International Bank of Commerce to seize Bart Reagor’s bank accounts for $ 23 million owed

LUBBOCK, Texas (KCBD) – A bank that has loaned millions to Bart Reagor and his bankrupt auto group is seizing his bank accounts.

The International Bank of Commerce is asking a Lubbock County court to raise more than $ 23 million from four banks. It is deposited against Bart Reagor’s accounts at Lubbock National Bank, AIM Bank, Wells Fargo and Prosperity Bank.

In the request, IBC cited an April 2020 judgment against the financial parties of the Reagor-Dykes Auto Group and Bart Reagor.

The $ 23 million judgment still earns interest at more than 9% per annum, according to the IBC bank, because it has not been paid in full.

IBC finds out that Reagor does not have the assets to cover the remainder of the debt, so the bank will receive court-ordered payments from his accounts. The 99th district court approved the garnishment at all four banks last week.

In November 2020, a federal court ordered the US Marshals to collect nearly $ 50 million from Reagor’s property on behalf of Ford Motor Credit.

This all follows the collapse of the Reagor-Dykes Auto Group in 2018 following the discovery of massive financial fraud across the entire dealership network.

The Creditor’s Trust, established by the bankruptcy estate last year, works to help about 1,400 clients who have had tax, title and license issues over the past two years. Consumer advisories were sent to those who purchased a vehicle from RDAG at specific times.

If you purchased a vehicle from one of the following Reagor-Dykes dealers between June 1, 2018 and July 31, 2018, you may have the right to assert a claim against a dedicated fund held by the Consumer Ombudsman: Reagor -Dykes Plainview Ford, Reagor -Dykes Chevrolet Floydada, ReagorDykes Amarillo Mitsubishi, Reagor-Dykes Mitsubishi Lubbock, Spike Dykes Ford Lamesa, ReagorDykes Auto Mall of Midland or Reagor-Dykes Toyota Plainview.

If you purchased a vehicle from one of the following dealerships between September 1, 2018 and November 1, 2018, you may have the right to assert a claim against a dedicated fund held by the Consumer Ombudsman: Reagor-Dykes Auto Mall, Reagor-Dykes Auto Mall Downtown, ReagorDykes Direct Auto de Dallas, Reagor-Dykes Auto Mall Imports, Reagor-Dykes Auto Mall West Lubbock or Reagor-Dykes Auto Mall Leveland.

The deadline for filing a complaint has been extended to March 1, 2021.

If you want to register your potential complaint with the Consumer Ombudsman, go to cases.stretto.com/reagor-dykes/consumerclaims and follow the instructions provided there. Please note that submitting your potential claim to the Consumer Ombudsman does not constitute an acknowledgment by the Consumer Ombudsman of the validity of your claim, nor does submitting your claim guarantee collection of your declared claim. If you would like to receive a time-stamped copy of your request, please include a photocopy of the form and a stamped envelope with your address. All disputes regarding consumer claims remain subject to the final decision of the bankruptcy court, unless otherwise resolved and agreed between the consumer and the consumer ombudsman.

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