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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 25)*
Michaels Stores, Inc.
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(NAME OF ISSUER)
Common Stock, par value $0.10 per share
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(TITLE OF CLASS OF SECURITIES)
594087-10-8
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(CUSIP NUMBER)
Charles D. Maguire, Jr.
901 Main Street, Suite 6000
Dallas, Texas 75202
(214) 953-6000
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(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON
AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS)
September 5, 1995
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(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 11 Pages
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CUSIP NO. 594087-10-8 13D Page 2 of 11 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Sam Wyly ###-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(a) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,634,905
OWNED BY ----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 300,000
WITH ----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,469,069
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
300,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,784,905
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.5%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 594087-10-8 13D Page 3 of 11 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Charles J. Wyly, Jr. ###-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(a) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,597,607
OWNED BY ----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 300,000
WITH ----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,022,233
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
300,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,322,607
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.6%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 594087-10-8 13D Page 4 of 11 Pages
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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
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(a) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 300,000
OWNED BY ----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 0
WITH ----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
300,000
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
300,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.4%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 594087-10-8 13D Page 5 of 11 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Wyly Group
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(a) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 3,532,512
OWNED BY ----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 0
WITH ----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
4,791,302
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,807,512
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
21.1%
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14 TYPE OF REPORTING PERSON*
IN, PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 594087-10-8 13D Page 6 of 11 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:
On September 5, 7, and 8 of 1995, Tallulah, Ltd., a Texas limited
partnership ("Tallulah") for which Sam Wyly is general partner, purchased in
open market transactions 50,000, 100,000 and 50,000 shares of Common Stock,
respectively, for a consideration of $837,500, $1,711,000 and $871,850,
respectively. Tallulah funded the purchase price for these shares out of its
working capital.
On each of September 5 and 6 of 1995, Brush Creek, Ltd., a Texas
limited partnership ("Brush Creek") for which Charles J. Wyly, Jr. is general
partner, purchased in open market transactions 50,000 shares of Common Stock
(being 100,000 shares in the aggregate) for a consideration of $837,500 and
$842,050, respectively. Brush Creek funded the purchase price for these
shares out of its working capital.
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 September 5, 7, and 8 of 1995, Tallulah purchased in open market
transactions 50,000, 100,000 and 50,000 shares of Common Stock. As a result,
Sam Wyly is deemed to beneficially own an additional 200,000 shares of Common
Stock.
On August 1, 1995, options granted to Sam Wyly on April 18, 1994 and
August 1, 1994, respectively, each became exercisable with respect to 50,000
shares of Common Stock (for a total of 100,000 shares). As a result, Sam
Wyly is deemed to beneficially own an additional 100,000 shares of Common
Stock.
On each of September 5 and 6 of 1995, Brush Creek purchased in open
market transactions 50,000 shares of Common Stock (being 100,000 shares in
the aggregate). As a result, Charles J. Wyly, Jr. is deemed to beneficially
own an additional 100,000 shares of Common Stock.
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CUSIP NO. 594087-10-8 13D Page 7 of 11 Pages
On August 1, 1995, options granted to Charles J. Wyly, Jr. on April
15, 1994 and August 1, 1994, respectively, each became exercisable with
respect to 25,000 shares of Common Stock (for a total of 50,000 shares). As
a result, Charles J. Wyly, Jr. is deemed to beneficially own an additional
50,000 shares of Common Stock.
Mr. Sam Wyly beneficially owns 2,784,905 shares, or 12.5%, of the
outstanding Common Stock. Sam Wyly beneficially owns 250,000 of such shares
by virtue of his ownership of options; beneficially owns 1,674,536 of such
shares as general partner of Tallulah (through direct ownership by Tallulah
of 1,074,536 shares and beneficial ownership by Tallulah of an additional
600,000 shares as a result of Tallulah's ownership of options); beneficially
owns 300,000 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; and beneficially
owns an aggregate of 536,615 of such shares as trustee of the trusts listed
below:
Number of
Shares
Beneficially
Name of Trust Owned
- ---------------------------------------------------- ------------
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
5. The Kelly Wyly Elliot Trust 123,943
=======================================================================
Sam Wyly possesses sole voting power with respect to 1,634,905
shares of Common Stock and sole dispositive power with respect to 2,469,069
shares of Common Stock and shared voting and dispositive power with respect
to 300,000 shares of Common Stock.
Charles J. Wyly, Jr. beneficially owns 2,322,607 shares, or 10.6%,
of the outstanding Common Stock. Charles J. Wyly, Jr. beneficially owns
425,000 of such shares by virtue of his ownership of options; beneficially
owns 855,000 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 300,000 of such shares
as general partner of Maverick Entrepreneurs Fund, Ltd. and beneficially owns
an aggregate of 742,233 of such shares as trustee of the trusts listed below:
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CUSIP NO. 594087-10-8 13D Page 8 of 11 Pages
Number of
Shares
Beneficially
Name of Trust Owned
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1. The Charles Joseph Wyly III Trust 190,913
2. The Martha Caroline Wyly Trust 170,000
3. The Emily Ann Wyly Trust 190,813
4. The Jennifer Lynn Wyly Trust 190,507
=======================================================================
Charles J. Wyly, Jr. possesses sole voting power with respect to
1,597,607 shares of Common Stock, sole dispositive power with respect to
2,022,233 shares of Common Stock and shared voting and dispositive power with
respect to 300,000 shares of Common Stock.
Maverick Entrepreneurs Fund, Ltd. beneficially owns 300,000 shares,
or 1.4%, of the outstanding Common Stock. Maverick Entrepreneurs Fund, Ltd.
owns all of such shares directly.
The Reporting Persons as a group beneficially own 4,807,512 shares,
or 21.1%, of the outstanding Common Stock. The Reporting Persons as a group
possess sole voting power with respect to 4,791,302 shares of Common Stock,
sole dispositive power with respect to 3,516,302 shares of Common Stock and
shared voting and dispositive power with respect to 0 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). (1)
Exhibit 2.1 - Form of Loan Agreement, dated as of February
23, 1995, between Lehman Brothers Finance, S.A.,
and Those Persons Specified in Schedule A
thereto. (2)
Exhibit 2.2 - Form of Loan Agreement, dated as of February
23, 1995, between Lehman Brothers Finance, S.A.,
and Those Persons Specified in Schedule A
thereto. (2)
Exhibit 3.1 - Option Transaction Confirmation, dated as of
February 23, 1995, by Lehman Brothers Finance,
S.A. to the Counterparties set forth on Exhibit A
thereto. (2)
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CUSIP NO. 594087-10-8 13D Page 9 of 11 Pages
Exhibit 3.2 - Option Transaction Confirmation, dated as of
February 23, 1995, by Lehman Brothers Finance,
S.A. to the Counterparties set forth on Exhibit A
thereto. (2)
Exhibit 3.3 - Option Transaction Confirmation, dated as of
February 23, 1995, by Lehman Brothers Finance,
S.A. to the Counterparties set forth on Exhibit A
thereto. (2)
Exhibit 3.4 - Option Transaction Confirmation, dated as of
February 23, 1995, by Lehman Brothers Finance,
S.A. to the Counterparties set forth on Exhibit A
thereto. (2)
Exhibit 4.1 - Pledge Agreement, dated as of February 23, 1995,
between Lehman Brothers Finance, S.A., and the
Counterparties set forth on Exhibit A thereto. (2)
Exhibit 4.2 - Pledge Agreement, dated as of February 23, 1995,
between Lehman Brothers Finance, S.A., and the
Counterparties set forth on Exhibit A thereto. (2)
Exhibit 5.1 - Guarantee Agreement. (2)
(1) Filed herewith.
(2) Previously filed as an exhibit to Amendment
23 of this Schedule 13D.
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CUSIP NO. 594087-10-8 13D Page 10 of 11 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: September 26, 1995 /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
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CUSIP NO. 594087-10-8 13D Page 11 of 11 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: September 26, 1995 /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
