Ex-Billionaire Wyly Wins Approval to Sell Wife’s Bookstore

Former billionaire Samuel Wyly won bankruptcy court approval to sell his wife’s bookstore in Aspen, Colorado, and the land it’s on, for $5 million as he seeks cash to repay the Securities and Exchange Commission and other creditors after losing a fraud lawsuit.

Wyly, who helped build companies including arts-and-crafts retailer Michaels Stores Inc., was spending about $29,000 a month on the mortgage for the bookstore, court records show. The SEC challenged his expenses, arguing he was burning through cash instead of setting aside money to pay.