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Wednesday, April 30, 2008

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 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
Posted by Joseph N. DiStefano @ 5:00 PM  Permalink | Post a comment
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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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