<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 24)*
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)
March 15, 1995
(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 (a) /x/
OF A GROUP* (b) / /
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(3) SEC USE ONLY
- -------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
N/A
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(5) CHECK 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 SHARES (7) SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 1,434,905
PERSON WITH --------------------------------------------------
(8) SHARED VOTING POWER
300,000
--------------------------------------------------
(9) SOLE DISPOSITIVE POWER
2,184,905
--------------------------------------------------
(10) SHARED DISPOSITIVE POWER
300,000
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,484,905
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(12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.2%
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(14) TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
*SEE INSTRUCTION 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 (a) /x/
OF A GROUP* (b) / /
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(3) SEC USE ONLY
- -------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
N/A
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(5) CHECK 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 SHARES (7) SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 1,497,607
PERSON WITH --------------------------------------------------
(8) SHARED VOTING POWER
300,000
--------------------------------------------------
(9) SOLE DISPOSITIVE POWER
1,872,607
--------------------------------------------------
(10) SHARED DISPOSITIVE POWER
300,000
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,172,607
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(12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.0%
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(14) TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
*SEE INSTRUCTION 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 (a) /x/
OF A GROUP* (b) / /
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(3) SEC USE ONLY
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(4) SOURCE OF FUNDS*
WC
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(5) CHECK 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 SHARES (7) SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 300,000
PERSON WITH --------------------------------------------------
(8) SHARED VOTING POWER
0
--------------------------------------------------
(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 IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
(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 INSTRUCTION BEFORE FILLING OUT!
<PAGE>
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 (a) /X/
OF A GROUP* (b) / /
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(3) SEC USE ONLY
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(4) SOURCE OF FUNDS*
WC
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(5) CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(a) / /
- -------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
- -------------------------------------------------------------------------------
NUMBER OF SHARES (7) SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 3,232,512
PERSON WITH --------------------------------------------------
(8) SHARED VOTING POWER
0
--------------------------------------------------
(9) SOLE DISPOSITIVE POWER
4,357,512
--------------------------------------------------
(10) SHARED DISPOSITIVE POWER
0
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,357,512
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(12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.3%
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(14) TYPE OF REPORTING PERSON*
IN, PN
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*SEE INSTRUCTION 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:
The options for which exercise dates are described in Item 5 as having been
accelerated were granted to Sam Wyly and Charles J. Wyly, Jr., respectively,
under the Michaels Stores, Inc. 1992 Non-Statutory Stock Option Plan (the "1992
Plan"). Such options granted to Sam Wyly were subsequently transferred to
Tallulah, Ltd., a Texas limited partnership ("Tallulah") for which Sam Wyly is
general partner.
On March 17, 1995 Maverick Entrepreneurs Fund, Ltd. purchased in the
aggregate 100,000 shares of Common Stock for an aggregate consideration of
$3,054,375. Maverick Entrepreneurs Fund, Ltd. 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 March 15, 1995, the reporting person was informed that effective May
29, 1994, the exercise schedule of an option granted on August 19, 1992, to
Sam Wyly, and currently held by Tallulah, was automatically accelerated under
the terms of such option's initial grant. As a result, Sam Wyly is deemed to
have become the beneficial owner of 300,000 additional shares of Common Stock.
On March 15, 1995, the reporting person was informed that effective May
29, 1994, the exercise schedule of an option granted on August 19, 1992, to
Charles J. Wyly, Jr. was automatically accelerated under the terms of such
option's initial grant. As a result, Charles J. Wyly, Jr. is deemed to have
become the beneficial owner of 150,000 additional shares of Common Stock.
On March 17, 1995, Maverick Entrepreneurs Fund, Ltd. purchased 100,000
shares of Common Stock in open market transactions; 65,000 shares of which were
purchased at a price of $30.50 per share and 35,000 shares of which were
purchased at a price of $30.625 per share.
Mr. Sam Wyly beneficially owns 2,484,905 shares, or 11.2%, of the
outstanding Common Stock. Sam Wyly beneficially owns 150,000 of such shares by
virtue of his ownership of options; beneficially owns 1,474,536 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 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
<PAGE>
CUSIP No. 594087-10-8 13D Page 7 of 11 Pages
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
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- ------------------------------------------------------------------------------
Sam Wyly possesses sole voting power with respect to 1,434,905 shares of
Common Stock, sole dispositive power with respect to 2,184,905 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 2,172,607 shares, or 10.0%, of the
outstanding Common Stock. Charles J. Wyly, Jr. owns 375,000 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 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:
Number of
Shares
Beneficially
Name of Trust Owned
- --------------------------------------------- ------------
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 1,497,607
shares of Common Stock, sole dispositive power with respect to 1,872,607 shares
of Common Stock and shared voting and dispositive power with respect to 300,000
shares of Common Stock.
<PAGE>
CUSIP No. 594087-10-8 13D Page 8 of 11 Pages
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 4,357,512 shares, or
19.3%, of the outstanding Common Stock. The Reporting Persons as a group
possess sole voting power with respect to 3,232,512 shares of Common Stock, sole
dispositive power with respect to 4,357,512 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)
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)
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CUSIP No. 594087-10-8 13D Page 9 of 11 Pages
(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: May 8, 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
<PAGE>
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: May 8, 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
