Oct 1, 2021

John Rigas, former Sabres owner and convicted Adelphia founder, dies at 96 40 mins Ago Posted by CartEgg New York 7 Min Read Last Updated:October 1, 2021 BUFFALO, N.Y. (WIVB) – Adelphia Communications founder and former Buffalo Sabres owner John Rigas died Thursday in Pennsylvania. He was 96. Rigas, a Wellsville native and Army veteran, turned what was a $300 funding in 1952 into cable big Adelphia Communications Corp., which reported over 2 million subscribers in 1998. Rigas was revered domestically within the Nineteen Nineties as each a businessman and the owner of the Sabres, who made a run to the 1999 Stanley Cup Final two years after Rigas purchased the staff. But Rigas’ legacy was completely altered by a multibillion-dollar fraud and conspiracy scandal that drove Adelphia to chapter and landed each Rigas and his son, Timothy, in jail. When do I must get vaccinated by to attend Bills and Sabres video games? John and Timothy Rigas had been convicted by a federal jury in 2004 for conspiracy, financial institution fraud and securities fraud. John was discovered responsible of 18 of the 23 expenses towards him and was sentenced to fifteen years in jail. Timothy was convicted on the identical expenses and later acquired 20 years. After serving eight years, John Rigas was granted a “compassionate release” in 2016 when it appeared he had little time left as most cancers unfold from his bladder to his lungs and kidney. But Rigas, then 91, recovered and lived the remainder of his life in Coudersport, Pa., the place he remained beloved. Fickinger Funeral Home in Coudersport mentioned public companies are usually not being deliberate at this time. Timothy was launched in 2019. John Rigas said at the time that each he and his son had been nonetheless interesting their convictions. When Rigas was initially arrested in 2002, the NHL took management of the Sabres. Tom Golisano bought the staff in 2003 and owned them till promoting to present owner Terry Pegula in 2011. Other Adelphia belongings reminiscent of Empire Sports Network ceased operations within the following years. Both Rigases might have been sentenced to life in jail, the Associated Press reported in 2005 . The sentences had been among the many harshest handed down in any U.S. courtroom because the fall of Enron in 2001 touched off a rash of company scandals that rocked the markets and have value buyers billions of {dollars}. “This is a tragedy lacking in heroes,” U.S. District Judge Leonard Sand mentioned at the sentencing. A Buffalo News field shows the Rigas household making headlines July 25, 2002 in Buffalo, New York. (Photo by Harry Scull Jr./Getty Images) Prosecutors had accused the Rigases of utilizing sophisticated cash-management techniques to unfold cash round to numerous family-owned entities and as a canopy for stealing about $100 million for themselves. They had been accused of spending the cash on a prolonged record of private luxuries. Prosecutors mentioned John Rigas had ordered two Christmas bushes flown to New York for his daughter at a value of $6,000, ordered as many as 17 firm vehicles and had the corporate purchase 3,600 acres of timberland — for $26 million — to protect the view exterior his Pennsylvania dwelling. Worse nonetheless for buyers, the corporate collapsed into chapter 11 in 2002 after it disclosed a staggering $2.3 billion in off-balance-sheet debt that prosecutors mentioned was intentionally hid by the Rigases. “Our intentions were good. The results were not,” Timothy Rigas instructed the decide previous to sentencing. Judge Sand declined to power the 2 males to pay restitution, noting the household has already agreed to forfeit greater than $1.5 billion to settle regulatory expenses. At probably the most dramatic second of a listening to that stretched almost three hours, John Rigas slowly rose from his chair simply earlier than being sentenced, shuffled to a lectern and addressed the decide, talking slowly and softly. “In my heart and in my conscience, I’ll go to my grave really and truly believing that I did nothing but try to improve the conditions of my employees,” he mentioned. He mentioned repeatedly he had led a blessed life, and even thanked members of the navy “that fought for America and gave their lives because they believed in America and what it stood for.” “If I did anything wrong, I apologize,” he mentioned. Just after he was sentenced, the elder Rigas, hunched ahead in his seat, held his proper hand over his mouth and dabbed at his eyes and nostril with a tissue. The decide, whereas expressing concern for Rigas’ age and poor well being, made repeated reference to the buyers who had positioned their belief within the Rigas household, many dropping their retirement safety. At one level, Rigas’ lawyer Peter Fleming tried to persuade Sand that his consumer believed deeply in philanthropy, liked the city of Coudersport and was “obviously scared to death of prison.” The decide interjected: “Do you see what he did? What he did to Coudersport, what he did with assets and by means which were not appropriately his?” Resident music legend ‘Commander Cody’ passes in Saratoga at 77 “To be a great philanthropist with other people’s money really is not very persuasive,” Sand mentioned. A second Rigas son, Michael, the corporate’s former government vp for operations, confronted retrial after jurors had been deadlocked on securities fraud and financial institution fraud expenses towards him. He later pleaded responsible. Former Adelphia assistant treasurer Michael Mulcahey was tried with the Rigases however was acquitted of all expenses. Information from the Associated Press was used on this report. More from NEWS10(*96*)