Suitably Flip

"Bring Your Son To Jail" Day

Former Adelphia Communications chief and founder John Rigas and his son Timothy were sentenced today, following last year's convictions on fraud and conspiracy charges.

15 years for Dad (80) and 20 for Timothy (49).  That'll do.

Still, considering they could've been sentenced to a combined 215 years, maybe they should be counting their blessings.  It's unlikely this translates to an effective life sentence for either Rigas, since the judge left open the possibility of springing the elder early if, after serving 2 years, he is deemed to have less than 3 months to live.

To review, the Adelphia fraud wasn't an ordinary earnings manipulation game; the men were accused of pilfering $100 million from their public shareholders for their own direct personal gain.

Prosecutors said John Rigas had ordered two Christmas trees flown to New York for his daughter at a cost of $6,000, ordered as many as 17 company cars and had the company buy 3,600 acres of timberland - for $26 million - to preserve the view outside his Pennsylvania home.

Worse still for investors, the company collapsed into bankruptcy in 2002 after it disclosed a staggering $2.3 billion in off-balance-sheet debt that prosecutors said was deliberately hid by the Rigases.

"Our intentions were good. The results were not," Timothy Rigas told the judge.

Intentions: free stuff.  Results: federal prison.

I'd say Tim gives an accurate assessment.

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"Bring Your Son To Jail" Day

Former Adelphia Communications chief and founder John Rigas and his son Timothy were sentenced today, following last year's convictions on fraud and conspiracy charges.

15 years for Dad (80) and 20 for Timothy (49).  That'll do.

Still, considering they could've been sentenced to a combined 215 years, maybe they should be counting their blessings.  It's unlikely this translates to an effective life sentence for either Rigas, since the judge left open the possibility of springing the elder early if, after serving 2 years, he is deemed to have less than 3 months to live.

To review, the Adelphia fraud wasn't an ordinary earnings manipulation game; the men were accused of pilfering $100 million from their public shareholders for their own direct personal gain.

Prosecutors said John Rigas had ordered two Christmas trees flown to New York for his daughter at a cost of $6,000, ordered as many as 17 company cars and had the company buy 3,600 acres of timberland - for $26 million - to preserve the view outside his Pennsylvania home.

Worse still for investors, the company collapsed into bankruptcy in 2002 after it disclosed a staggering $2.3 billion in off-balance-sheet debt that prosecutors said was deliberately hid by the Rigases.

"Our intentions were good. The results were not," Timothy Rigas told the judge.

Intentions: free stuff.  Results: federal prison.

I'd say Tim gives an accurate assessment.