SHARE
TEXT SIZE:
SHARE
Send a copy to me

Separate multiple email addresses (max 20) with commas.

0/1500

Aug 8 2007 11:48AM EDT

An Empire Builder's Legacy

He burst into the popular imagination as an empire builder, buying a disparate series of businesses and melding them into a giant conglomerate.

But his legacy is only now being written: Fraud led to the empire's being broken up, and now the remaining shards are posting multibillion-dollar losses.

The latest remnant of L. Dennis Kozlowski's Tyco to report results, Tyco Electronics, said today that it lost $1.37 billion in its first quarter as a stand-alone company. Most of that loss was attributed to the cost of settling class-action lawsuits and corporate restructuring forced by the problems revealed by Kozlowski's prosecution.

Just yesterday, Tyco International, the former parent company, said it lost $3.55 billion in the first quarter. Most of that -- $3 billion -- was set aside to settle claims of shareholders who say they were cheated when Kozlowski and other executives inflated Tyco's value and then looted the company.

by Mark Stein

Related Links



Loading...

Add Your Comment

Required fields are marked with an asterisk (*)
Add a comment

Recent Blog Posts

Archive

Previous
Dec
2008
Next


Also in Portfolio.com
Most Read
Most Emailed
Recently Commented