Michaels Stores-Subpoena

Michaels Stores subpoenaed over trusts; SEC also probing

A federal grand jury and the Securities and Exchange Commission are investigating trusts controlled by two brothers who are wealthy benefactors of President Bush.

The probe centers on whether the trusts failed to disclose their involvement in offshore trusts that traded in their company's stock. Michaels Stores, one of the nation's largest arts and crafts retailers, says the trusts to benefit Sam and Charles Wyly and their families hold nearly four percent of the company's outstanding shares. The Irving, Texas-based crafts-store chain disclosed the subpoena and SEC probe in a news release Wednesday. After news of the investigations, Michaels' shares fell five-and-a-half percent.