LUBBOCK, Texas – Ford Motor Credit filed an updated court record on Monday, saying in part that Bart Reagor owes $46,740,904.61 plus interest.
Interest of $7,043.15 per day would start after a federal judge signs the final judgment.
Rick Dykes in April agreed to settle out of court with Ford for $58.7 million. Mr. Reagor and Mr. Dykes were the co-owners of Reagor Dykes which filed for bankruptcy in August 2018. The bankruptcy case is still pending.
In the days leading up to the bankruptcy, Ford accused Reagor Dykes of default and fraud. The business was accused of manipulating sales records to make it look like Ford was not owed money. And local banks accused Reagor Dykes of committing a particular kind of fraud called check kiting.
Long before the bankruptcy, both men signed a personal guaranty with Ford that if the business could not pay its debts to Ford then both men would make good on the debt.
When the business went bankrupt, Ford sought a court order to enforce the guaranty.
Bart Reagor has 14 days to object to the specific amount of money Ford listed Monday in court records.
