NJ to take $73M from Tyco, give back $11M
Tyco International Ltd. and its spin-offs, Tyco Electronics of Berwyn and Covidien (health care), have agreed to pay New Jersey $73 million to cover part of the state pension fund's losses from Tyco's $90 billion share-price
Tyco International Ltd. and its spin-offs, Tyco Electronics of Berwyn and Covidien (health care), have agreed to pay New Jersey $73 million to cover part of the state pension fund's losses from Tyco's $90 billion share-price collapse in 2002.
That clears the way, says NJ Attorney General Anne Milgram, for New Jersey to turn around and give Tyco around $11 million for moving its headquarters from New Hampshire to Mercer County.
Then-Tyco CEO Dennis Kozlowski and CFO Mark Swartz resigned in 2002 to face fraud charges that year. In 2005 they were convicted of stealing over $100 million from the company and sentenced to prison.
Read the story in tomorrow's Inquirer. See the press release here: http://www.nj.gov/oag/newsreleases08/pr20080430d.html