The latest legal tangle for a Wichita Falls businessman and former city contractor is a hefty judgment against him for hundreds of thousands of dollars, according to court documents.
Jody Randolph Wade, 48, and two of his companies are on the hook for unpaid loan balances, attorney’s fees and court costs after a judge ruled in favor of FirstCapital Bank of Texas in a lawsuit, according to court documents.
The bank sued Wade individually, as well as two of his businesses, Collins Motor Co. L.L.C. and Jody Wade Enterprises L.L.C., on March 19, 2020, in 78th District Court.
The development is one more blow to Wade, who is facing trouble in both civil and criminal court.
His towing operations once reached into surrounding counties and the Midland-Odessa area. Jody Wade Enterprises served the city of Wichita Falls until city leaders took a pass on renewing the contract.
But now Wade owes the bank $457,545 for unpaid debt and about $18,402 in attorney’s fees, according to the judgment issued Tuesday by Judge Meredith Kennedy.
Jody Wade Enterprises is indebted for the same amount of unpaid balances, as well as $4,203.85 in attorney’s fees, according to Kennedy’s judgment.
Collins Motor Co. owes $407,921 in loan debt and about $12,889 in attorney’s fees, according to the judgment.
In addition, Wade and two of his companies are each cited as needing to ante up about $439 for court costs, according to the judgment.
As of the judgment’s issuance Tuesday, 18 percent annual interest — compounded annually — began accruing on all the money owed, according to the judgment.
The lawsuit was slated for trial July 27, but Wade didn’t show in spite of being notified, according to court records.
Wade said Friday that he has been out of town on business in Washington, D.C., and was unaware of any court proceedings.
“First Capital Bank wrongfully filed these lawsuits and eviction during the COVID 19 disaster,” Wade said in a text message. “They are using the courts to railroad trickery tactics to achieve a profit on the sale of property over a million dollars.”
Wade said he urged his fellow Wichitans to bank with locally-owned institutions.
FirstCapital Bank of Texas started in 1998 in Midland and has branches in cities ranging from Amarillo to Wichita Falls, according to the bank’s website.
In any case, Kennedy’s judgment found that the foreclosure sales the bank held Feb. 4 on four Wade properties were valid and legal, court records show.
The properties include a home on Chateau Court and Wade’s ex-business headquarters and the former home of Big Daddy’s Towing and Recovery in the 3100 block of Armory Road, court documents show.
Properties in the 1200 block of 33rd Street and the 1200 block of Lamar Street are also among them, according to court filings.
What’s more, Wade has a deadline of 10 a.m. Aug. 7 to surrender to the bank various assets, according to the judgment.
He must turn over 10 vehicles used as collateral, according to the judgment.
In addition, the judge ordered Wade to surrender the accounts, inventory and equipment of Jody Wade Enterprises to the bank, the judgment stated.
The judge decided the bank was also entitled to two immediate writs of execution for the vehicles and other assets, according to the judgment.
A writ of execution is a court order that would allow the bank to enlist the aid of law-enforcement agencies, such as the Wichita County Sheriff’s Department, to take possession of the property for it.
The bank is also looking to criminal court to deal with Wade.
A criminal charge filed against him shed light on his debts with FirstCapital Bank of Texas.
He faces a charge of hindering a secured creditor — the bank — of property worth $300,000 or more in connection with a May 14 incident, according to court records.
The first degree felony is punishable by up to life in prison.
The affidavit for arrest warrant filed at the time gave this account of allegations against Wade: He owed the bank $684,000 then.
The bank had evicted him and gotten a restraining order barring him from removing or damaging any property at Armory Road listed as collateral in any of the outstanding nearly $1 million loan.
But Wade had the bed cut off a heavy-duty wrecker, and he directed his employees to move all vehicles from Armory Road to another property and take the beds off five smaller tow trucks, violating court orders.
He is free from Wichita County Jail on a $50,000 bond for the charge, court records show. Conditions of bail barred him from “stepping foot” on the Armory Road property.
In February, Wade announced he was ceasing all towing operations, blaming the major setback, in part, on his troubles with the law that restricted his movements as a condition of probation.
He has class A misdemeanor convictions for Driving While Intoxicated and unlawfully carrying a weapon on Nov. 9, 2017, according to court records.
In another incident, Wade was arrested and charged with misdemeanor public intoxication July 12, 2019, in Wichita Falls, court documents show.
Police found an intoxicated patient — identified as Wade — who left United Regional Health Care System against medical advice, according to court documents.
Previously, Jody Wade Enterprises held a contract for towing and impound services for the Wichita Falls Police Department from 2013 until March 31, 2018, according to a previous Times Record News story.
But the City Council passed Wade over and awarded a five-year contract for those activities to Mike Freeman’s Towing Service on March 6, 2018.
Trish Choate, enterprise watchdog reporter for the Times Record News, covers education, courts, breaking news, politics and more. Contact Trish with news tips at [email protected] Her Twitter handle is @Trishapedia.