Although not a lot of hard-working Texas residents facing stark financial challenges and doing their best to work through them might be able to identify -- even remotely -- with Samuel Wyly personally, his bankruptcy-related case nonetheless commands real-world interest. We pass along its central details for our readers, believing that Wyly’s story is relevant for its strong focus on debt relief and bankruptcy protection.
Wyly’s name is perhaps familiar to some readers, given the status accorded him by Forbes as one of the richest people in the United States. According to that magazine, Wyly commanded a net worth of approximately $1 billion in 2010.
That’s a lot of coin, obviously, but Wyly says that such an impressive amount of wealth simply no longer exists. His legal advisers contend that the oft-described business tycoon lacks the funds necessary to pay civil damages for his role in an alleged fraudulent scheme that defrauded the U.S. government of scores of millions of dollars.