Adelphia compensation role for ex-SEC chairman

Adelphia compensation role for ex-SEC chairman

Breeden to administer payouts following accounting scandal

Richard Breeden, the former chairman of the US Securities and Exchange
Commission, has been hired to administer the compensation process for victims of
a massive accounting scandal at cable television company, Adelphia
Communications.

Breeden, chairman of Richard C. Breeden & Co., will serve as a special
master overseeing the compensation process.

Last year, Adelphia agreed to pay $715m (£381m) in cash and stock to settle
Justice Department and SEC charges stemming from an accounting scandal that saw
it collapse into bankruptcy.

In 2004, Adelphia founder John Rigas and his son Timothy Rigas, the
company’s one-time chief financial officer, were convicted of pocketing more

than $2bn from Adelphia for their own personal use and misleading
investors about the company’s finances and performance.

John Rigas received a 15 years in prison, while Timothy Rigas was sentenced
to 20 years. Both men, who remain free on bail, have appealed their sentences.

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