<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 22)
MICHAELS STORES, INC.
- -----------------------------------------------------------
(Name of Issuer)
Common Stock, par value $0.10 per share
- -----------------------------------------------------------
(Title of Class of Securities)
594087-10-8
- -----------------------------------------------------------
(CUSIP Number)
Michael C. French
901 Main Street, Suite 6000
Dallas, Texas 75202
(214) 953-6000
- -----------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 20, 1994
- -----------------------------------------------------------
(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition which is the subject of this Schedule 13D,
and is filing this schedule because of Rule 13d-1(b)(3) or (4), check
the following box / /.
Check the following box if a fee is being paid with the statement / /.
(A fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent
of the class of securities described in Item 1; and (2) has filed no
amendment subsequent thereto reporting beneficial ownership of five percent
or less of such class.) (See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are
to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 10 Pages
<PAGE>
CUSIP NO. 594087-10-8 13D Page 2 of 10 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Sam Wyly ###-##-####
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(a) / /
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 1,310,962
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 690,925
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 1,760,962
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
690,925
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,451,887
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.7%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 594087-10-8 13D Page 3 of 10 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Charles J. Wyly, Jr. ###-##-####
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(a) / /
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 1,621,550
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 200,000
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 1,846,550
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
200,000
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,046,550
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.6%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 594087-10-8 13D Page 4 of 10 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Maverick Entrepreneurs Fund, Ltd. (f/k/a First Dallas Limited) 75-231-9145
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(a) / /
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 200,000
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 200,000
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
200,000
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.2%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 594087-10-8 13D Page 5 of 10 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Wyly Group
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(a) / /
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 3,132,512
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 490,925
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 3,807,512
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
490,925
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,298,437
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.7%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN, PN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 594087-10-8 13D Page 6 of 10 Pages
ITEM 1. SECURITY AND ISSUER. Not amended.
ITEM 2. IDENTITY AND BACKGROUND. Not amended.
ITEM 3. SOURCE AND AMOUNT OF FUNDS. Item 3 is hereby amended and restated
in its entirety to read as follows:
The options described in Item 5 as held by Sam Wyly and Charles J. Wyly,
Jr. were previously granted to Sam Wyly and Charles J. Wyly, Jr., respectively,
under the Michaels Stores, Inc. 1992 Non-Statutory Stock Option Plan (the
"1992 Plan"). The options described in Item 5 as held by Tallulah, Ltd., a
Texas limited partnership for which Sam Wyly is general partner ("Tallulah"),
were previously granted to Sam Wyly under the Company's 1992 Plan and were
subsequently transferred by Sam Wyly to Tallulah.
ITEM 4. PURPOSE OF TRANSACTION. Not amended.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. Item 5 is hereby amended
and restated in its entirety to read as follows:
On August 1, 1994, an option granted to Sam Wyly on April 18, 1994, will
become exercisable with respect to 50,000 shares of Common Stock. As a
result, Sam Wyly is deemed to become the beneficial owner of 50,000 additional
shares of Common Stock on June 2, 1994. On August 19, 1994, an option granted
to Sam Wyly on April 23, 1993, will become exercisable with respect to 33,334
shares of Common Stock. Also on August 19, 1994, an option granted to
Sam Wyly on August 19, 1992, and currently held by Tallulah, will become
exercisable with respect to 150,000 shares of Common Stock. As a result,
Sam Wyly is deemed to become the beneficial owner of 183,334 additional shares
of Common Stock on June 20, 1994.
On August 1, 1994, an option granted to Charles J. Wyly, Jr. on
April 18, 1994, will become exercisable with respect to 25,000 shares of
Common Stock. As a result, Charles J. Wyly, Jr. is deemed to become the
beneficial owner of 25,000 additional shares of Common Stock on June 2, 1994.
On August 19, 1994, an option granted to Charles J. Wyly, Jr. on April 23,
1993, will become exercisable with respect to 16,667 shares of Common Stock.
Also on August 19, 1994, an option granted to Charles J. Wyly, Jr. on
August 19, 1992, will become exercisable with respect to 75,000 shares of
Common Stock. As a result, Charles J. Wyly, Jr. is deemed to become the
beneficial owner of 91,667 additional shares of Common Stock on June 20, 1994.
<PAGE>
CUSIP NO. 594087-10-8 13D Page 7 of 10 Pages
Mr. Sam Wyly beneficially owns 2,451,887 shares, or 13.7%, of the
outstanding Common Stock. Sam Wyly beneficially owns 150,000 of such shares
by virtue of his ownership of options; beneficially owns 1,174,536 of such
shares as general partner of Tallulah (through direct ownership by Tallulah of
874,536 shares and beneficial ownership by Tallulah of an additional 300,000
shares as a result of Tallulah's ownership of options); beneficially owns
200,000 of such shares as general partner of Maverick Entrepreneurs Fund,
Ltd.; beneficially owns 7,918 of such shares as the guardian of a minor child;
beneficially owns 15,836 of such shares by virtue of his holding a power of
attorney to vote the shares of two adult children; beneficially owns 490,925
of such shares as trustee and as a member of the Investment Committee for
Michaels Stores, Inc. Employees 401(k) Plan and Trust (based on a 401(k) Plan
statement dated May 27, 1994) and beneficially owns an aggregate of 412,672 of
such shares as trustee of the trusts listed below:
<TABLE>
<CAPTION>
NUMBER OF
SHARES
BENEFICIALLY
NAME OF TRUST OWNED
- ----------------------------------------- ------------
<C> <S> <C>
1. The Christiana Parker Wyly Trust 82,393
2. The Andrew David Sparrow Wyly Trust 82,393
3. The Laurie L. Wyly Revocable Trust 123,943
4. The Lisa Wyly Revocable Trust 123,943
</TABLE>
Sam Wyly possesses sole voting power with respect to 1,310,962 shares of
Common Stock, sole dispositive power with respect to 1,760,962 shares of
Common Stock and shared voting and dispositive power with respect to 690,925
shares of Common Stock.
Charles J. Wyly, Jr. beneficially owns 2,046,550 shares, or 11.6%, of
the outstanding Common Stock. Charles J. Wyly, Jr. owns 225,000 of such
shares by virtue of his ownership of options; beneficially owns 755,000 of
such shares as general partner of Brush Creek; beneficially owns 374 of such
shares by virtue of his holding a power of attorney to vote the shares of four
adult children; beneficially owns 200,000 of such shares as general partner of
Maverick Entrepreneurs Fund, Ltd. and beneficially owns an aggregate of
866,176 of such shares as trustee of the trusts listed below:
<TABLE>
<CAPTION>
NUMBER OF
SHARES
BENEFICIALLY
NAME OF TRUST OWNED
- ----------------------------------------- ------------
<C> <S> <C>
1. The Charles Joseph Wyly III Trust 190,913
2. The Martha Caroline Wyly Trust 170,000
</TABLE>
<PAGE>
CUSIP NO. 594087-10-8 13D Page 8 of 10 Pages
<TABLE>
<CAPTION>
NUMBER OF
SHARES
BENEFICIALLY
NAME OF TRUST OWNED
- ----------------------------------------- ------------
<C> <S> <C>
3. The Emily Ann Wyly Trust 190,813
4. The Jennifer Lynn Wyly Trust 190,507
5. The Sam Wyly and Rosemary Wyly 123,943
Children's Trust No. 1 of 1965
for the benefit of Kelly Wyly
</TABLE>
Charles J. Wyly, Jr. possesses sole voting power with respect to
1,621,550 shares of Common Stock, sole dispositive power with respect to
1,846,550 shares of Common Stock and shared voting and dispositive power with
respect to 200,000 shares of Common Stock.
Maverick Entrepreneurs Fund, Ltd. beneficially owns 200,000 shares, or
1.2%, of the outstanding Common Stock. Maverick Entrepreneurs Fund, Ltd. owns
all of such shares directly.
The Reporting Persons as a group beneficially own 4,298,437 shares, or
23.7%, of the outstanding Common Stock. The Reporting Persons as a group
possess sole voting power with respect to 3,132,512 shares of Common Stock,
sole dispositive power with respect to 3,807,512 shares of Common Stock and
shared voting and dispositive power with respect to 490,925 shares of Common
Stock.
Except as set forth in this Item 5, no transactions in the Common Stock
were effected by the Reporting Persons during the past 60 days or since the
most recent filing on Schedule 13D, whichever is less.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER. Not amended.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 1 - Agreement pursuant to Rule 13d-1(f)(1)(iii).
<PAGE>
CUSIP NO. 594087-10-8 13D Page 9 of 10 Pages
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct.
Date: June 20, 1994 /s/ Sam Wyly
---------------------- -----------------------------------
Sam Wyly
/s/ Charles J. Wyly, Jr.
-----------------------------------
Charles J. Wyly, Jr.
MAVERICK ENTREPRENEURS FUND, LTD.
(formerly First Dallas Limited)
By: /s/ Sam Wyly
-------------------------------
Sam Wyly,
General Partner
By: /s/ Charles J. Wyly, Jr.
-------------------------------
Charles J. Wyly, Jr.,
General Partner
<PAGE>
CUSIP NO. 594087-10-8 13D Page 10 of 10 Pages
EXHIBIT 1
Pursuant to Rule 13d-1(f)(1)(iii) of Regulation 13D-G of the General
Rules and Regulations of the Securities and Exchange Commission under the
Securities Exchange Act of 1934, as amended, the undersigned agree that the
statement to which this Exhibit is attached is filed on behalf of each of them.
Date: June 20, 1994 /s/ Sam Wyly
--------------------- -----------------------------------
Sam Wyly
/s/ Charles J. Wyly, Jr.
-----------------------------------
Charles J. Wyly, Jr.
MAVERICK ENTREPRENEURS FUND, LTD.
(formerly First Dallas Limited)
By: /s/ Sam Wyly
-------------------------------
Sam Wyly,
General Partner
By: /s/ Charles J. Wyly, Jr.
---------------------------
Charles J. Wyly, Jr.,
General Partner
341166.02/D
