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SEC, IRS Say Wyly Ch. 11 Plan Flawed By Isle Of Man Trusts

By Jess Krochtengel (August 26, 2016, 9:17 PM EDT) -- The IRS on Friday objected to a Chapter 11 plan proposed in Texas bankruptcy court by the widow of business tycoon Charles Wyly, echoing concerns raised by the U.S. Securities and Exchange Commission that there's no way to ensure Wyly assets held in Isle of Man trusts would be transferred to fund the plan....

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