Adelphia Communications Corp. founder John Rigas and two of his sons pleaded
not guilty to charges of defrauding the cable operator of more than $2.5
The Rigases and two other former Adelphia executives entered the pleas during
a hearing before U.S. District Judge Leonard Sand in Manhattan.
The five executives face a 24-count indictment charging that the Rigases used
more than $250 million in company funds to meet margin calls on their private
stock holdings, as well as using $12.8 million in Adelphia money to build a golf
Prosecutors are seeking to claim $2.5 billion from the defendants, most of
which went into Adelphia's now-worthless stock.