Wednesday, March 05, 2003

tyco to move to delaware?

Tyco International Ltd., may be moving from Bermuda to Delaware. The company was rocked with controversy last year, when criminal charges were brought against four members of the organization. Their annual shareholder meeting is Thursday, and one of the issues that they will face is whether to move the company to Delaware.
Foreign incorporation "makes it more difficult for shareholders to hold companies, their officers and directors legally accountable in the event of wrongdoing," according to the proposal by American Federation of State, County and Municipal Employees.
It will be interesting to see what comes of this. If Tyco moves, will other companies follow suit? That will depend upon their shareholders.

[2003-03-06 Tyco will remain in Bermuda, but the issue may be revisited next year "after time for more study."]

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