McDougal, Ewing Auto Group invited to ‘global settlement’ meeting about Reagor-Dykes Auto Group

McDougal, Ewing Auto Group invited to ‘global settlement’ meeting about Reagor-Dykes Auto Group
Marc McDougal, CEO of McDougal Properties

LUBBOCK, TX (KCBD) - McDougal Companies has been invited to Dearborn, Michigan by Ford Motor Credit to attend a “global settlement” meeting. Ewing Auto Group out of the Dallas area has also been invited. The meeting is to discuss and possibly solve problems related to the bankruptcy of Reagor-Dykes Auto Group.

A news release issued Thursday afternoon by McDougal Companies said, “On Nov. 26, 2018, Marc McDougal received a call asking if the McDougal Companies would help try to salvage the Reagor-Dykes operations as it worked through the bankruptcy process. The hope was McDougal would agree to help raise operating capital and manage the Reagor-Dykes real estate. McDougal was told that the Ewing Auto Group, a highly respected and experienced automotive dealer from Dallas, was considering managing future automobile sales and service operations.”

Since that time, McDougal Companies executives says they have had dozens of meetings and calls with Reagor-Dykes counsel, their Chief Restructuring Officer, and with stakeholders that have money tied up in the Reagor-Dykes operation. They have also met with numerous investors who may be interested in helping put together a deal to create a new ownership group that can take over the operations, help consumers and save the jobs of the West Texans employed by Reagor-Dykes.

The news release says McDougal Companies expect to hear “new things from Ford regarding their willingness to solve problems. If we do not, it will be a short meeting.”

The news release does not specifically mention Rick Dykes as being a part of the investor group. He was, however, listed as one of the investors in a plan presented to the bankruptcy judge in November. Dykes was also mentioned in the reorganization plan filed in the courts in Jan.

Court documents filed Tuesday say the bankruptcy judge granted Ford Motor Credit the ability to immediately repossess their vehicles from Reagor-Dykes Auto Group.

The motion says Reagor-Dykes will cooperate with Ford Credit. When the vehicles are repossessed, Ford will file a court report that identifies the vehicles taken into Ford Credit’s possession.

On Jan. 17, Judge Robert Jones cleared the way for Ford Motor Credit to take back vehicles sold to Reagor-Dykes Auto Group. In the ruling last week, Judge Jones approved Ford’s relief request from the automatic stay motion filed eight days after Reagor-Dykes' initial bankruptcy.

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