2004
July 9, 2004:
A federal jury deadlocks on securities and bank fraud charges against Michael J. Rigas, the former chief operations officer of Adelphia Communications Corp., ending the trial of a case that federal prosecutors said involved some of the most egregious misuse of a public company's money in recent memory.
July 8, 2004: A federal jury finds Adelphia founder John J. Rigas and his son Timothy, the former chief financial officer, guilty of conspiring to loot the company of millions of dollars, two bank fraud counts and 15 counts of securities fraud. Another of John Rigas's sons, Michael, is acquitted of conspiracy. All three Rigases are acquitted of wire fraud charges, and a fourth former Adelphia executive, Michael C. Mulcahey, is acquitted on all counts.
Feb. 23, 2004:
Jury selection begins in U.S. District Court in Manhattan for John J. Rigas, founder and former chief executive of Adelphia; Timothy J. Rigas, John's son and former chief financial officer; Michael J. Rigas, John's son and former vice president of operations; and Michael C. Mulcahey, a former director of internal financial reporting.
2003
Jan. 10, 2003: Adelphia founder John Rigas and his two sons seek to change the venue of their trial from Manhattan to Pennsylvania.
2002
Oct. 2, 2002: John Rigas and his sons Timothy and Michael, along with former executives James R. Brown, vice president of finance, and Michael C. Mulcahey, former director of internal reporting, pleaded not guilty to charges of federal conspiracy.
Mar. 20, 2002: Investigators widen their investigation into Adelphia Communications to include tax and mail fraud.
July 25, 2002: Five former executives of Adelphia Communications are arrested and charged with fraud, including founder John Rigas and his two sons.
June 25, 2002:Adelphia Communications Corp., once the nation's sixth largest cable-television company, files for Chapter 11 bankruptcy.
June 11, 2002: Adelphia fires its auditor Deloitte and Touche and restates its financial earnings for the past two years.
May 23, 2002:The Rigas family, founders of Adelphia Communications Corp., steps down from its control and agrees to transfer more than $1 billion in personal assets to the firm as part of a deal to win new financing for the company.
May 15, 2002:Chief Executive John J. Rigas steps down from his position after it is disclosed that more than $2 billion of the company's money was used to finance family loans.
Apr. 3, 2002:The Securities and Exchange Commission begins its investigation into Adelphia's accounting practices, after discovering that the cable company allegedly kept $2.3 billion in debt off the books.
