PITTSBURGH, Aug. 14 (UPI) -- Former Adelphia communication executives reported to a federal prison in North Carolina while their headquarters in Pittsburgh went on the auction block.
Adelphia founder John Rigas, 82, and his son Tim, 51, the company's ex-chief financial officer, were convicted in 2004 on charges of securities fraud, conspiracy to commit bank fraud and bank fraud. They will serve 15- and 20-year terms, respectively, in the federal prison, the New York Daily News reported Tuesday.
Meanwhile, the Pittsburgh headquarters building was among the more than 70 properties up for sale by the former cable and communications giant, the Pittsburgh Post Gazette reported. Sporting a granite exterior, a rooftop patio and custom wood detailing throughout the interior, the building has a suggested value of $30 million. The minimum asking price for the sealed-bid auction is $1 million.
Authorities began investigating Adelphia after the company's 2001 results were announced with a footnote saying it had billions in liabilities not previously reported on its balance sheet. The news release was distributed in March 2002; three months later, the company filed for Chapter 11 bankruptcy.
