On Thursday, former Lubbock Mayor Marc McDougal issued statement concerning the bids to auction the assets of Regor Dykes.
A bankruptcy court authorized the auction of 13 dealership locations with KamKad Automotive acting as the stalking horse bidder. The KamKad bid is a little more than $25 million. Anyone or any company wishing to overbid must beat the KamKad bid by $1 million or more.
The following is a statement from McDougal:
Statement from Marc McDougal, CEO of McDougal Companies
The parties involved in the Reagor-Dykes bankruptcy asked the McDougal Companies to consider assisting in negotiations regarding real estate holdings and capital needs.
Because it is important to local lenders, to Downtown Lubbock redevelopment, and to hundreds of local and regional jobs, we agreed to discuss a role in helping secure the viability of these properties and dealerships.
Because of the sensitive nature of these negotiations, we will have no further statements until an appropriate time.
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