GREENWOOD VILLAGE, Colo., April 26 (UPI) -- Adelphia's founding family will give up almost its entire assets to compensate investors who lost money in the collapse of the Colorado-based cable operator.
The money will go into a fund that was part of an agreement Adelphia reached with federal regulators, the New York Times reported Tuesday.
Under the agreement, company founder John Rigas and other members of the family will provide Adelphia with about $1.5 billion in assets, or 95 percent of their holdings.
The agreement settles a fraud case stemming from the management by the Rigas family, the Times said.
"Today is a day of restitution for the victims of corporate corruption," U.S. Attorney General Alberto R. Gonzales said in a statement.
Adelphia investors lost an untold amount when the company collapsed and filed for bankruptcy protection in 2002 after allegations the Rigas family was misusing corporate money.
