SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
WYLY SAMUEL EVANS
(Last) (First) (Middle)
300 CRESCENT COURT
SUITE 1000
(Street)
DALLAS TX 75201
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
MICHAELS STORES INC [ MIK ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
Vice Chairman of the Board
3. Date of Earliest Transaction (Month/Day/Year)
06/17/2005
4. If Amendment, Date of Original Filed (Month/Day/Year)
06/20/2005 		6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 06/17/2005 S 500 D $41.59 1,128,914 D
Common Stock 06/17/2005 S 1,563 D $41.58 1,127,351 D
Common Stock 06/17/2005 S 2,688 D $41.57 1,124,663 D
Common Stock 06/17/2005 S 1,000 D $41.56 1,123,663 D
Common Stock 06/17/2005 S 1,687 D $41.55 1,121,976 D
Common Stock 06/17/2005 S 938 D $41.54 1,121,038 D
Common Stock 06/17/2005 S 750 D $41.53 1,120,288 D
Common Stock 06/17/2005 S 562 D $41.52 1,119,726 D
Common Stock 06/17/2005 S 2,750 D $41.51 1,116,976 D
Common Stock 06/17/2005 S 20,313 D $41.5 1,096,663 D
Common Stock 06/17/2005 S 7,750 D $41.49 1,088,913 D
Common Stock 06/17/2005 S 2,937 D $41.48 1,085,976 D
Common Stock 06/17/2005 S 3,000 D $41.47 1,082,976 D
Common Stock 06/17/2005 S 3,375 D $41.46 1,079,601 D
Common Stock 06/17/2005 S 3,500 D $41.45 1,076,101 D
Common Stock 06/17/2005 S 2,312 D $41.44 1,073,789 D
Common Stock 06/17/2005 S 1,063 D $41.43 1,072,726 D
Common Stock 06/17/2005 S 1,125 D $41.42 1,071,601 D
Common Stock 06/17/2005 S 375 D $41.41 1,071,226 D
Common Stock 06/17/2005 S 2,875 D $41.4 1,068,351 D
Common Stock 400,000 I By Partnership(2)
Common Stock 27,740 I By Spouse
Common Stock 149,572 I By Trust(1)(3)
Common Stock 149,572 I By Trust(1)(4)
Common Stock 516,200 I By Foreign Entity(1)(5)
Common Stock 1,626,400 I By Foreign Entity(1)(6)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. Notwithstanding the inclusion of securities reported in this Form 4, the Reporting Person disclaims (i) beneficial ownership of any securities held indirectly except to the extent of his pecuniary interest therein (if any), and (ii) beneficial ownership of any securities held in a trust to the extent that Rule 16a-8 would not treat such Reporting Person as the beneficial owner thereof.
2. Represents shares held by Tallulah, Ltd., a domestic limited partnership of which the Reporting Person is a general partner.
3. Represents shares held by Christiana Parker Wyly Trust, of which the Reporting Person is the trustee.
4. Represents shares held by Andrew David Sparrow Wyly Trust, of which the Reporting Person is the trustee.
5. Represents shares held by the one or more subsidiaries of the Bessie Trust, an irrevocable trust established under the laws of the Isle of Man in 1994 for the benefit, inter alia, of Sam Wyly, his spouse, his children and issue.
6. Represents shares held by one or more subsidiaries of the LaFourche Trust, an irrevocable trust established under the laws of the Isle of Man in 1995 for the benefit of, inter alia, Sam Wyly, his spouse and his issue.
Remarks:
This Form 4 is the second of two being filed this day by the Reporting Person. The two filings should be read together.
/s/ Eric Markus, Attorney-In-Fact for Samuel Wyly 06/20/2005
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.