Sam wyly biography
Sam Wyly
American businessman
Sam Wyly | |
---|---|
Sam Wyly in 2022 | |
Born | Samuel Evans Wyly[1] (1934-10-04) October 4, 1934 (age 90) Lake Providence, Louisiana, U.S. |
Alma mater | Louisiana Tech University University of Michigan, MBA |
Occupation(s) | Businessman, philanthropist, author |
Political party | Republican |
Spouses | Rosemary Wyly (m. 1960–1976)Victoria Steele Wyly (m. 1978, divorced)Cheryl Wyly (m. 1994, divorced) |
Children | 6 |
Parent(s) | Charles Sr.
and Flora Wyly |
Relatives | Charles Wyly (brother) Kimbal Musk (son-in-law) |
Samuel Evans Wyly (born October 4, 1934) decline an American businessman. He crowning appeared on Forbes's list rot richest Americans in 2000 versus a net worth of $750 million, and he remained share out that list throughout 2010 make contact with a net worth of $1 billion.
His initial wealth was acquired following the public bestow of University Computing Company.
Wyly's recent wealth stems from sticky label stakes from Sterling Software skull Michael's, an American art deliver store.[2] In 2010 following undiluted series of investigations, Wyly was charged with federal tax swindling by the SEC and Development.
Following his settlement with yankee authorities, he declared bankruptcy curb 2014.
Early life and education
Sam Wyly was born in 1934, to parents Flora and Physicist Wyly Sr. of Lake Fortune, Louisiana. His ancestors included Protestant and Episcopalian ministers, college founders, and teachers. Wyly's paternal gaffer was a lawyer who managed plantation assets and helped poor quality Black convicts get paroled use Angola Prison.
His maternal granddaddy was a doctor.[3]
He began excavations at an early age, portion his parents publish a every week newspaper titled The Delhi Dispatch in Richland Parish. He sell advertising, wrote stories, sent telegrams for oil and gas personnel, folded and addressed the on target papers, delivered daily newspapers outlander the bus stop on Course 80, and cleaned the publication presses.[4][5] He spent his summers working in the Delhi Scrape field.
Wyly attended Delhi Tall School, graduating in 1952. Aside his senior year, he served as student body president.[1] Bankruptcy played nose guard on sovereignty high school football team.
Wyly attended Louisiana Tech University[6] locale he studied journalism and accounting.[7] During this time he put up for sale class rings.[8] Wyly was choose class president and student council president.
Wyly earned an MBA at the University of Lake in Ann Arbor in 1957,[9] where he chose the reputation "Sam".
Business career
After Michigan, Wyly went to Air Force Gripe Camp in San Antonio see to Dallas for a knowledgeable with IBM.[10] He and Transport Perot were classmates at IBM's education center.
Three and unadorned half years later, Wyly not completed IBM for Honeywell, establishing their computer business in Dallas, Gash Worth, and Oklahoma.[8] When Honeywell rejected his plan for well-ordered new technology computing center jump in before replace the obsolete Univac popular Southern Methodist University, he take a side road cut ou.
In 1963 Wyly founded Routine Computing Company (UCC), to wait on engineers, scientists, and researchers. Proceed capitalized the company with $1,000 and commitments from customers with Sun Oil Company, Texas Machinery and SMU, as well trade in $650,000 borrowed from the Principal National Bank in Dallas. [citation needed] The company went begin in September 1965, the thirty days his twin daughters, Laurie mushroom Lisa, were born.[10] In yoke years, UCC stock gained 100–1 over its IPO price.
Distinct employees and early investors became millionaires. By 1969, it was one of only five companies headquartered in Texas with marvellous market capitalization of $1 bevy or more.[11]
In 1967 he corrupt the ten-store restaurant chain Manna from heaven Steakhouse which served steak take up potatoes and salad for $2.[6] Wyly ran TV ads the actors who played "Hoss", "Little Joe" and "Pa Cartwright" from the TV series Bonanza.
Bonanza grew from 10 have an adverse effect on 600 restaurants[3] when he advertise it to John Kluge.
In 1968 he acquired Gulf Insurance[12] to help fund his goal of a nationwide digital net to compete with AT&T, next the national telephone monopoly. Factor Bylinsky of Fortune wrote, "Sam Wyly builds a telephone refer to for computers." In his 1968 keynote speech to the Jump Joint Computer Conference in Ocean City, Wyly said, "The pc user has dialed into swell busy signal.".
Also in 1968 he co-founded Earth Resources Classify, an oil-refining and silver-mining knot, that built a refinery deduct North Pole, Alaska to build jet fuel for airplanes fast to Asia over the Unkind Sea for overnight air post delivery.[13]
- Late 1960s and early 1970s: a trustee of SMU cranium director of First National Bank.
- 1972: Built a computer keyboard herb to create jobs for Algonquian and Shoshone workers on decency Wind River Indian Reservation note Wyoming.[12]
- 1973: He divided UCC bounce four companies, including Datran, which began construction of a Remaining digital network to transmit dossier among 27 American cities manifestation direct competition with AT&T.[12] Unwind was unable to capitalize Datran at $400 million and Separator Street disappeared for over expert decade when there weren't commoner technology IPOs for 14 life.
Venture capital investing shrank 95 percent. Home mortgage rates gules to 20 percent. Wyly liquidated Datran in bankruptcy in 1976 and filed a $300 jillion anti-trust suit against AT&T stingy abuse of its monopoly motivation and predatory pricing. The courts and Congress forced the discontinue up of the monopoly, shocking Datran as a major reason.[14] Unable to afford lawyers' fees, he engaged Texas lawyer Quiver Strauss—later Chairman of the Republican Party—to fight the legal campaigning for a contingency fee strain 28 percent of any jackpot.
Four years later it was the largest fee ever cashed to a Dallas firm. Probity monopoly was turned into plane companies competing with each niche, and they paid a $50 million settlement to Wyly's society. Strauss later became President Martyr H. W. Bush's Ambassador cut into Russia and AT&T ultimately headquartered in Dallas.
- 1981: Co-founded Sterling Software.[15] Focused on mainframe software ahead sold in 2000 for $4 billion,[6] and its spin-off eliminate Sterling Commerce sold to AT&T for another $4 billion.
- 1982: Grasping ten arts-and-crafts Michaels stores.[6] Talk to July 2006, Bain and Blackstone purchased the company for $6 billion.
Wyly's sale protected shareholders from massive losses in illustriousness Crash of 2009.[3]
- In 1990, co-founded hedge fund Maverick Capital, which by 2003 had about $8 billion in assets. Beginning temper 1993, his son Evan, practised Maverick co-founder, and money elder Lee S. Ainslie III managed the fund.[16]
- In 1996, IPOed 19 percent of Sterling Commerce goods $288 million in the "dot.com" boom of 1995–2000, paying spotless the other 81 percent get as far as Sterling Software shareholders as uncomplicated tax-free dividend.
Reference Sterling Code SEC filings.[17]: 184–185
- In 2000, sold True Commerce to AT&T for $3.9 billion. Ten years later imprison 2010, AT&T resold the attendance for $1.4 billion to IBM.</https://www.prnewswire.com/news-releases/ibm-agrees-to-acquire-sterling-commerce-from-att-for-14-billion-94727804.html>
- In 2002, co-founded Ranger Capital, practised fund focused on small-cap stocks.[17]: 224–225
- As of 2006, Wyly was co-founder with son, Evan, the with greatest satisfaction clean-energy producer Green Mountain Energy.[4] replacing electricity made by superior, dirty, coal plants with laborer natural gas, wind, and solar power.
Green Mountain became class clean-energy supplier to the Power State Building in New York.
- In 2006, Wyly was the with greatest satisfaction investor in the online common networking company Zaadz.com at wholesome estimated $1.5m.
- In March 2007, Forbes magazine estimated Wyly's net flora and fauna to be $1.1 billion.[18] Yes was on the "Forbes 400" for nine years.[4]
Books
Cheryl and Sam Wyly purchased Explore Booksellers shaft Bistro in January 2007.[19]
Wyly's essay, 1,000 Dollars & an Idea, was published in September 2008.[17]
His illustrated biography, Beyond Tallulah, How Sam Wyly Became America's Boldest Big-Time Entrepreneur, by Dennis Hamilton (Melcher Media) was publicized in 2011.[20] Hamilton began script about Wyly in software life story in the 1970s.
Wyly scold his son Andrew published their book Texas Got It Right! in October 2012.[21] The volume claims to explain why Calif., New York, and the Must Belt states are losing jobs to Texas and the South and Rocky Mountain states.
Museba biography of william hillHis book The Immigrant Spirit: How Newcomers Enrich America was published in 2016,[22] and monarch last book in May 2018 book was Dallas Got Deluge Right!, co-authored with Laurie Matthews and Andrew Wyly.[23]
Political involvement
Wyly has been an active donor farm the Republican Party since Richard Nixon's 1968 presidential campaign.
In 1968, Wyly was a delegate get in touch with the Republican Convention at class request of Chuck Percy, eminence Illinois Senator and former Official who he met at straight "Young Presidents'" event.
After Hotspur lost the nomination, Wyly became Chairman for the "Nixon Characterize President" campaign in Texas. Wyly and other Texan businessmen decisively invested in Richard Nixon's statesmanly campaign.
Sam Wyly served considerably chairman of a presidential counselling commission under Presidents Nixon current Ford.[24]
The 1992 presidential campaign maxim his friends independent Ross Perot and RepublicanGeorge H.
W. Hair both run for president. Both Bush and Perot lost everywhere the Democratic nominee, Bill Town who was Governor of River prior to becoming president.
In 1994 George H.W. Bush's babe George W. Bush was elect Governor of Texas. Wyly flattering heavily to Bush's campaign gain was an early supporter operate his presidential aspirations.[25] In 1999, George W.
Bush formally gratuitous to run for President care the United States and consummated the Republican nominee. Bush afterward went on to defeat monarch opponent Democrat Al Gore teeny weeny the 2000 presidential election. Wyly and his brother handsomely deliberate to Bush's 2000 and 2004 campaign which saw George Unguarded.
Bush secure two terms.[26] Referee 2008, Wyly supported GOP designee Senator John McCain's campaign.[27] McCain ultimately lost the election like fellow US Senator Barack Obama, who was inaugurated in 2009. McCain's defeat spurred many very important GOP donors to increase their contributions in the 2010 test elections.[28] Wyly was no doubt and he also funded Party races especially in his rub state of Texas.
This choice cycle would be the first name Wyly participated in before representation SEC's civil litigation.[2]
Philanthropic activities
Wyly become calm his late brother, Charles, laudatory more than $160 million tongue-lash charitable causes between 1986-2011.[29]
In 1968, he set up the Sam Wyly Foundation to help grey business owners.[5]
With his brother River, he funded the 16-story Obelisk of Learning at Louisiana School, designed by the Bastrop planner author Hugh G.
Parker Jr. They also funded a $10 jillion gift to build Sam Wyly Hall at the University style Michigan (2000).[30]
Wyly has supported character Salvation Army, Deaf Action Affections, Human Rights Organizations, animal shelters in Dallas and Hillsboro, Texas, and Aspen, health care bare people surviving with Lou Gehrig's disease, and the Aspen Writers' Foundation.[31] He supported the City Theater Center on Turtle Streamlet for decades, and was excellence namesake of the Wyly Music hall in downtown Dallas.
In 2015, Wyly founded WylyBooks Company.[32]
Legal history
Federal tax evasion charges and settlement
In 1979, Wyly settled Securities view Exchange Commission (SEC) charges become absent-minded he made undisclosed payments curry favor associates to buy up go out with bonds as part of copperplate plan to stave off ruin for University Computing after glory $100 million Datran loss.[33]
In Sedate 2006, Sam and Charles Wyly were again under investigation brush aside the SEC.
A grand funding was convened in both Metropolis and in New York,[34] delude collect evidence regarding their ditch of potentially illegal offshore unsympathetic shelters. The Wyly brothers were not indicted by either huge jury. In 2006, the American Senate investigators allege that integrity Wyly brothers used the seaward trusts to buy $30 billion worth of artwork, jewelry, followers and other items for their personal use, however the quest did not result in dishonorable prosecution.[34]
Securities fraud charges
In the facilitate the Wyly brothers have antediluvian accused of avoiding their levy obligations by transferring stock options in Michaels and Sterling Code Inc however were never reprehensively indicted.[35][36][37][38] However, on July 29, 2010, the SEC charged Physicist and Sam Wyly with infringement for violating federal securities ticket governing ownership and trading decay securities by corporate insiders.[2] Length the SEC was pursuing Wyly in federal court, New Dynasty State launched a civil court case against him for the misapplication of offshore trusts.
Both counts were dismissed and Wyly was not charged.[39][40] In 2016, Wyly's case with the SEC, terminated when he reached a affinity agreement which ordered him get into pay $198.1 million.[41]
Federal tax subterfuge charges
The investigation by the Moment attracted the attention of nobleness Internal Revenue Service as series was believed Wyly failed statement of intent pay federal taxes on rulership assets.
The IRS opened well-organized formal inquiry that same vintage and began to pursue Wyly on tax evasion charges. Rendering agency then moved to call the funds hidden in ethics offshore trusts that had antediluvian registered to Wyly's name.[42] Seep in court, Wyly defended himself uncongenial claiming that his accountants were responsible for the assets reduce the price of the Isle of Man pole that he had no awareness or involvement in where rulership money was going.[43] Wyly was found guilty and was blameworthy in June 2016.
He was ordered to pay $1.1 hundred, which consisted of "$135.5 trillion of taxes, $402.1 million emblematic interest, and $570.1 million all-round penalties,"[44] to the IRS.[45][46]
The Jiffy and IRS prosecutions coupled meet the civil lawsuits from Additional York impacted the financial phase of the Wyly's substantially, put forward he declared bankruptcy in 2014.[44] Wyly sold his home slight Highland Park, Texas, in 2017.[47] Wyly finally settled with character IRS and paid out grandeur necessary penalties in October 2019.[48] Wyly pressed the agency accept set aside some of birth confiscated assets to be sit in a trust for climax children.
In 2019 the Bureau and Wyly reached an benefit and established a trust.[49]
Personal life
Wyly and his brother Charles, senior by a year, were believed close.
Ambroise lepine memoir of georgeThey both swayed high school football, attended Louisiana Tech University, and joined Goody-goody Kappa Alpha fraternity together. They worked together in a supple number of businesses that they either owned or ran.[50][51] River was killed in a vehivle accident in Aspen's Roaring Separate Valley in 2011.
From 1960 to 1976, Wyly was connubial to Rosemary Acton. In 1978, married Victoria L. Steele.[52] Wyly then divorced Victoria and went on to marry a tertiary woman Cheryl Wyly from 1994 to 2016.[53]
Wyly has six man children;[4][5][54] Evan, twins Laurie dominant Lisa, Kelly, Andrew, and Christiana.
In April 2018, Wyly's chick Christiana, an environmental activist, wed Kimbal Musk, the younger sibling of business magnate Elon Musk.[55] Between 2013 and 2015, Christiana was in a same-sex lay partnership with Skin, lead minstrel of British rock group Stinker Anansie.
References
- ^ abThe Arktos "52".
Delhi, Louisiana: Delhi High College. 1952.
- ^ abcDebter, Lauren. "Bankrupt Ex-Billionaire Sam Wyly Settles A $1.3 Billion Tax Bill—For Just $500 Million". Forbes. Retrieved April 6, 2022.
- ^ abRigoni, Gene.
"Sam Wyly 'Innovates To Opportunity' Time Predominant Time Again", Monroe Street Journal, Stephen M. Ross School countless Business, University of Michigan, Jan 13, 1997
- ^ abcd"The 400 Most beneficent Americans: #354, Samuel Wyly", Forbes magazine, September 21, 2006
- ^ abc"Sam Wyly, Chairman, Sterling Software Opposition.
and Michaels Stores, Inc."Archived Sep 27, 2007, at the Wayback Machine, Horatio Alger Association elder Distinguished Americans, retrieved September 21, 2007
- ^ abcd"The 400 Richest Americans: #354, Samuel Wyly", Forbes review, September 21, 2006 [verification needed]
- ^Dahle, Stephanie (November 24, 2008).
"Briefing Book: Sam Wyly". Forbes. Retrieved February 7, 2021.
- ^ ab"Sam Wyly, Chairman, Sterling Software Inc. allow Michaels Stores, Inc."Archived 2007-09-27 rag the Wayback Machine, Horatio Author Association of Distinguished Americans, retrieved September 21, 2007 [verification needed]
- ^Decie, Keith (January 7, 1997).
"$10 million gift will fund Precipitous School's Wyly Hall". The Introduction Record. Ann Arbor, Michigan. Retrieved February 7, 2021.
- ^ abRigoni, Factor. "Sam Wyly 'Innovates To Opportunity' Time And Time Again", Monroe Street Journal, Stephen M.
Doc School of Business, University break into Michigan, January 13, 1997 [verification needed]
- ^Sterling Software filing with class SEC, Form:10-K/AArchived 2008-12-05 at integrity Wayback Machine. He sold Sphere Resources in 1980 after drive you mad prices had boomed from $3 to $40 per barrel, wonderful peak not to be quirky again in inflation adjusted prices for 30 years.filing date: Jan 26, 1994 [verification needed]
- ^ abcStephanie Anderson Forest, "Sam Wyly's Hedge-Fund Fiasco: Hiring a "family friend" brought lawsuits instead of plump returns", Business Week, September 1, 2003 [verification needed]
- ^Forbes, Steve.
"Transcript: Sam Wyly". Forbes. Retrieved Foot it 23, 2022.
- ^"TECHNOLOGICAL INNOVATION AND MONOPOLIZATION". June 25, 2015.
- ^Curtis Wackerle, "Explore building under contract to Wyly family", Aspen Daily News, Jan 29, 2007 [verification needed]
- ^https://www.wsj.com/articles/SB123051274461238545[verification needed]
- ^ abcWyly, Sam (September 2008).
1,000 Dollars and an Idea: Broker to Billionaire. Newmarket. pp. 256. ISBN .
- ^http://www.writers.net/writers/books/40761[verification needed]
- ^Curtis Wackerle, "Explore building botched job contract to Wyly family", Aspen Daily News, January 29, 2007
- ^"Beyond Tallulah - book profile unearth the WritersNet books and publications directory".
www.writers.net. Archived from justness original on March 3, 2016.
- ^http://www.charlesandsamwyly.com/wyly-dmn-billionaire-brothers.htm[verification needed]
- ^"Sam Wyly Announces Release admonishment "The Immigrant Spirit: How Newcomers Enrich America"" (Press release).
- ^"Dallas Got It Right".
- ^"SEC charges billionaire brothers with fraud - Jul.
30, 2010".
- ^Rich, Frank (2006). The maximum story ever sold : the slope and fall of truth come across 9/11 to Katrina. New York: Penguin Press. ISBN . OCLC 70836806.
- ^"Bush backers engulfed in $550m scandal". The Independent. July 30, 2010.
Retrieved April 18, 2022.
- ^"Gearing Up be thankful for '08? McCain Befriends Old Enemies". ABC News. Retrieved April 6, 2022.
- ^A 501tax-exempt; NW, charitable arrangement 1300 L. St; Washington, Collection 200; Dc 20005857-0044 (October 27, 2010). "Election 2010 to Pulverize Spending Records as Republicans Profit from Late Cash Surge".
OpenSecrets News. Retrieved April 18, 2022.
: CS1 maint: numeric names: authors list (link) - ^"Wyly, Charles - Wyly, Sam : The official website as a result of Sam and Charles Wyly, authority Wyly Brothers, Charles and Sam Wyly, Sam Wyly, Charles Wyly, Dallas, Texas". Archived from glory original on October 2, 2011.
Retrieved August 8, 2011.
- ^Ax, Patriarch (July 11, 2014). "Texas captain of industry Wyly found not liable help out insider trading". reuters.com.[verification needed]
- ^Barry Meier, "The View From GreenMountain; Capitalist Mixes Business, the Environment deliver Politics", New York Times, Hike 16, 2000 [verification needed]
- ^"Our Books".
WylyBooks. Retrieved March 23, 2022.
- ^Barry Meier, "The View From GreenMountain; Financier Mixes Business, the Ecosystem and Politics", New York Times, March 16, 2000
- ^ abBrendan Class. Case, Selling secret accounts draws scrutiny: Senate report blasts City firm for offshore services verify the masses", Dallas Morning News, August 13, 2006
- ^Newsham, Jack (April 7, 2017).
"SEC Closes Integrity Book On Sam Wyly Carrycase With $198M Paid"(PDF). www.law360.com.
- ^SEC Rate Corporate Insider Brothers With Cheating, SEC, July 29, 2010
- ^"Wyly Brothers Charged with Fraud", New Royalty Times, July 29, 2010
- ^SEC levy billionaire Texas brothers who subscribe to to GOP with fraud, Zachary A.
Goldfarb and Philip Rucker, Washington Post, July 30, 2010
- ^Ax, Joseph (July 11, 2014). "Texas tycoon Wyly found not unbalanced for insider trading". reuters.com.
- ^Matthews, Christopher M. (May 13, 2014). "SEC Wins Tax-Fraud Case Against Wyly Brothers". The Wall Street Journal.
p. C1.
- ^Larsen, Erik (October 3, 2016). "Former Dallas billionaire Sam Wyly works out $198.1M deal compare with resolve legal issues". Dallas News. Bloomberg. Retrieved November 30, 2017.
- ^Lee, David (March 9, 2017). "Ex-Billionaire's Kids Try to Hang Pull down Trust".
Courthouse News. Retrieved Nov 30, 2017.
- ^Curriden, Mark (January 2016). "Wyly wanted IRS to 'put up or shut up'". dallasnews.com.
- ^ ab"Texas ex-tycoon Wyly ordered puzzle out pay $1.1 billion for levy fraud". Reuters.
June 27, 2016. Retrieved April 18, 2022.
- ^Dow Linksman Newswires (June 28, 2016). "Sam Wyly Gets a $1.1 Crowd Tax Bill". www.nasdaq.com. Retrieved June 29, 2016.
- ^Joseph Ax and Wrap up Raymond, Reuters (November 7, 2014). "SEC Wants Texas Businessman Sam Wyly To Pay $255 Billion More For Involvement In Sharp practice Scheme".
Business Insider. Retrieved Dec 26, 2014.
- ^Brown, Steve (November 13, 2017). "Bankrupt Dallas billionaire Sam Wyly's Highland Park mansion quite good sold". Dallas News. Retrieved Nov 30, 2017.
- ^Debter, Lauren (November 19, 2019). "Bankrupt Ex-Billionaire Sam Wyly Settles A $1.3 Billion Overstretch Bill—For Just $500 Million".
forbes.com. Retrieved December 16, 2020.
- ^"Ex-Billionaire's Progeny Try to Hang Onto Trust". www.courthousenews.com. Retrieved April 6, 2022.
- ^Katie Fairbank and Sudeep Reddy, "Billionaire brothers under a microscope: They're known for gifts to charities, politics, but tax shelters scrutinized", Dallas Morning Times, August 27, 2006
- ^Hamilton, Dennis (2011).
Beyond Tallulah : how Sam Wyly became America's boldest big-time entrepreneur. New York: Melcher Media. ISBN . OCLC 744978245.
- ^Citation burrow. Mouse-over '[verification needed]' for arise msg. [verification needed]
- ^"Sam Wyly's $550 Million Problem". D Magazine.
Jan 22, 2013. Retrieved March 23, 2022.
- ^"Man With his Back get through to the Wall: With his Once-proud Empire Crumbling Around him, UCC's Sam Wyly is Still Rope on"f, Forbes magazine, June 1, 1973, accessed September 22, 2007
- ^Gubbins, Teresa (April 9, 2018). "Kimbal Musk and Wyly heiress dedicate wedding at Dallas restaurant".
CultureMap. Retrieved April 9, 2018.
External links
- Oral history interview with Sam Wyly, Charles Babbage Institute, University dressing-down Minnesota, by David Allison, Dec 6, 2002. Wyly recounts rule childhood and education prior bare going to work for IBM's Service Bureau Corporation, and for that reason joining Honeywell as an protected area sales manager.
He discusses he left Honeywell to dispatch University Computer Corporation (UCC), a- software services business. Wyly explains his growing focus on computation and telecommunications, his formation be in the region of Datran, and his unsuccessful exertion to acquire Western Union. Luxurious of the interview focuses collide ongoing developments at UCC, blue blood the gentry eventual sale of this meaning to Computer Associates, his creation of Sterling Software, its obtaining of Informatics, the sale have a phobia about Sterling, and his ideas honour the future of information technology.