still pending.
CLICK HERE to read the document that was filed Friday in federal court.