August 21, 2015
Texas tycoon Samuel Evans Wyly won the support of a Texas bankruptcy court on Thursday with his plans to sell certain fine art, antiques and collectibles owned by an offshore John James Audubon trust he controls in order to provide him with $44 million of past-due annuity payments. (Correction: An earlier story misstated Wyly's civil securities fraud judgment and included an inaccurate total judgment amount. The errors have been corrected.)
July 16, 2015
The federal government on Wednesday reiterated its bid for a Texas bankruptcy judge to preclude Michaels Stores Inc. tycoon Sam Wyly and his family from relitigating issues it said were already resolved in prior fraud and tax evasion litigation with the U.S. Securities and Exchange Commission.
July 15, 2015
Texas tycoon Sam Wyly signaled Tuesday he's planning to appeal a $299 million judgment in favor of the U.S. Securities and Exchange Commission for engaging in securities fraud, in a motion seeking approval from a Texas bankruptcy judge for the Second Circuit appeal.
April 28, 2015
The SEC is objecting to craft-store tycoon Sam Wyly's plan to sell his $50 million Colorado ranch, worried the money will go into the pocket of the offshore trust that technically owns the property — not to pay off creditors in Wyly's blockbuster Texas bankruptcy following a $299 million judgment in favor of the regulator.
March 18, 2015
Craft store tycoon Sam Wyly has asked a Texas bankruptcy court for permission to sell his $50 million Colorado vacation ranch, as he continues to fight the $299 million SEC judgment against him and the estate of his brother.
February 19, 2015
A Texas federal bankruptcy judge on Thursday refused to let former billionaire Samuel Wyly discharge $500,000 a year in payments to his ex-wife in bankruptcy by listing her as an unsecured creditor whose claim on his money was contractual, not court-ordered alimony.
January 27, 2015
The ex-wife of Sam Wyly on Monday sued the former Michael's Stores Inc. chairman in Texas bankruptcy court, saying the former billionaire concealed the amount of stock he controlled during their divorce proceedings.
January 14, 2015
The U.S. Internal Revenue Service told a Texas bankruptcy court Wednesday that the widow of a real estate tycoon found guilty of securities fraud likely owes "well in excess" of $280 million in total outstanding taxes, but that Caroline Dee Wyly cannot have the court determine the tax liability of her late husband's estate.
January 12, 2015
The U.S. Securities and Exchange Commission scored a win after a Texas federal bankruptcy judge ruled on Friday that the widow of tycoon Charles Wyly can't prevent the SEC from naming her as a relief defendant in a civil action seeking $261 million, saying that the SEC was acting within its regulatory power.
December 15, 2014
The Internal Revenue Service and Securities and Exchange Commission on Friday objected to a first-quarter budget for the family of business tycoon Charles Wyly in a Chapter 11 bankruptcy proceeding, arguing in part that the family was trying to lead a lavish lifestyle.