Calling Every Bankruptcy Attorney: When Tyco Went Under

Tyco International underwent a severe change in 2002 when it was found that its Chief Executive Officer, David Kozlowski, and Chief Financial Officer, Mark Swartz, had been accused of stealing nearly $150 million from the company. The company was one of the largest in the world, employing over 240,000 people. When the CEO resigned after the accusations and the stock plummeted, Tyco and its shareholders needed the best corporate bankruptcy attorney they could find. Since this time, the company has been doing everything in its power to turn itself around.

By 2005, a jury found both men guilty of 29 counts that carried 25 years of service in a state prison. The CEO was sentenced to at least eight years of service but no more than twenty five years. His counterpart, Swartz, received the exact same sentence. Two years later, a court forced Tyco to pay nearly $3 billion to a group of shareholders that had stake in the company and its activities. Clearly, Tyco's name has been severely affected in the global marketplace. Today the company continues to try and maintain good business practice while ensuring investors, shareholders, and customers that it is not the same company it once was when it was under the control of Kozlowski.

After trying to mitigate its profitability after it was forced to declare bankruptcy, the bankruptcy attorney was able to ease the company through the process. Although a rough road to travel, the company regained years later, albeit at a severe cost. To highlight the dramatic change, consider the company's net revenue change over the years. In 2000, the company's net revenue was $28.9 billion. Six years later, its net income grew to $41 billion. After it needed its bankruptcy attorney and the company was forced to split up, its net income dropped to $18.5 billion just a year later. It currently holds at $17.3 billion.

As it continues to regain traction in the global market, many investors and customers remember the tumultuous period Tyco went through in the scandal, bankruptcy, and need for an expert bankruptcy attorney. Shareholders and other watchdog groups monitor its actions closely so that similar activities do not stifle company growth again, and many people who continue to hold stock are hopeful that the company will not travel down the same road it once had. Until it is successful in this endeavor, the company must strive to maintain a good reputation among all parties with an interest in its success.

Indeed, the current CEO of the company is Edward Breen, a successful entrepreneur who has the reputation of a "good manager". He has managed to turn around the perception and financial strife of the beguiled Tyco even after turning down high-level jobs at Lucent Technologies and Nortel Networks Corporation. As of 2011, Tyco's revenue operates at 17.36 billion and has 102,000 employees. It maintains location in Princeton, New Jersey and is also incorporated in Shaffenhausen, Switzerland.