Adelphia Communications Corp. asked a federal bankruptcy court to stop its
founder from selling property that the MSO said is at least partly owned by it,
Adelphia said John J. Rigas and his family members had a 'pattern of using
Adelphia's funds to purchase and maintain their real estate assets,' and it was
likely that the company owned an interest in 'any parcel of real property in
which the Rigases claim an interest and seek to liquidate.'
'Adelphia has reason to believe that members of the Rigas family are
endeavoring to sell or transfer various real property assets which, although
ostensibly titled in the name of Rigas family members, may constitute property
in which Adelphia has a legal or beneficial interest,' George F. Carpinello, an
attorney for Adelphia, said in documents filed late Monday in U.S. Bankruptcy
Court in New York.
At least one property is under contract for sale, according to the company
filing. 'It is possible that any transaction allowed to proceed to closing could
not be voided,' company attorneys wrote.
Attorneys for the Rigases didn't return calls seeking