The 5-year long saga of John and Timothy Rigas is about to come to an end, as the founder of Adelphia Communications Corp., and son are about to be imprisoned on Monday.
John Rigas was sentenced to a 15 years, while son Timothy was sentenced for 20 years. John is 82 years old. The two were convicted in 2004 but have been free on bail. Timothy was the chief financial officer of the company.
They've maintained their innocence in the accounting fraud and use of company funds for their own personal interests. They recently asked for a new trial, saying the government's key witness lied. They are filing an appeal to the Supreme Court.
The two will serve their time at the same federal penitentiary, close to where they're family lives in Allenwood, Pa.
Assets of Adelphia were sold in a bankruptcy to Comcast (CMCSA) and Time Warner (TWX) for about $18 billion. With those holding debt first in line, they received the windfall with shareholders receiving nothing to date.
With everyone eyeing the special fund set up by the U.S. attorney's office and the SEC, shareholders probably won't receive more than a small percentage of what they lost.
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