We never invested in Sam Israel's hedge fund nor did one trade with his securities company.

[Many hedge funds do not have a public relations operation geared toward answering such questions raised by outsiders. Would Mr. Cooperman have taken a call about Mr. Israel's credentials from a prospective investor in the Bayou funds?] I can't answer that, ... If somebody calls me for a reference check, I will respond factually and appropriately. But certain firms are very cautious about talking about former employees.

What they're doing has happened throughout history. It's the natural life cycle of a conglomerate.

This board of directors has been totally asleep,

In weak market environments, the stock trades at a discount to the parts. The move to realize value is not unique to Tyco.

If you had raised guidance, the stock would have gone up. Reality is that you are not delivering the earnings.