SEC v. Adelphia.(corporate looting case)

Publication: Corporate Counsel

Publication Date: 01-AUG-05

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COPYRIGHT 2005 American Lawyer Media L.P.

The books have been closed on one of the largest cases of corporate looting in the past decade. On May 20 a federal bankruptcy judge in New York approved a three-way settlement between the federal government, cable television giant Adelphia Communications Corporation, and its founders, members of the Rigas family. Adelphia agreed to pay $715 million to the government, which will settle civil claims and not prosecute Adelphia criminally. As part of the settlement, the Rigases will relinquish real estate holdings,...

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