Pass a hankie for the poor Rigas family

From Sue, who is a CPA.

How it works (or doesn’t work):
The Rigas family returns $1.5 billion (95% of its assets) to Adelphia.  This means they keep 5% or roughly $79 million.  Perhaps they need this money for attorneys fees and court costs, and side lawsuits we haven’t heard about. Or maybe they get to keep the paltry $79 million, poor things. (sniff)
Adelphia gets the $1.5 billion, which is added to the bankruptcy pot.  Debts are restructured and partially satisfied. At the end of bankruptcy, the company gives $715 million to compensate its shareholder victims.
Let’s see … $79 million to one family … versus $715 million to thousands of shareholders and their class-action attorneys. Not bad for a Rigas family member’s day’s work.

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