Adelphia yanks Rigas severance.(Adelphia Communications, John Rigas)(Brief Article)
Multichannel News, September, 2002 by Farrell, Mike
Bankrupt MSO Adelphia Communications Corp. is withholding a $4.2 million severance package awarded earlier this year to former chairman John Rigas, according to people familiar with the situation. Rigas, who stepped down as Adelphia chairman in May amid a major accounting scandal at the MSO, had engineered a severance package that included annual payments of $1.4 million per year for three years; lifetime health-care coverage for Rigas and his wife, Doris; use of an office, computer, telephone and secretary; and emergency use of company planes.
No payments had been made to Rigas so far, one source briefed on the matter said. The company has decided not to make the cash payments to its former chairman and is also weighing whether to continue the other...
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