Kozlowski Jury Hears Bond Sale Claim
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Jurors at the fraud trial of ex-Tyco International Ltd. Chief Executive L. Dennis Kozlowski were shown a Merrill Lynch & Co. e-mail suggesting the firm was retained to handle a $2.1-billion bond sale as a reward for hiring Phua Young, an analyst viewed as favorable to Tyco.
“Dennis Kozlowski called me on Phua’s first day of work to award us the lead management of a $2.1-billion bond offering,” Merrill Vice Chairman Samuel Chapin wrote in an Aug. 31, 1999, e-mail to then-Chairman David Komansky.
“Dennis said he wanted to recognize the commitment that you and I had made to address our equity coverage of Tyco,” the e-mail read.
A Merrill Lynch spokesman responded that Young was hired because he was a top-rated analyst. The company denied the hiring was tied to gaining investment banking business.
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