Mark Mullin in Texas Lawbook: EXCLUSIVE – Sam Wyly: Bankrupt but Still Fighting

03/25/2015

Nine years ago, Forbes estimated the net worth of maverick entrepreneur Sam Wyly at $1.1 billion. His business savvy created tens of thousands of jobs and put billions of dollars into the pockets of investors…

Today, he is fighting for his family’s fortune and future in U.S. Bankruptcy Court. The $20,377,496 he has in his bank account is frozen. His every expense, including the cable TV bill and insurance for his Subaru, is reviewed and approved by a judge…

Now, the IRS says it may go after Wyly for as much as $540 million in unpaid taxes…

“Every day that this bankruptcy battle goes on, there is less money available for the creditors because the cost of bankruptcy is so high,” says Mark Mullin, a partner at Haynes and Boone and the lead lawyer for the creditors committee in the Wyly bankruptcy case.

 Excerpted from The Texas Lawbook. To read the full article, click here (subscription required).

Related Practices

Email Disclaimer