RDAG seeks to recover $315 million from Ford Motor Credit
LUBBOCK -- Lawyers representing Reagor Dykes Auto Group, which reportedly engaged in one of the largest floor-plan frauds in the history of the United States, filed a lawsuit Wednesday seeking to recover more than $315 million in payments back from a creditor it was defrauding.
According to the lawsuit filed in the U.S. Bankruptcy Court, Ford Motor Credit Company should have realized it was being cheated by Reagor-Dykes Auto Group, which filed for bankruptcy in July 30, 2018.
The suit cites a bankruptcy code that voids transfers made within two years before the date of a bankruptcy filing if they were made made with the intent to hinder, delay, or defraud any entity to which the debtor was indebted.
The auto group, which was described in the lawsuit as the “largest and fastest growing auto dealerships in the nation,” used Ford Motor Credit Company to finance the vehicles it sold at its dealerships.
Read more: https://www.lubbockonline.com/news/20200612/rdag-seeks-to-recover-315-million-from-ford-motor-credit
An interesting twist in this case. So let's see if the "we stole from you, but you should have been aware that we were stealing from you so that we can continue to steal from you" business plan will work in court.
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