Saturday, July 4, 2015

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

NJ to take $73M from Tyco, give back $11M

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  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

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Joseph N. DiStefano
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