Chief Dennis Kozlowski was able to avoid a trip to Rikers Island Thursday after his ex-wife agreed to pony up $10 million for bail and a judge set a hearing for next week to decide whether the money should be accepted.
Prosecutors allege the cash is the fruit of the offenses for which Kozlowski and former Chief Financial Officer Mark Swartz were indicted last week: larceny and fraud for allegedly looting the conglomerate of hundreds of millions of dollars.
State Supreme Court Justice Michael Obus set a Sept. 27 hearing to discuss the source of the money. The men will remain free at least until then.
Kozlowski's ex-wife, Angie, was expected to post $10 million in cash later Thursday on Mr. Kozlowski's $100 million bond. Swartz is planning to back his bail bond with $6.7 million in stock certificates he received upon becoming CFO of Tyco.
Separately, prosecutors are expected to come up with additional charges against Mark Belnick, former general counsel of Tyco. The District Attorney's office did not go into specifics of the accusations. Belnick has previously been accused of falsifying records to hide $14 million in illegitimate loans to him.