Filed under: Newspapers, Scandals
Dennis Kozlowski, the former CEO of Tyco International Ltd. (NYSE: TYC) who gained notoriety for his infamous party sporting a statue of David spouting vodka from its penis, paid for in part by the company’s shareholders, is back in the news.
The 60-year old former bigwig was sentenced to 8 1/3 to 25 years in prison in 2005, and his wife filed for divorce in January. He was served with the papers in prison. But now divorce talks between the two parties have broken down, and it is expected that Kozlowski will have to disclose his assets by October 15.
That could make shareholders happy, as they may be able to collect damages related to Kozlowski’s looting during his tenure at the company.
According to Bloomberg, Kozlowski has paid $97 million restitution to Tyco, but still owes a $70 million fine, most of which is being held in escrow pending the outcome of his appeal. Roughly $600 million in assets held by Kozlowski were frozen by a court in 2002, and Tyco is still hoping to recover more money from its former CEO.
For an excellent overview of everything that went wrong at Tyco during Kozlowski’s time at the helm, check out Greed Corporate Failure.
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