Samuel and Charles Wyly, the billionaire brothers from Dallas who are large donors to philanthropies and to conservative causes, were charged Thursday July 29th with conducting an extensive securities fraud that the Securities and Exchange Commission said reaped $550 million in undisclosed gains. According to the SEC, offshore accounts were used to disguise illegal stock trading in companies they owned or controlled as well as to shield the Wylys’ money from taxes. The brothers served together on the boards of four companies in which they owned large stakes: Michaels, a leading arts and crafts chain; technology firms Sterling Software and Sterling Commerce; and Scottish Annuity & Life Holdings. The Wylys dispute the charges. Read more about it in the Reuter’s account: The Wylys
In related news, Mike Hartnet of Creative Leisure News reports the following in his most recent online issue: “There were unconfirmed rumors that Michaels’ owners, Bain Capital and The Blackstone Group, will try to take the company public within a year. ”
Tools of the Trade; Montana Gold. Starbucks has released their first hip-hop compilation. Entitled Back in the Day: A Summertime Hip-Hop Mix, it’s a compilation of songs from what’s known as “the golden age of hip-hop” (c. 1988-1996) To create the perfect cover art, they commissioned Seattle graffiti art legend Sneke One. Check out this video of the one-day creation, where he mesmerized an audience of videographers, Starbucks people and hip-hop fans, taking his “style writing” to a new level with a case of Montana Gold and a huge blank canvas that quickly became a colorful burst of abstract magnificence. It was later photographed and sized to fit the cover. Watch the making of the Back in the Day Video
Barnes & Noble Inc (BKS.N) shares soared 21 percent on Wednesday August 4th after the struggling bookseller said it was up for sale and could get a bid from its founder to go private. Barnes & Noble, the No. 1 U.S. book store chain, said on Tuesday that company founder and top shareholder Leonard Riggio is considering bidding for the company as part of a larger investor group. Barnes & Noble Inc is the parent company of Barnes & Noble College Stores, a division that manages 637 college bookstores across the U.S.A
Blaine’s Art Supply has announced their move to 1025 Photo Avenue in Anchorage, AK. They hope to be open in their new location, which is very close to their current building, by August 17th.
