Embattled Dallas businessman Sam Wyly has gotten permission from a U.S. bankruptcy judge to sell his family's Aspen, Colorado, ranch for $50 million, the Dallas Business Journal reported yesterday. Hon. Barbara J. Houser made the ruling after Wyly told her that he must sell the ranch now because of high demand and rising prices. Federal regulators had opposed the sale, saying the ranch is owned by two limited liability companies of which Wyly is the manager. His lawyer, Josiah M. Daniel III of Vinson & Elkins LLP, told Judge Houser that the money from the ranch's sale would be placed in an escrow account under the court's control and supervision.
