Samuel E. Wyly , known as Sam Wyly (born October 4, 1934), is an American businessman and entrepreneur, author, philanthropist, lifelong history student, and a major contributor to candidates conservative. In 2006, Forbes magazine estimated its net worth at $ 1.1 billion. He's nine years in Forbes 400. Wyly memo book, 1,000 Dollars & amp; an Idea , published in September 2008. He is of Scottish, Irish, Welsh and English descent. His ancestors came to America in the 1600s, 1700s, and 1800s. His final book is The Immigrant Spirit: How Newcomers Enrich America , and his May 2018 book is Dallas Got It Right! , written with Laurie Matthews and Andrew Wyly .
Video Sam Wyly
Early life and education
Wyly was born in Lake Providence, described by Mark Twain in Life on the Mississippi as, "the southernmost first city" as you go back and forth. This is the parish seat of East Carroll Parish in northeastern Louisiana part of the pre-Civil War cotton kingdom as depicted in the movie Gone With the Wind . Derived from the long line of ministers Presbyterian and Episcopalian, founder of college, and teacher. His Wyly grandfather, who went to the Chicago World Expo in 1893 where the first Nicola Tesla electrician was shown, was a lawyer who manages plantation assets and helps poor blacks who were released from Angola Prison. His Evans grandfather was a doctor who handled everything from malaria to knife blows Saturday night to birth in a boarded-up cabin on the farm. He started working at an early age, helping his father, Charles Wyly, Sr., and mother, Flora Wyly, to publish the weekly newspaper, The Delhi Dispatch in Richland Parish. He sells ads, writes stories, folds and discusses finished paper, and cleans the printing press. In summer, he had a strong neck in Delhi Oil Field. He began working at an early age, helping his father, Charles Wyly, Sr., and mother, Flora Wyly, (who joined The Daughters of the Revolution America in the year he was born), to publish a weekly newspaper, Delhi Dispatch in Richland Parish and run the Western Union Telegraph Agency. He sells ads, writes stories, telegrams to oil and gas people, sends daily newspapers from bus stops on Highway 80, and cleans the printing press. [3] [4] In the summer, she has a rough-necked in Delhi Oil Field.
In high school he played the guard nose on the football team who became the country champion. His Cherokee team-mate Monroe Fowler said: "We are the 'waste of oilfields' who moved to Delhi with the discovery of great oil, but when Bubba took me to his home I could feel the holiness of the old South.
After high school, Wyly went to Louisiana Tech University [3] partly worked through college by selling class rings. [4] His brother, Charles, has a soccer scholarship that pays tuition, room and board, and laundry, plus $ 15 per month. Sam was elected president of the class and chairman of the student senate and was on the campus debate team debating whether America should "recognize Red China." In 1952, later known as "Bubba" Wyly, he was the head of the page at the Louisiana House of Representatives in Baton Rouge, recalls one young man working under his supervision, Jasper "Jake" Smith, III, son of Country Representative Jasper K. Smith from Caddo Parish. [5] The Wyly brothers then honor one of their tech professors, Robert C. Snyder, from the English department, with the seat awarded. [6] And in 1973, they awarded Louisiana Tech with sixteen Wyly Tower of Learning stories with the advantages of University Computing shares.
Wyly earned an MBA at Michigan in Ann Arbor, where she dropped "Bubba" and became "Sam." He was the first Paton scholar in Michigan. He took their first course taught on computer. He is one of several graduates of the Michigan School of Business who is a billionaire. He codes the program in machine language on the IBM 650 computer and learns the concept of von Neumann in which data and programs are stored in the same memory. He saw computers as productivity tools as powerful as tractors, trucks and electricity that increased the productivity of American agricultural workers by 100 to one, and sent farm boys and girls to work in cities.
Maps Sam Wyly
Business career
After Michigan, Wyly went to the Air Force Training Camp in San Antonio and to Dallas for a job with IBM [2] He and Ross Perot were classmates at IBM's education center. Three and a half years later, when Fortune Magazine described the computer industry as "IBM and seven dwarves," Wyly left IBM for Honeywell, (one of the dwarves), built their computer business in Dallas, Ft. Worth, and Oklahoma. [4] When Honeywell rejected his plans for a new technology computing center to replace the outdated Univac in high school, he stopped to do it himself. In November 1963, the month when Wyly started his company, [need referral] ] President Kennedy was shot in Dallas. Sam watched Jack and Jackie's march from the Neiman Marcus store downtown.
He first saw himself as a computer man, then as an entrepreneur, and later as a writer.
Cheryl and Sam Wyly bought Explore Booksellers and Bistro in January 2007, ending the Aspen, Colorado concern that the only bookstore will be converted into condominiums.
Sam wrote his memoirs, 1,000 Dollars & amp; An Idea , in 2008. He made book discussions to college and high school students.
The biography of his illustrations, Beyond Tallulah, How Sam Wyly Became the Great Big Entrepreneur in the United States, by Dennis Hamilton (Melcher Media) was published in 2011. Hamilton began writing about Sam in a software journal in the 1970s.
Sam and his son, Andrew Wyly, (with Preface by Walter Isaacson), wrote Texas Got It Right! in October 2012 (Melcher Media). [15] The book explains why California, New York, and Rust Belt countries lost jobs to Texas and Southern states and Rocky Mountain. In 2014, Dallas added more jobs than any other city, and the 17-county DFW metro is the fastest growing city in America; Frisco is the fastest growing city.
Politics
In 1968, Sam Wyly was a delegate to the Republican Convention, at the request of Chuck Percy, an Illinois Senator and former CEO whom he met at the "Young President" event. Percy lost, so Wyly became Chairman for the "Nixon For President" campaign in Texas. This is the first time that the Republican preserve money has matched the Democrats in Texas, which has been part of the "Southern Solid Democrats" since the Civil War. Nixon and then President Ford appointed Wyly commission chairman to foster business in most of Black's neighborhoods. Wyly previously worked with Joe Kirven, head of the Dallas Negro Chamber of Commerce, in a similar effort.
In 1998, he had a torturous option when his friend, Perot, and his friend Bush '41, both ran for president. Perot got 20 percent, but with two Texans on the ballot, "Another Bubba" from Texarkana - Bill Clinton - won the White House. Perot, Clinton, and Wyly all grow less than 100 miles from each other in Louisiana, Arkansas, and Texas.
In March 2007, commenting on the purchase of a local bookstore by Wyly and his wife Cheryl, the Aspen Times noted that the Wyly family "has been known not only for its philanthropic endeavors but also for its great contributions to political campaigns and candidates the conservative. "Sam supported George HW Bush to become president in 1980 and 1988. Sam supported George W. Bush to run for Congress in West Texas in 1978 and for governors in 1994 and presidents in 2000 and 2004.
Philanthropy
Wyly and her late brother, Charles, spent more than $ 160 million on charities in the past 25 years. Earlier, in 1968, he founded the Sam Wyly Foundation to help black business owners. It was run by Alan Steelman, who later became the first Republican elected from the 5th district of Texas, the seat now held by Jeb Hensarling, who worked with Wyly at Green Mountain Energy and Maverick.
At the request of Bob Wilson (husband writer Laura Wilson and father of Andrew, Luke and Owen Wilson of Hollywood), channel manager of PBS Dallas 13, Wyly gave local match money to get a Ford Foundation grant for the making, "The Jim Jam News Lehrer." Lehrer told The Aspen Institute, "Without Sam Wyly, there will be no News Clock." Lehrer is the only impartial moderator for 16 presidential debates.
With Charles, he funded the 16-Story Tower of Learning in Louisiana Tech, designed by architect Bastrop Hugh G. Parker, Jr., to commemorate their father (1973) and a $ 10 million prize for Sam Wyly Hall, at the University of Michigan ( 2000). [22] Has been a significant supporter of the Salvation Army, Deaf Action Center, Human Rights Organization, animal shelters in Dallas and Hillsboro, Texas, and Aspen, health care for survivors with Lou's disease Gehrig, and Aspen Writers' Foundation. [16] Supports the Dallas Theater Center at Turtle Creek for decades, and is a major contributor to Wyly Theater in downtown Dallas. In 2015 - founded WylyBooks Company, a nonprofit to fund its story on the history and future of America.
Legal Issues
Federal Government Legal Claims
In 1979, Wyly repaid the Securities and Exchange Commission (SEC) alleging that he made an undisclosed payment to a partner to buy corporate bonds as part of a plan to prevent bankruptcy for Computing University after the loss of $ 100 million. He settled without admitting any wrongdoing.
In August 2006, Dallas Morning News reported that Sam and Charles Wyly were again under investigation by the SEC, a grand jury in Dallas and a grand jury in New York, regarding their use of illegally potentially offshore taxes. shelter. No criminal charges are committed by the Grand Jury. Senate researchers alleged that Wyly's brothers used overseas trusts to buy $ 30 million worth of artwork, jewelry, furniture and other items for their personal use. The Wyly brothers denied any wrongdoing, and stated that they only followed the advice of their lawyers and CPAs.
On July 29, 2010, the SEC accused Charles and Sam Wyly for fraud for violating federal securities laws governing ownership and trading securities by insiders. Sam was shocked by the indictment, because historically such cases were brought in when public investors lost money. In these companies - Michaels, Sterling Software, and Sterling Commerce - public investors have earnings well above average.
The Wyly brothers made a great fortune for themselves, their employees and shareholders through investing in Michaels Stores and some software companies. They have been accused of avoiding their tax obligations by transferring stock options at Michaels and Sterling Software Inc. to an overseas trust after receiving advice from a lawyer promoting foreign trust as a method of asset protection and tax deferral. On May 12, 2014, a civilian jury in New York discovered that Wyly's brothers were responsible for counting to use overseas trust. On July 11, 2014, Sam Wyly and his brother Charles, were found not responsible for insider trading by US Judge in New York.
On October 19, 2014 Sam Wyly filed for Chapter 11 bankruptcy, lost one of the cases brought by the SEC, and wanted to force the IRS to "install or close" whatever taxes it was levying in relation to the family's foreign trust. The IRS has been auditing its taxes for a decade without ever telling him if he owes extra taxes.
In 2016, Wyly settled with the SEC, entering a settlement agreement in which he agreed to pay $ 198.1 million. "This is an important step to resolve Mr. Wyly's dispute with the government and allow him out of bankruptcy," said Jim Lee, a lawyer at Vinson & Elkins.
The following year, Wyly sold his home in Highland Park, Texas.
Internal Revenue Service
In April 2015, the Internal Revenue Service filed a $ 3.2 billion claim for income tax, interest and penalties against Wyly and the property of his deceased brother. His lawyer called the IRS claimed "unfair and unreasonable." <35> The biggest tax claim ever imposed on a person. Wyly joked that this is the "billing error" of the IRS. "They sent us Exxon tax bills for mistakes, Exxon's headquarters just a few miles from my house."
In June 2016, the Court ordered Wyly to pay $ 1.1 billion in taxes, interest, and penalties. The IRS moves to collect from the overseas trusts that Wyly has established.
Wyly said he accepted suggestions that the Isle of Man is a good place for asset protection - a good place to defer taxes, not tax evasion. He relied on advice from lawyers and their accountants on the legality of overseas trusts.
Wyly believes that the net result of all these Federal government activities is wasting American assets with less money for taxes and charities and more for lawyers for the government and what Wyly needs for defense.
Personal
Wyly and his brother Charles, who are one year older, almost for the rest of their lives. They play high school football, follow Louisiana Tech University, and join the Pi Pi Brappa Alpha together. They work together in a large number of businesses they own or run. In August 2011, just after their Sunday morning breakfast after church, Charles was killed in a car accident in Aspen's Roaring Fork Valley.
From 1960 to 1976, Wyly married Rosemary Acton. In 1969 when at home with her children, Rosemary wrestled with a gun from an intruder. In 1978 in Dallas, he married Victoria L. Steele. [40] Wyly and his wife, [3] Cheryl is married from 1994 to 2016.Cheryl is a former Texas All-State volleyball player at Farmers Branch High School and Senior High School in Texas A & amp; M's School of Architecture. When Wyly introduced Cheryl to President Bush in 1992, Bush said, "These Wyly brothers have supported me in every race I've run - and they never asked for anything.
Wyly has six adult children. Evan, Laurie and Lisa's twins, Kelly, Andrew and Christiana - all six walk into first class at Armstrong School in Highland Park. They have a tradition of having family meetings every month and annual summer retreats. Wyly has 25 offspring and 37 family members, and her late brother has 14 family members.
References
External links
Source of the article : Wikipedia
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