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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
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