Tyco Electronics is liable to a group of former Com-Net Critical Communications shareholders for $125.8 million, an Allegheny County judge ruled last week.
Allegheny County Court of Common Pleas Judge Alan Hertzberg ruled Tyco Electronics owed the shareholders $80 million withheld under a 2001 stock purchase agreement that provided for the holdback of up to that amount depending on the future costs of the creation of a Florida communications system. And because the judge found Tyco delayed the completion of the communications system until 2010 when it could have been done in 2005, he awarded the shareholders nearly $45.8 million in interest dating back to Jan. 1, 2006.
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