LUBBOCK, Texas — International Bank of Commerce on Wednesday sued Bart Reagor, Rick Dykes, and a handful of Reagor Dykes companies that have not filed for bankruptcy.
The lawsuit said in 2017, Reagor, Dykes and their companies borrowed $10 million – another $25 million in 2018 and $200,000 also in 2018.
Unpaid balances remain – specifically $9,378,817.28, $24,963,409.04 and $47,000.00. The lawsuit said Reagor, Dykes and the businesses also have overdrafts of $4.1 million.
IBC said in the lawsuit it foreclosed on property to recover $16.4 million. When legal fees, recovery fees and expenses are added in, the lawsuit said IBC is still owed roughly $26 million.
Many Reagor Dykes businesses filed for bankruptcy last year after Ford Motor Credit Company made allegations of default and fraud. The bankruptcy case is still ongoing,
Bart Reagor and Rick Dykes have not yet filed their side of the story in the IBC lawsuit.