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.
September 7, 2006 |
Adelphia Communications Corp. asked a bankruptcy judge for permission to pay its chief executive as much as $16.6 million in bonuses to encourage him to stay until the cable operator winds down operations. In a filing with U.S. Bankruptcy Court in New York, Adelphia said William Schleyer deserves the reward for executing the company's $16.7-billion sale to Time Warner Inc. and Comcast Corp. The Greenwood Village, Colo.
June 15, 2004 |
Adelphia Communications Corp. is working to hire investment bankers to help the cable television operator arrange a sale of the company, President and Chief Operating Officer Ron Cooper said. He didn't name the investment banks being considered. Adelphia filed for bankruptcy protection in June 2002 after founder John Rigas and his two sons, Michael and Timothy, ran up more than $18 billion in debt and hid about $3 billion in personal loans.
December 9, 2004 |
A judge postponed the sentencing of Adelphia Communications Corp. founder John Rigas and his son Timothy on fraud and conspiracy charges until Feb. 23 so attorneys can try to reach a restitution agreement. U.S. District Judge Leonard Sand in New York moved the sentencing from Jan. 5 at the request of prosecutors and defense attorneys. John Rigas, 80, and Timothy, 48, face dozens of years in prison for their convictions in July on charges of looting the No.
February 21, 2003 |
A group of creditors for Adelphia Communications Corp. backed the company's plan to pay two new executives up to $41 million, saying shareholders who oppose it are making a power play. A committee of investors who lost millions in Adelphia's bankruptcy filing says the pay deal for former AT&T Broadband executives William Schleyer and Ronald Cooper is far too expensive. But the creditors, which include Home Box Office, Viacom Inc. and U.S.
January 14, 2004 |
A U.S. judge ordered a two-week delay in the criminal trial of Adelphia Communications Corp. founder John Rigas, a pioneer in the cable industry who is facing charges of conspiracy, securities fraud and wire fraud. Under a new schedule by U.S. District Judge Leonard Sand, Rigas and the other defendants in the case are due in court Feb. 23, when lawyers will begin oral jury selection. The case was expected to start Feb. 9. No reason was given for the delay. From Reuters
October 7, 2005 |
Adelphia Communications Corp. said its loss widened to $1.9 billion last year, more than double its $832-million loss in 2003. Adelphia, which filed for Chapter 11 bankruptcy protection in June 2002, said in a filing with the Securities and Exchange Commission that its 2004 loss equaled $7.56 a share. Total revenue in 2004 rose 16% to $4.14 billion, while the operating loss widened to $165 million from $148.5 million, the Greenwood Village, Colo.-based firm said.
July 7, 2004 |
Jurors in the fraud trial of Adelphia Communications Corp. founder John Rigas and two of his sons requested testimony about one son, Michael, before ending a sixth day of deliberations without reaching a verdict. Federal jurors in New York asked for three excerpts of trial testimony cited by Michael Rigas' defense attorney, Andrew Levander, in his closing argument.
April 28, 2006 |
Adelphia Communications Corp. won court approval to pay $1.23 billion in interest to unsecured creditors under its plan to exit bankruptcy protection. U.S. Bankruptcy Judge Robert Gerber in New York said the interest payments were fair and appropriate for creditors who had waited to be paid since the cable operator filed for Chapter 11 bankruptcy protection in June 2002. Several creditor groups opposed Adelphia's proposal, arguing that the company was paying either too much or too little.