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Unformatted text preview: Rigas family's personal piggy bank at the expense of public investors and creditors," said a complaint unsealed in a Manhattan court in July. The allegations have not been proven in court. The Rigas family agreed to hand over $1 billion US in assets to cover personal loans they obtained from the company. Adelphia has estimated it is responsible for $3.1 billion US in Rigas family debts. The cable company defaulted on about $7 billion US in financing, but said in late June that as part of its bankruptcy protection filing it has lined up $1.5 billion US in new financing to help the company through its restructuring. Canadian banks are said to have at least $700 million in exposure to Adelphia. Adelphia also owns the Buffalo Sabres NHL hockey club. The league took over the running of the club after Adelphia filed for bankruptcy protection and is looking for a local buyer....
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This note was uploaded on 09/01/2010 for the course BAT4M BAT4M taught by Professor Katz during the Fall '05 term at Acadia.
- Fall '05