Former Assistant: Rigas Held Back Titles3/23/2004 8:40 AM Eastern
Adelphia Communications Corp. never received legal titles on some real estate it purchased in 1994 from founder and ex-chairman John Rigas and entities owned by his family, an employee of the MSO said in court Tuesday, AP reported.
Charles Raptis, a former assistant to Rigas and still an Adelphia employee, said the MSO never received the titles on two properties, which Rigas signed on behalf of both the buyer and the seller, and that a third property in Adelphia’s former hometown of Coudersport, Pa., was not turned over to the company until March 1, or nearly 10 years after the agreement, AP said.
Raptis is a distant cousin of the Rigases and was an assistant to John Rigas from 1987-91 and 1994-2002, AP reported.
John Rigas, his sons -- former chief financial officer Timothy Rigas and former executive VP of operations Michael Rigas -- and former director of internal reporting Michael Mulcahey are on trial for 24 counts of wire fraud, bank fraud and securities fraud. All four men have pleaded innocent.