RE: THOSE WILY WYLYS
Does this whole sordid business cast a taint over the soon-to-be-built Dee and Charles Wyly Theater? As the WSJ notes, “The Wyly family’s affairs are now the subject of a federal grand-jury investigation in Dallas.” That investigation centers on possible back-dating of stock options. And then there’s the U.S. Senate panel looking into the off-shore stuff at a hearing tomorrow. So, worst case scenario: the Wylys are indicted. The IRS and the SEC both come calling. Sanctions? Jail time? Theater in the round?
RE: THOSE WILY WYLYS
Ouch. A Bermuda company called Scottish Re is mentioned in that WSJ story about the Wylys tax-shelter strategies. It used to be called Scottish Annuity & Life, and it was set up and run by the Wylys’ lawyer Michael French. Scottish Re is publicly traded, and the trading today–it ain’t so good. The stock is down about 75 percent as the second quarter was a surprising loss and the CEO resigned.
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