Wells Fargo & Co., the fourth- largest U.S. bank by assets, won a $30 million judgment and the appointment of a permanent receiver in its lawsuit against prison-service provider Medical Development International Ltd. over the repayment of loans, Bloomberg News reported yesterday. Wells Fargo, based in San Francisco, sued Ponte Vedra, Fla.-based MDI in March in Delaware Chancery Court, alleging that it defaulted on loans used for executive borrowing, a working farm, a biographical screenplay about Chief Executive Officer Richard Willich and payments for a Tesla Roadster. The receiver, Ronald Winters of Alvarez & Marsal Healthcare Industry Group LLC, is authorized "to do any and all acts necessary for the proper and lawful conduct" of company affairs, lawyers for both sides said in a stipulation approved Sept. 7 by Judge Samuel Glasscock III.
