House of Paine

a new model swindle

these rich  greeks 
on the griddle 
prove a point


no "inside outsider"
   gets  too big 
for a  sacrifice 

but that misses the far bigger 
systemic point

check out
this small fry
half assed
          uncle
                catchpolers 
                   cheeeeezzle 


==============================


The founding   RIGAS family 
of Adelphia Communications Corp
 agreed Monday to forfeit
 $1.5 billion in assets 
to settle sweeping 
federal fraud charges 
stemming from 
         accounting shenanigans 
that cost investors 
billions of dollars
 and 
forced the nation's
 fifth-largest cable provider 
into bankruptcy 

BACK IN 2002
  In the wake of disclosures 
of accounting irregularities 
and charges of corporate looting
the board of directors
 fired 
JOHN Rigas and his  sons 




the Rigas family 
will give back
 substantially 
all of their 
   assets aquired while 
looting   Adelphia

 
 including


   wholey owned 
cable systems 
   worth  $900 million

 $567 million in securities

 and $10 million in real estate



then Adelphia
 will  turn around
  and
  pay the  feds  
$715 million
    to end
 all pending
   criminal 
and civil investigations

 That money will be disbursed
 as restitution to investors

however
the money
  is only a fraction 
of the more than $5 billion 
that Adelphia shareholders
 lost 
when the accounting scandal broke

 Adelphia will keep 
the other half of the Rigas forfeit 
  

-------------$762 million
  wow 
no total disribution
to the injured parties

why ?
 --------------------


 Adelphia the feds decided 
               was
 a "victim of its executives' crimes"
                 and
             since
 the board
   ousted the Rigases 
once the accounting problems surfaced.....

----------- get it
why wack the company
completely
of course that makes no sense
since ... the company ain't anything
but its creditors and stockholders
how lost 5 billion  -----------

Family patriarch John Rigas  80
 and 
his son Timothy 48
 were convicted last summer 
of conspiracy and securities fraud 
for looting Adelphia 
and misleading investors 



the Rigases  used
 the publicly traded cable company 
as a family piggy bank
 to finance personal luxuries 
such as jet trips
 cars and golf club memberships
 One allegation involved
 buying a $25-million swath
 of woodland to preserve the view 
from John Rigas' home.
----------------- notice the
comparative  peanuts here -------------

the two also hoodwinked banks 
to obtain large personal loans 
and used phony accounting 
to conceal $2.3 billion 
of debt from investors

-------------- now we're talkin
fuckin over banks 
dickin with bottoom lines --------------


  Family patriarch John Rigas  80
 and 
his son Timothy 48
 were convicted last summer 
of conspiracy and securities fraud 
for looting Adelphia 
and misleading investors 
 about the damage 
their looting was causing 
         

john and Timothy Rigas
 now face 
as much as
 215 years combined
 in prison 
 -------- watch em 
                  walk in under three -------------



----------- here's whats really up here is simple enough ------------

  Monday's settlement
 clears a potential hurdle 
to the sale of Adelphia
 to  the nation's two largest providers
 — Time Warner and Comcast Corp. —
 

------------ by the way
  one of these outfits Time Warner Inc.
 themselves recently  agreed 
   to pay $510 million 
to settle charges of accounting fraud
         --------------- 


the two 
  agreed  last week
----------- last week ----------------

to acquire Adelphia
  for about $17.6 billion 
in cash and stock 
  
------------- obviously
  the wally boys 
        want to complete
    their latest monopoly erection 
as fast and cleanly
              as possible---------------  

--------- bathos  and vicarious venom
aside
                this is wonderful
two crooked outfits
get uncle to close a deal
to fuck 
the little investors in another croked
  outfit
out of at least 750 million bucks


thats not much really
just  a 5%
        deal up kicker

 so again
u ask 
why?

answer

why not ....

if you can 


the 750 mill...
shit
 
 a fuckin house warming gift

 a little
added sugar
to  sweeten 
    two wally bigs 
 latest piss pot -----------------