Official Equity Committee Statement In Connection With Announced Government Settlement With Adelphia and Rigas Family

Business Wire, April 25, 2005

NEW YORK -- Today the Government announced a settlement with Adelphia Communications Corporation and the Rigas Family that will establish a restitution fund in excess of $700 million for the benefit of defrauded Adelphia investors. Adelphia's Official Committee of Equity Security Holders, which represents the interests of Adelphia's shareholders in the bankruptcy proceedings, praised the settlement.

"We applaud the U.S. Attorney's Office and the Securities & Exchange Commission for their commitment to holding the perpetrators of this massive fraud accountable," said Peter D. Morgenstern of Bragar Wexler Eagel & Morgenstern, P.C., attorneys for the Equity Committee. "Adelphia's shareholders suffered billions of dollars in losses," continued Mr. Morgenstern, "and we are pleased that the Government's announced settlement will create a mechanism that will begin to compensate shareholder victims for those losses."

The Equity Committee is made up of major investors in Adelphia. None of the Equity Committee members are affiliated with the Rigas family. The Equity Committee is represented by Bragar Wexler Eagel & Morgenstern, P.C., led by partner Peter D. Morgenstern, Esq.