SWABC Webinar: Lessons From Lubbock: The Reagor Dykes Bankru
Lessons from Reagar Dykes Bankruptcy
*Free for SWABC members. SWABC Members use Promo Code SWABCMEM2023 at check out to apply your discount.*
*Zoom link provided to registrants in the confirmation e-mail, and any presentation materials will be sent the afternoon before the event. If you sign up the night before or the day of the event, you will receive the materials approximately one hour before the event begins.*
*Event submitted to the Texas bar for 1 hour of CLE credit. If you would like this event submitted for any additional CE credit, please e-mail [email protected]. The bar course number will be provided to those in attendance as soon as possible*
Presenter(s): Stephanie Tolson and Stephen Strohschein
Stephanie Tolson is a trial lawyer who represents those in financial services industry and a variety of other corporate clients in complex litigation. She has extensive experience handling significant commercial cases, commercial bankruptcies, and loan workouts. In the financial services arena, Stephanie works with national lenders, credit card processing companies, floor plan lenders, loan services, and premium finance companies, representing them in litigation, bankruptcy, and structuring matters. Stephanie has represented many lenders in complex litigation matters in both state and federal courts. Armed with more than 25 years of bankruptcy-related experience, Stephanie has advised clients on the full range of adversary proceedings--including representing creditors in Chapter 7 and Chapter 11 bankruptcy. She has handled Chapter 11 issues for national lenders and financial services companies, national floor plan lenders, and oil and gas companies, as well as automotive manufacturers, heavy equipment manufacturers, and individuals.
Focusing on commercial lending that delivers practical resolutions for his clients, Steve Strohschein provides advise in numerous lending areas, including real estate, floorplan, assest-based, and small business lenders. He litigates loan issues and handles workouts, foreclosures, collections, and bankruptcy matters. A significant part of Steve's practice centers on complex automotive wholesale finance matters. He enjoys the challenging, engaging nature of that work and the complexity of each deal. As an adviser who cultivates and maintains client confidence, Steve also guides companies and institutions in lending transactions, structures, and loan documentation.
Description:
The Reagor-Dykes Auto Group based in Lubbock, Texas held seven new car franchises when it filed for Chapter 11 bankruptcy in August of 2018.The ensuing events resulted in fifteen employees being indicted and pleading guilty to either wire fraud or bank fraud, plus a criminal conviction of one the principals for bank fraud, several confidential bank settlements which were likely in the low multiple-seven-figure range, and the confidential settlement of a $315M suit against the primary floorplan lender. The egregious facts of the case may not be repeated but provide interesting lessons for banks and other lenders.