Charles Wyly Dies

August 8, 2011 by USA Post 

Charles Wyly DiesCharles Wyly Dies, Charles Wyly, co-founder of the chain Michaels Stores Inc. retail and major donor to Republican campaigns who was fighting allegations of fraud and insider trading, by the U.S. Securities Commission, has died after a car accident in western Colorado. He was 77.

He was becoming a highway near the local airport, when his Porsche was hit by an SUV yesterday, the Associated Press reported, citing a statement from the Colorado State Patrol. Wyly died in Aspen Valley Hospital.

Wyly and his brother, Sam, 76, each served as president of Irving, Texas, Michaels Stores, which sells arts and crafts in over 1,000 outlets throughout the U.S. and Canada. In 2006, Bain Capital LLC and Blackstone Group acquired Michaels in a transaction valued at 6 billion and.

The Wyly family fortune was built also in the expansion and the sale of the Bonanza and Ponderosa Steakhouse chain, Green Mountain Energy Co. and Sterling Software Inc.

The SEC, in a lawsuit filed in July 2010 after an investigation of six years, the brothers accused of using “an elaborate system of sham trusts and ancillary businesses” in the Isle of Man and the Cayman Islands more than 13 years to hide the ownership of shares in four public companies whose boards they sat, as Michaels stores. In March, the brothers lost a bid to have the lawsuit dismissed. The SEC has been seeking to impose sanctions and force Wyly to deliver 550 million and the agency says that from the alleged plot.

“My reputation is more important to me than anything else,” said Charles Wyly New York Times last year. “As people are bombarded with information which could have the wrong impression.”

Its 11,000 square feet house in the neighborhood of Preston Hollow in Dallas was known for luxurious holidays, a greenhouse in the backyard and a personal chef who served British royalty, the Dallas Morning News reported today.

Unlike his brother, Charles, did not break the Forbes list of richest Americans. Sam Wyly fell Forbes list of billionaires this year after its estimated net worth of 1000 million in 2010.

Charles Wyly and contributed over $ 1 million to federal candidates and political parties since 1989, according to the Washington-based Center for Responsive Politics.

Rose over 100,000 and for President George W. Bush ‘s 2000 campaign. With his brother, funded Republicans for Clean Air, which initially did not disclose its donors because the ads aired by Bush and his rival Senator John McCain of Arizona during the 2000 election campaign primary.

Republican Gov. Rick Perry of Texas received more than 300,000 and the Wyly brothers since 2000, the AP reported, citing reports from the Texas Ethics Commission.

The Wyly brothers and their wives and gave 20 million to help build the AT & T Performing Arts Center in Dallas.

Charles Wyly was born in 1933 and raised in rural Louisiana. He and his brother, born in 1934, he worked for the newspaper from their parents each week, the Office of Delhi in New Delhi, Louisiana, the Dallas Morning News reported today, citing an interview with Sam Wyly.

“I would say that seeking the truth,” he said of his late brother Sam, the newspaper said. “He saw all the other individuals as a child of God, as he did. He did not take offense in anything, even when people pretend to be offensive. It was an incredible quality to have.”

According to an online biography, Charles Wyly earned a degree in business administration from Louisiana Tech University. Spent eight years at International Business Machines Corp.

From 1964 to 1977, he held positions including president of the University Computing Co., a software company in various capacities as president from 1969 to 1973.

He founded and served as vice president for 16 years of Sterling Software. It was also the founder of Maverick Capital Ltd., an investment management firm. It was co-founder and former president of Earth Resources Co., oil refining company and mining. He and his wife, Dee, had four children and seven grandchildren.

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