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.
Former Tyco (TYC) chief Dennis Kozlowski's divorce gets messy
Posted Sep 12th 2007 7:01PM by Zac Bissonnette
Filed under: Newspapers, Scandals
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Reader Comments (Page 1 of 1)
9-12-2007 @ 9:33PM
Brockage said...
So this guy is down on his luck and now "the trophy" decides to mine his pockets -- WS was right: "the course of true love never did run smooth." Carumba
9-12-2007 @ 10:55PM
John Angelini said...
This 60+ years old "Tyco-on" with a bunch of"guy-dolls" and all that money and fun that ripped my investment in half. May he share in the misery. This is a prelude to his destiny in hell--he'll have NOTHING-NOTHING-NOTHING if and when he ever gets out...................
11-17-2007 @ 7:52AM
MAK said...
Kick a man when he is down - that is not fair? What happened in the wedding vows when you repeat "rich or poorer, etc"? This obviously was not true love and it is the perfect picture of a gold digger.