Judge Accepts Bail Posted by Tyco Ex-CEO
A judge accepted the bail posted last week by former Tyco International Ltd. Chief Executive L. Dennis Kozlowski, after a hearing to determine whether the money came from proceeds of alleged crimes against the company.
Manhattan State Supreme Court Justice Michael Obus rejected the bond secured with shares of Tyco stock posted by former Chief Financial Officer Mark Swartz.
Obus said he was satisfied that the $10 million in cash posted by Kozlowski’s ex-wife, Angie, on his $100-million bond was part of their divorce settlement. In Swartz’s case, the judge said the defense had not proved that the stocks were unrelated to any criminal activity. Swartz was given more time to argue his case.
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