- Texas entrepreneur Sam Wyly arrives at federal court in New York in May for closing arguments at his civil trial.
- Associated Press
Samuel Wyly, the 80-year-old onetime Texas billionaire who recently filed for bankruptcy, wants to continue writing books that will “leave for the future what he has learned,” his lawyer said.
But for a man hit with $198.1 million judgment for securities fraud, paying two personal writing assistants at $32,000 a month might not be in the budget, a federal bankruptcy judge said on Wednesday.
Chief Judge Barbara Houser said Wednesday that Mr. Wyly’s budget “needs to be carefully scrubbed” and she wants to know if Mr. Wyly will make any money from his endeavor.
“Unless that’s a profit center, that may not be an appropriate use of funds during a Chapter 11 case,” Judge Houser said at a hearing in the U.S. Bankruptcy Court in Dallas, Texas.