GNG News Guy
06-26-2008, 09:41 AM
http://i.dslr.net/urls/87/4587.gif (http://www.dslreports.com/shownews/Adelphia-Founder-and-Sons-Prison-Terms-Reduced-95597)
Judge has reduced the prison sentences of Adelphia founder John Rigas and his son Timothy after an appeals court threw out one count of their convictions, according to Reuters (http://news.yahoo.com/s/nm/20080625/bs_nm/adelphia_rigases_jail_dc;_ylt=Aup4lgjor5WBhMi6ZHPr qYib.HQA). John Rigas, 83, will have his prison sentence reduced from fifteen to twelve years. Timothy Rigas, 52, will have his sentence reduced from twenty to seventeen years. The two were involved in one of the largest corporate financing scandals in American history when they cooked the books at Adelphia, causing the cable operator to implode back in 2002.
Of course many of you remember the carnage all too well. The majority of Adelphia customers were gobbled up by Time Warner Cable and Comcast, though a small remnant of the Rigas cable empire lives on in rural Coudersport & Emporium, Pennsylvania. Trial settlements allowed the Rigas family to maintain control of the network at the foundation of the Adelphia empire (5,000 subscribers and a $10 million net worth), which still operates under the Zito Media (http://www.zitomedia.com/) brand, and I imagine makes tidy book-keeping a high priority.
read comment(s) (http://www.dslreports.com/shownews/Adelphia-Founder-and-Sons-Prison-Terms-Reduced-95597)
Judge has reduced the prison sentences of Adelphia founder John Rigas and his son Timothy after an appeals court threw out one count of their convictions, according to Reuters (http://news.yahoo.com/s/nm/20080625/bs_nm/adelphia_rigases_jail_dc;_ylt=Aup4lgjor5WBhMi6ZHPr qYib.HQA). John Rigas, 83, will have his prison sentence reduced from fifteen to twelve years. Timothy Rigas, 52, will have his sentence reduced from twenty to seventeen years. The two were involved in one of the largest corporate financing scandals in American history when they cooked the books at Adelphia, causing the cable operator to implode back in 2002.
Of course many of you remember the carnage all too well. The majority of Adelphia customers were gobbled up by Time Warner Cable and Comcast, though a small remnant of the Rigas cable empire lives on in rural Coudersport & Emporium, Pennsylvania. Trial settlements allowed the Rigas family to maintain control of the network at the foundation of the Adelphia empire (5,000 subscribers and a $10 million net worth), which still operates under the Zito Media (http://www.zitomedia.com/) brand, and I imagine makes tidy book-keeping a high priority.
read comment(s) (http://www.dslreports.com/shownews/Adelphia-Founder-and-Sons-Prison-Terms-Reduced-95597)