The Adelphia update

Mon Jul 15 07:54:45 UTC 2002

>
>US prosecutors set to indict Adelphia family-paper
>Last Updated: July 15, 2002 12:23 AM ET
>WASHINGTON, July 14 (Reuters) - Federal prosecutors looking into 
>questionable corporate dealings at bankrupt Adelphia Communications Corp. 
><http://www.reuters.com/quote.jhtml?ticker=ADELQ.PK&qtype=sym&qcat=news>ADELQ.PK 
>are set to bring charges against the Rigas family, USA Today reported on 
>Monday.
>
>Prosecutors have prepared an indictment against Adelphia founder John 
>Rigas and his three sons and are planning to file it as early as this 
>week, the newspaper reported, citing sources close to the investigation.
>
>The criminal charges were expected to be filed in tandem with a civil 
>lawsuit by the U.S. Securities and Exchange Commission, the newspaper 
>said, adding that both the Justice Department and the SEC declined comment.
>
>Adelphia is the target of a Securities and Exchange Commission accounting 
>probe and two federal grand jury investigations into multibillion-dollar 
>off-balance sheet loans to the Rigas family, which founded the No. 6 U.S. 
>cable television operator.
>
>Coudersport, Pennsylvania-based Adelphia filed for Chapter 11 bankruptcy 
>protection in June, following months of disclosures of off-balance-sheet, 
>company-backed loans to the family, as well as missed interest payments, 
>overstated earnings and criminal and regulatory probes into its accounting 
>practices.
>
>
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