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The Associated Press reported that Adelphia Communications founder John Rigas, his sons and two other former executives were indicted Monday on charges that included conspiracy, securities fraud and wire fraud.

Adelphia filed for Chapter 11 bankruptcy protection June 25. The Rigases stepped down from board seats and executive posts at the company in May. Adelphia issued a statement concerning the federal indictments against the company's former executives noting that:

"Today's indictments will help further distance Adelphia from the wrongful conduct of the Rigas family and help advance the Company's efforts to recover the assets improperly taken from Adelphia by the Rigas family and certain associates."

The statement also said, "Adelphia is pursuing its own lawsuit in federal court that charges the Rigas family members and others with violation of the Racketeer Influenced and Corrupt Organizations Act (RICO), breach of fiduciary duty and massive self- dealing."

In related news, Adelphia lost its bids for dismissal or delay of a lawsuit filed by former unit Adelphia Business Solutions. The suit seeks rights to $9.3 million in insurance proceeds.

From SkyReport (Used with Permission)
 
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