Ex-Tyco boss to make tracks back to Vail | VailDaily.com

Ex-Tyco boss to make tracks back to Vail

There’s no place like home for the holidays.Just ask indicted ex-Tyco CEO Dennis Kozlowski, who stands accused of stealing up to $600 million from his former firm, but will be allowed to return to his Vail Valley home for the holidays.According to Reuters and the Associated Press, Kozlowski, 55, was given permission by a New York Supreme Court justice to take a four-week trip to the Vail area over the holidays.Prosecutors objected during a Nov. 12 hearing to set a trial date for Kozlowski and former Tyco CFO Mark Swartz, but their concerns were dismissed by Judge Michael Obus, who said, “I’m not here to punish them not at this point.”Assistant District Attorney John Moscow said, “Mr. Kozlowski does not want to miss the Christmas holidays while people who invested in Tyco stock may not be able to afford a Christmas,” according to Reuters.The news service reported Kozlowski has taken his three local properties off the market, but that he will be staying at the Beaver Creek Lodge during his holiday visit.”You are kidding me; it’s news to me,” says Chuck Anderson, general manager of the Beaver Creek Lodge. “I don’t have any information for you but it sounds like he could be at his house.”Mac Hodge of Prudential Gore Range Properties, the original listing agent for Kozlowski’s $17.7 million in local property, confirmed it has all been taken off the market, but refused further comment.”I don’t know where Reuters got their information. That is accurate, but I don’t have any comment about it,” Hodge says.As first reported in The Vail Trail in late June, Kozlowski’s 8-bedroom, 10-bath home at 3389 Daybreak Ridge in Bachelor Gulch was listed for $11.5 million and a lot on the same road was for sale for $4.75 million. He also had a 3-bedroom, 3.5-bath Beaver Creek condo for sale for $1.47 million.Kozlowski faces up to 30 years in prison if convicted on charges that he stole $170 million from the company and netted another $430 million in fraudulent stock sales. He is currently out on $100 million bail. The judge set a trial date of no later than June 1.

Support Local Journalism