Universal Underwriters Corporation sued Bart Reagor on Thursday for $2,471,650.64, plus attorney fees and other expenses.
Universal said it loaned $3 million to three Reagor Dykes companies in June of 2016. The amount was increased to less than $4.7 million in June of 2017, court records said.
The total repayment amount, fees included, was $4,920,481.00. It was to be paid back through a markup that Reagor Dykes could charge on Universal products.
The Universal products to Reagor Dykes customers included vehicle service contracts, debt cancellation contracts, theft deterrent contracts, road hazard protection contracts, maintenance plan contracts and limited warranty contracts.
As part of the deal, court records said, Bart Reagor signed a personal guaranty – meaning if Reagor Dykes could not pay back the money then Mr. Reagor would personally take responsibility.
Reagor Dykes filed for bankruptcy on August 1 – accused of fraud and default by Ford Motor Company. The bankruptcy came before Universal was fully paid back.
Mr. Reagor has not yet filed his side of the story in court records.