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Ex-Adelphia execs plead not guilty - Broadcasting & Cable

Ex-Adelphia execs plead not guilty

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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
billion.

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
course.

Prosecutors are seeking to claim $2.5 billion from the defendants, most of
which went into Adelphia's now-worthless stock.

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