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According to our sources, the business issue between Bud Billings and Henry “Cab” Tice involved “disappearing” cars from the Tice car lots.
Billings’ finance company, Worldco Financial Services, financed Tice’s floor plan ( See UCC). Worldco was to be paid as cars were being sold off the lot.
Bud Billings suspected that the missing cars possibly were being retitled in Alabama and shipped to Mexico and/or Honduras to be sold. Worldco was left holding the titles to cars that no longer existed.
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