Cable Operators

DOJ Seeks $2.53B from John, Tim Rigas

12/14/2004 9:16 AM Eastern

The Department of Justice has calculated John Rigas’ and Timothy Rigas’ tab.

The DOJ Tuesday asked a judge at the U.S. District Court for the Southern District of New York to enter a $2.53 billion judgment against Adelphia Communications Corp. founder and ex-chairman John Rigas and former chief financial officer Timothy Rigas, saying that amount represented what the two former executives obtained illegally, Reuters reported.

According to The Wall Street Journal, should the court grant the DOJ’s request, government lawyers would try to seize stock in cable systems run by Adelphia.

John and Timothy Rigas were found guilty of 18 counts of fraud and conspiracy in July, and their sentencing is scheduled for Feb. 23.

September