Adelphia liquidating trust
These condensed financial statements should be read in conjunction with the ART’s audited financial statements for the year ended December 31, 2009 included in its Form 10-K filed with the Securities and Exchange Commission (“ ”) on March 10, 2010.
Interim results are not necessarily indicative of the results for the complete fiscal year.
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But Gerber ruled Monday that many of the claims being carried by creditors lawyers survived a first bid by the banks to defeat them at the pretrial stage—a motion to dismiss.
Allegations that the banks aided and abetted fraud by the Rigases were among the claims knocked out Monday.
The pair were convicted of pocketing more than billion in company funds for their own use and misleading investors about the company’s finances and performance.
He is a former chair of the Los Angeles County Bar Association Litigation Section and the Ninth Circuit Judicial Conference Central District Lawyers Representatives. PHILADELPHIA—A bankruptcy judge has declined to throw out a massive lawsuit brought by unsecured creditors and shareholders of Adelphia Communications Corp. But many claims survive in a case that threatens detailed examination of allegations that some of the biggest U. banks looked the other way while the Rigases stripped Adelphia of value, in order to hold on to lucrative investment-banking fees.against 380 lenders, including 24 investment banks, allegedly involved in the cable TV company’s collapse. “There will undoubtedly be issues of fact as to whether the agent banks and investment banks were conditioning their delivery of commercial banking services on investment banking opportunities, on the one hand, or the Rigases were using the link as an enticement to the agent banks, on the other,” Gerber wrote in his ruling.Shareholder lawyers accuse Adelphia’s banks of violations of racketeering law, and the judge hasn’t said yet whether those allegations will get to trial.Among the counts dismissed in the wide-ranging lawsuit that was begun by the official committee of unsecured creditors and the official equity committee in the case are accusations of gross negligence against banks that did business with Adelphia while it was under the Rigases’ control.