Billion-dollar Bankruptcy Trial of Sam and Dee Wyly Starts this Week
The bankruptcy trial Dallas entrepreneur Sam Wyly and his sister-in-law Dee Wyly starts Wednesday. Billions of dollars are at stake. Each side plans to call up to three-dozen witnesses. The IRS says it will introduce 1,270 exhibits, while lawyers for the Wylys have another 837. U.S. Bankruptcy Chief Judge Barbara Houser has set aside four weeks to decide how much the Wylys owe in back taxes, fines and penalties for allegedly hiding hundreds of millions of dollars in trusts on the Isle of Man.
