Jay Adkisson of Forbes wrote an interesting article a couple of days ago detailing the history of the Wyly brothers attempting to hide their assets from the IRS and creditors. Judge Houser ruled about a month ago that Sam Wyly and his brother’s estate owe the IRS $1.1 billion.
Here’s a snippet of Adkisson’s article: “In his bankruptcy filing, Sam listed two significant assets that he claimed were exempt under the very liberal Texas exemption laws. First, Sam claimed that his Dallas house worth a little over $12 million was exempt. Second, and more interestingly, Sam claimed that that the payments that he was to receive under several private annuities […] were exempt. We’re not talking your grandpappy’s annuity here that gave him an extra $300 bucks a month. No, no, no, no. Sam was due to be paid just short of $250 million from nine private annuities. You read that right: Sam was seeking to exempt about a quarter of a billion dollars in future annuity payments from the claims of his creditors.”