Securities and Exchange Commis v. Wyly

  1. December 18, 2015

    2nd Circ. Keeps Wyly Asset Freeze In Place

    The Second Circuit refused Friday to unfreeze assets of Texas business tycoon Sam Wyly and his late brother's estate, who are facing a $300 million judgment, ruling their decision to go into bankruptcy after being found liable for securities fraud doesn't shield them.

  2. June 24, 2015

    Wyly Family Tells 2nd Circ. Asset Freeze Bucks Ch. 11 Stay

    The family of ex-Michael's Stores Inc. Chairman Sam Wyly and his deceased brother Charles Wyly Jr. told the Second Circuit on Wednesday that a district court couldn't freeze their assets because of Wyly bankruptcy filings, but the U.S. Securities and Exchange Commission said the freeze was legal and necessary in anticipation of running down an eventual $300 million judgment.