Michaels officials (Wyly) plan to turn over profits from offshore trusts

[rainbow4321]

http://www.mysanantonio.com/sharedcontent/APStories/stories/D89BVEN00.html


Michaels Stores Inc. chairman Charles J. Wyly and vice chairman Sam Wyly — both wealthy benefactors of President Bush — plan to turn over to the company the profits made from the sale of family-owned Michaels stock held in offshore trusts. The brothers' plans were announced by the Irving-based arts and crafts retailer on Friday.

Previously, the company disclosed an investigation by the New York County district attorney's office and the Securities and Exchange Commission.

The company also said that the Wyly brothers have updated SEC filings to include the shares beneficially owned by them through family members and held in the trusts. Those shares previously hadn't been reported.

Last year, the Wyly brothers contributed $10,000 each to Swift Boat Veterans for Truth, a group that aired political advertisements assailing the Vietnam War record of Bush's Democratic opponent, Massachusetts Sen. John Kerry. In 2000, they financed $2.5 million in ads against Arizona Sen. John McCain, Bush's rival in the GOP presidential primaries, according to an analysis by Political Money Line, a campaign-finance tracking service.

[SoCalDem]

1. Ick.. I used to like Michaels' stores.. Now I won;t shop there

if it means putting money in a Wyly pocket:(