Reagor-Dykes Files Chapter 11 Plan, Ford Accuses Reagor-Dykes of Slander
The latest in the Reagor-Dykes bankruptcy case, Ford Motor Credit accused Reagor-Dykes of slander and "grasping at straws."
On Monday (Jan. 7), Reagor-Dykes filed records in bankruptcy court implying that a Ford employee participated in Reagor-Dykes’ downfall. Reagor-Dykes says a Ford employee’s son worked for Reagor-Dykes without their knowledge.
Ford responded to the claim saying that the employee doesn’t have a son, let alone one that worked at any of the dealerships. Ford went on to say that Reagor-Dykes "are not to be believed with respect to the representations that it makes to the Court."
In related news, Reagor-Dykes has filed a Chapter 11 plan.
KAMC News reports the plan would provide 100 percent recovery to secured creditors, including Ford Motor Credit. Unsecured creditors would also get recovery, but the percentage isn’t specified.
The McDougal Ewing Dykes group would put up $20 million dollars of equity. The plan includes participation by Rick Dykes and Bart Reagor would not participate. Ford says that neither Dykes nor Reagor would be held personally responsible for the debt, and isn’t OK with that.
A court hearing is scheduled for Tuesday.