Adelphia Communications Corp.

New York, NY: (Feb-27-07) The US Securities and Exchange Commission booked Adelphia Communications Corporation founder John J. Rigas and his son, Timothy J. Rigas, following the company's filing for bankruptcy protection in 2002. The suit accused Adelphia of civil fraud, with Adelphia declaring that it was liable for more than $2 million in borrowings attributed to certain RMEs that were not reflected in Adelphia's prior SEC filings and financial reports. A settlement was reached in which Adelphia will pay $530 million in cash and Time Warner Cable stock to the federal government as a result of its federal forfeiture. [NORTH COUNTRY GAZETTE: ADELPHIA FRAUD]

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