May 19, 2005 |
A federal judge approved a $715-million settlement by Adelphia Communications Corp. to help compensate investors who lost money in the cable operator's collapse. Judge Leonard Sand approved the deal that was agreed to by Adelphia and the government April 25 in a criminal case against the company. The judges overseeing Adelphia's bankruptcy proceedings and an action by the Securities and Exchange Commission must approve the settlement.
February 27, 2004 |
Nine women and three men were chosen as jurors for the fraud and conspiracy trial of Adelphia Communications Corp. founder John Rigas and two of his sons. Opening arguments will take place Monday in federal court in New York, where the Rigases are accused of looting Adelphia, hiding $2.3 billion in debt and lying to investors. A fourth executive, Michael Mulcahey, is accused with the Rigases of conspiracy and securities and bank fraud.
August 4, 2007 |
Deloitte & Touche, once the auditor of Adelphia Communications Corp., agreed to pay $167.5 million to creditors of the defunct company to settle a malpractice lawsuit. New York-based Deloitte was sued in Pennsylvania state court in November 2002 and linked to the financial fraud that pushed the cable television company into bankruptcy protection that year. The suit was transferred to Adelphia's creditors as part of the company's plan to complete its bankruptcy this year.
January 17, 2003 |
The indicted founder of Adelphia Communications Corp. has agreed to give up 34 apartments, condos and vacation homes that were bought with company money. Negotiations also are underway on at least 60 other properties held by John Rigas' family, lawyers for Adelphia and the family said. The land and homes at the center of the talks range from undeveloped plots near Adelphia's headquarters in Coudersport, Pa., to a $2.4-million ski resort condo in Beaver Creek, Colo.
March 18, 2005 |
Adelphia Communications Corp. founder John Rigas and his son Timothy, who face sentencing April 18 on fraud and conspiracy charges, lost their bid for a new accounting fraud trial. U.S. District Judge Leonard Sand in federal court in New York rejected claims by John Rigas, 80, and Timothy Rigas, 48, that a U.S. prosecutor knew a witness lied to jurors. The defendants claimed that Assistant U.S. Atty.
May 15, 2001 |
Adelphia Communications Corp., the sixth-largest U.S. cable-TV operator, had a first-quarter profit from a gain for exchanging systems and added digital-TV subscribers. Net income was $137.1 million, or 83 cents a share, compared with a loss of $115.9 million, or 91 cents, a year ago. Sales rose 25% to $838.2 million from $672.7 million, Adelphia said. Shares of Coudersport, Pa.-based Adelphia rose 50 cents to close at $37.85 in Nasdaq trading.
February 17, 2007 |
Adelphia Communications Corp., whose $17-billion bankruptcy exit plan was implemented this week, asked a U.S. Bankruptcy Court in New York to deny a request by ESPN Inc. and other Walt Disney Co. units for $210 million in programming fees. Adelphia said the Disney units were seeking payment of profits they speculate they might have earned over the remaining terms of pre-bankruptcy programming contracts. Adelphia said once its cable systems were sold in July, there were no Adelphia subscribers.
June 15, 2006 |
Adelphia Communications Corp. founder John Rigas, sentenced last year to 15 years in prison for stealing from his company and lying to investors, urged a federal appeals court to reverse his conviction. Defense attorney John Nields told a three-judge panel in New York that Rigas and his son Timothy, also convicted of fraud, adhered to company accounting rules in buying stock and debt. Assistant U.S. Atty.