Operator pays $715 million into fraud payoff fund
While Adelphia prepares to be devoured by new owners Time Warner Cable and Comcast, the company is still dealing with the criminal actions of its last owner, the Rigas family. Reuters reports that Adelphia will pay $715 million to avoid having to face criminal charges for accounting fraud. That money, notes Bloomberg news, will be used to create a fund used to pay those who claim they were defrauded by the Rigas family (any property sold will be added to this total).
http://quote.bloomberg.com/apps/news?pid=10000103&sid=avXL3BHq4_Zc&refer=news_index
http://money.cnn.com/2005/04/25/technology/adelphia_settlement.reut/index.htm?cnn=yes
While Adelphia prepares to be devoured by new owners Time Warner Cable and Comcast, the company is still dealing with the criminal actions of its last owner, the Rigas family. Reuters reports that Adelphia will pay $715 million to avoid having to face criminal charges for accounting fraud. That money, notes Bloomberg news, will be used to create a fund used to pay those who claim they were defrauded by the Rigas family (any property sold will be added to this total).
http://quote.bloomberg.com/apps/news?pid=10000103&sid=avXL3BHq4_Zc&refer=news_index
http://money.cnn.com/2005/04/25/technology/adelphia_settlement.reut/index.htm?cnn=yes
