Tyco International’s penchant for corporate excess under its previous management team made all the headlines last year. Tax dodges, false filing, $5,000 shower curtains: you name it, Tyco appears to have done it.
That excess stretched into the capital markets as well. Last year the company had $23 billion in debt liable for refinancing or repayment, this year it was $11.6 billion. And it had a problem, which it revealed in its 10-K filing in December: a funding gap in 2003 of $3.6
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