Word: tyco
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...kids' issues, and David wanted to deal more with them, but he was too busy," says Elly. After four years the Wus decided to return to Virginia. David quickly found a comparable job at Teligent, and when that company went bankrupt just 10 months later, he signed on with Tyco. The hitch: he would have to resume a hectic flying schedule. So, when all three children were selected to join the prestigious American Youth Orchestra as violinists, David missed their concerts. He was also away for their basketball, soccer and volleyball games. And when he was home...
Then last spring news about the alleged mishandling of company funds by Tyco's top management began to leak out. David wanted to leave the company but was afraid he would not find work in a bad economy. Elly encouraged him to make the break, but David waited until the school year was over to ask the kids how they would feel about his quitting. "My children were mature enough to tell me, 'Daddy, you told us we have to pursue what we want to do; you should too,'" he says with emotion...
Since David had been with Tyco only a year, he didn't have much retirement savings in the company's deflated stock, and he had put aside enough to live on for a year if the family budgeted carefully. The Wus have cut out vacations, and instead of playing games on the latest souped-up PC, David and the kids are working on a less pricey 3,000-piece jigsaw puzzle. But the transition hasn't been easy. Elly admits that she had got so used to his not being around that she sometimes forgets to involve David in family...
...million Amount of cash severance Tyco agreed to pay ex-CFO Mark Swartz while he was under investigation by a grand jury, which indicted him for fraud...
...million Estimated amount reaped by Swartz and former Tyco CEO Dennis Kozlowski through alleged stock fraud and unauthorized bonuses and loans...