Rigas Family Transfer Clinched Time Warner Deal

Law360, New York (August 2, 2006, 12:00 AM EDT) -- A federal bankruptcy court judge approved a settlement Friday that transferred control of two cable systems from the Rigas family to Adelphia Communications Corp., setting the stage for a $17 billion sale to the company's former rivals.

According to the settlement, Adelphia gained ownership of the fiber-optic network of two small cable companies in Pennsylvania. The companies, Coudersport Television Cable Co. and Bucktail Broadcasting Corp., service about 5,000 subscribers and were previously owned by the disgraced Rigas family, which in 2004 was convicted of pocketing more...
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