Crossed Swords
Furious bondholders have taken the cable company to court, alleging that management colluded with investment banks in fleecing unwitting bond investors. At the centre of the allegations is the former owner of Adelphia, the larger-than-life John Rigas, and his two sons. Laurence Neville reports
In July bondholders of Adelphia Communications filed a lawsuit – believedto be unique – to recover funds that they allege were improperly lent to the Rigas family, which previously controlled the bankrupt cable company.
The case is unusual in that its central characters, founder John Rigas and histwo sons who were executives at the firm, are not named as defendants, havingalready been indicted in July 2002 for separate conspiracy, securities fraudand wire fraud charges.
Instead the lawsuit is
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