Reagor-Dykes at Risk of Losing Properties Over Past Due Rent
In the ongoing Reagor-Dykes saga, an investment company and a real estate company filed a motion Thursday morning (Aug. 23) in bankruptcy court to compel Reagor-Dykes to pay rent, or leave, two properties in Southwest Lubbock.
During an August 16th hearing, Reagor Dykes companies in bankruptcy have been given permission to pay expenses such as employee salaries. However, Reagor Dykes was not given permission to pay rent, even though the motion said a promise was made that the payment of rent would be authorized by the bankruptcy court.
The motion said: "On or shortly after this case was filed, representatives of … [RD] represented to James J. (Jim) Burns, Managing Member of Lessors, that the rent then due and for August of 2018 would be paid. Though having represented that Lessors’ checks were in the mail, they in fact were not."
KAMC News reports that Eighty Second Street Investments, LLC, and Lubbock Windmill Real Estate, LLC, said RD leased two properties in the 6500 block of 82nd Street. Rent for those properties is between $20,000 and $35,000 a month.
Meanwhile, on late Thursday morning (Aug.23), the estate of M.I. Jack Morris filed an objection in bankruptcy court saying Reagor-Dykes owes $6,500 per month rent on a property in Plainview.
A hearing has been scheduled for September 19th in bankruptcy court for Eighty Second Street Investments and Lubbock Windmill Real Estate.