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Case 5:18-cv-00186-C Document 49 Filed 06/03/19 Page 1 of 3 PageID 2007

IN THE UNITED STATES DISTRICT COURT


NORTHERN DISTRICT OF TEXAS
LUBBOCK DIVISION

FORD MOTOR CREDIT COMPANY LLC, §


§
Plaintiff, §
§
v. § Civil Action No.: 5:18-cv-00186
§
BART REAGOR AND RICK DYKES, §
§
Defendants. §

AMENDED PROPOSED JUDGMENT

On May 24, 2019, the Court granted Plaintiff Ford Motor Credit Company LLC’s (“Ford

Credit”) Motion for Summary Judgment (Dkt. 28). Dkt. 48. In that Order, the Court found that

“the guaranties unambiguously require Defendants [Bart] Reagor and [Rick] Dykes to repay all

of the [D]ealerships’ obligations to [Ford Credit], including interest, costs, expenses, and

attorneys’ fees.” Id. at 2. The Court held that Ford Credit “satisfied its summary judgment

burden as to damages and that the damages are readily determinable.” Id. The Court “allow[ed]

[Ford Credit] to submit an amended proposed judgment . . . for the Court’s entry with properly

calculated damages as it relates to Defendant Bart Reagor.”1 Id.

Based on Ford Credit’s Amended Proposed Judgment, as well as affidavits and a

declaration submitted in support, the Court hereby finds, orders, adjudges, and decrees as

follows:

1. As of August 1, 2018, the indebtedness owed to Ford Credit by the Dealerships

totaled $112,041,555.36 (“August Indebtedness”). Dkt. 30–1 ¶ 47 (Leal Decl.).

1
The Order recognized the need for an amended proposed judgment in light of: (1) the
entry of the Consent Judgment as to Defendant Rick Dykes (Dkt. 46); and (2) the passage of time
(as it related to interest and other amounts accrued to the date of judgment). Dkt. 48.
Case 5:18-cv-00186-C Document 49 Filed 06/03/19 Page 2 of 3 PageID 2008

2. In the interim, Ford Credit has recovered or reasonably expects to recover, a total of

$74,678,233.50 (“Recovery”). That amount comes from: (1) sold inventory;

(2) pending sales on remaining inventory; (3) estimated net proceeds on furniture,

fixtures, and equipment (“FF&E”); (4) retrieval of inventory sold out-of-trust; and

(5) other monies received through the litigation.

3. Additionally, in the interim, Ford Credit has incurred additional expenses of

$7,964,494.00 (“Additional Expenses”).2 Ford Credit incurred those expenses as a

result of the defaults by the Reagor-Dykes dealerships and while exercising its rights

under the Guaranties (which specifically obligated defendants “to repay all of the

[D]ealerships’ obligations to [Ford Credit] . . . .” (Dkt. 48 at 2)). Specifically, those

expenses arose from: (1) wholesale charges and expenses; (2) on-site containment;

(3) contracts related to the disposition of FF&E; and (4) auctions.

4. Thus, Ford Credit is entitled to a Judgment against Defendant Bart Reagor (“Reagor”)

in the total amount of $45,327,815.86 (“Total”). To reach the Total, Ford Credit:

a. Began with the August Indebtedness ($112,041,555.36);

b. Subtracted the Recovery ($74,678,233.50); and

c. Added the Additional Expenses ($7,964,494.00).

5. Ford Credit is also entitled to an award of $1,413,088.75 against Reagor for the

combined total amount of its attorneys’ fees ($1,351,395.32) and legal costs and

expenses ($61,693.43), (collectively, “Attorneys’ Fees”):

2
While Ford Credit will continue to accrue expenses post-judgment, for purposes of a
final judgment against Reagor, Ford Credit does not include those expenses herein.
Case 5:18-cv-00186-C Document 49 Filed 06/03/19 Page 3 of 3 PageID 2009

Firm Fees Expenses Total


Phillips Lytle LLP $282,471.53 $4,229.61 $286,701.14
Langley LLP $274,529.79 $20,183.34 $294,713.13
Baker Botts L.L.P. $242,214.00 $5,064.52 $247,278.52
Severson & Werson, P.C. $552,180.00 $32,215.96 $584,395.96
Total $1,351,395.32 $61,693.43 $1,413,088.75

6. In addition, Ford Credit is entitled to continuing contractual post-default interest of

5.50% on the Total (¶ 4) and the Attorneys’ Fees (¶ 5) in the combined per diem

amount of $7,043.15 from June ____, 2019 until paid in full by Reagor.

7. Therefore, it is ORDERED that Reagor pay $46,740,904.61 plus postjudgment

interest to Ford Credit.

The Court retains jurisdiction in connection with the enforcement of this Judgment.

Dated this ____ day of ______, 2019. BY THE COURT:

__________________________________
HON. SAM R. CUMMINGS
UNITED STATES DISTRICT JUDGE