DOJ seeks to seize assets of Adelphia founder, former CFO

[JURIST] The US Justice Department has asked a judge to enter a $2.53 billion judgment against Adelphia Communications founder John Rigas and his son Timothy Rigas, also Adelphia's former CFO, according to a report [subscription required] in Tuesday's Wall Street Journal. The DOJ says that if it receives the judgment, equal to the amount obtained by the Rigases through off-balance-sheet loans, it will attempt to seize stock in cable TV systems managed by Adelphia. The move could prove to be an obstacle in Adelphia's efforts to emerge from bankruptcy. Reuters has more.



 

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