Charles Wyly, Co-Founder of Michaels Stores, Dies after Car Crash

Author: John Egan
Published: August 07, 2011 at 8:09 pm

Billionaire entrepreneur and philanthropist Charles Wyly, co-founder and former chairman of arts and crafts retail chain Michaels Stores Inc., died Sunday after suffering injuries in a car crash in Colorado. He was 77.

About 10:50 a.m. Sunday, Wyly was driving a blue Porsche Targa in Pitkin County, Colo., when a Ford Freestyle struck the driver’s side of the Porsche, according to the Colorado State Patrol. Wyly was taken to Aspen Valley Hospital, where he died shortly after noon. He owned a ranch in Woody Creek, near Aspen.

The driver of the Ford, Genezi Lacerda of Snowmass Village, Colo., suffered moderate injuries.

Wyly and his brother, Sam, bought a controlling interest in Michaels in 1982; the brothers are listed as co-founders of Michaels. Today, the chain has more than 1,000 stores in the United States and Canada. Affiliates of two private investment firms, Bain Capital Partners LLC and The Blackstone Group LP, bought the majority of Michaels’ common stock in 2006 for about $6 billion.

In fiscal 2010, Michaels Stores posted revenue of more than $4 billion. Michaels is based in the Dallas suburb of Irving. Aside from Michaels retail outlets, the company operates 136 Aaron Brothers stores, which sell custom frames, picture frames and art supplies.

Among the Wyly brothers’ other business interests were:

• Bonanza Steakhouse, which they bought in 1967 and sold in 1989.

• Sterling Software Inc., which they founded in 1981 and sold in 2000 for $4 billion.

Charles Wyly also co-founded Maverick Capital Ltd., an investment management firm; Earth Resources Co., an oil refining and mining company; and Green Mountain Energy Co., a provider of green energy. In 2010, the Wyly brothers and other stockholders sold Green Mountain Energy to NRG Energy Inc. for $350 million.

Wyly was involved in numerous philanthropic efforts in Dallas. For instance, he was a member of the board of directors of the AT&T Performing Arts Center in Dallas. The Wyly family donated $20 million to help build the center, which includes the Dee and Charles Wyly Theatre.

Mark Weinstein, president and CEO of the AT&T Performing Arts Center, said Wyly “has left behind a tremendous legacy here in Dallas.”

In 2010, the U.S. Securities and Exchange Commission accused the Wyly brothers of illegally pocketing more than $550 million from selling stock in four public companies where they were corporate directors, including Michaels Stores and Sterling Software. The Wyly brothers have denied the charges.

Outside business and philanthropic circles, the Wyly brothers are known for their contributions to Republican political candidates and causes.

Views: 80

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Burbia commented on tjdavis's video
Thumbnail

Free (Acoustic Version)

"I had the Controversy album. Next was 1999. Was given Purple Rain for Christmas by four people. I…"
3 hours ago
Burbia posted a blog post

The Noticing Continues

American woman says “I’ve had enough” of the white hate pushed on the populationQ“We're the only…See More
3 hours ago
tjdavis posted a video

Free (Acoustic Version)

Provided to YouTube by Legacy RecordingsFree (Acoustic Version) · PrinceFree℗ 2025 NPG Records, LLC, under exclusive license to Legacy RecordingsReleased on:...
5 hours ago
Burbia posted a video

Why Does Israel Suddenly Want President Trump Dead?

Please help me counter injustices in Muslim world by supporting my journalism and CJWS here: ▶️ https://www.patreon.com/c/cjwerlemanor via YouTube here: ▶️ h...
13 hours ago
Doc Vega posted blog posts
yesterday
Burbia favorited tjdavis's photo
Saturday
FREEDOMROX's blog post was featured
Saturday
cheeki kea commented on cheeki kea's blog post WHY YOU MUST UNDERSTAND AMYLOIDOSIS AND AMYLOID PLAQUES June 13, 2022
Saturday
FREEDOMROX posted a blog post
Friday
Doc Vega commented on Doc Vega's blog post The Many Keys to Deadly Secrecy in our Government
"cheeki kea, thanks so much for your support."
Friday
FREEDOMROX posted a blog post
Thursday
cheeki kea favorited Doc Vega's blog post The Many Keys to Deadly Secrecy in our Government
Thursday
cheeki kea commented on cheeki kea's photo
Thursday
cheeki kea posted a photo
Wednesday
cheeki kea replied to cheeki kea's discussion Tartaria
"Greetings to you John, You're right and it didn't take long for those manuals to totally…"
Wednesday
Doc Vega posted a blog post

The Many Keys to Deadly Secrecy in our Government

We now know thanks to the legislation of FOIA access to federal documents and evidence and the…See More
Wednesday
Less Prone favorited tjdavis's photo
Wednesday
Less Prone favorited rlionhearted_3's photo
Wednesday
John Miller commented on rlionhearted_3's photo
Thumbnail

Another incredibly Stupid!! What, no mirrors?

"Brutal post... not sure it’s helping anyone though."
Tuesday
John Miller replied to cheeki kea's discussion Tartaria
"Tartaria: the empire that built half the world's cathedrals, then vanished because someone…"
Tuesday

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted