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Adelphia Scandal Victims Get $728M

Welcome to today's cable news snapshot.

  • More than US$728 million forfeited by the Rigas family will go to victims of the Adelphia Communications accounting and corporate looting scandal, marking the U.S. Department of Justice 's largest single distribution of forfeited assets to fraud victims, according to Preet Bharara, the U.S. attorney for the Southern District of New York. Former Adelphia execs John Rigas and his son, Timothy, were convicted of fraud in 2004, and, in 2005, the Rigas family agreed to forfeit more than 95 percent of its assets to the government. Adelphia went bankrupt amid the scandal, eventually selling its cable systems to Comcast Corp. (Nasdaq: CMCSA, CMCSK) and Time Warner Cable Inc. (NYSE: TWC). (See Oh, Brother! Adelphia's Chapter 11 , Court Upholds Adelphia Convictions and Time Warner, Comcast Buy Adelphia.)

  • SeaChange International Inc. (Nasdaq: SEAC) has named Raghu Rau as its permanent CEO about six months after appointing him as its interim chief amid a shakeup that included the exit of company founder, chairman and CEO Bill Stylinger. Under Rau, SeaChange has been executing a plan to become more software-focused, having shed its broadcast server business and now looking to sell its U.K.-based video-on-demand (VoD) content unit. (See SeaChange Off the Block, CEO Exits , SeaChange Wants to Shed VoD Content Unit, Too and SeaChange Sells Off Its Broadcast Server Biz .)

  • DirecTV Group Inc. (NYSE: DTV) has launched a Digital Entertainment Products unit focused on the company's initiatives involving mobile, tablets, the Web, native apps and video-on-demand platforms. It's headed by newly appointed SVP of Digital Entertainment Products Tony Goncalves, who joined DirecTV in 2007 and played a big role in securing the company's partnerships with AT&T Inc. (NYSE: T) and CenturyLink Inc. (NYSE: CTL).

  • Affinegy Inc. has acquired Sagemcom SAS 's TR-069 ACS (Auto Configuration Server), a move that shores up the provisioning and management capabilities of its Portal Platform for gateways, set-tops and mobile devices. TR-069 is a hot technology these days, as Affinegy's purchase comes about a month after Cisco Systems Inc. (Nasdaq: CSCO) snapped up the TR-069 assets of ClearAccess Inc. (See Cisco to Buy SPIT Specialist .)

    — Jeff Baumgartner, Site Editor, Light Reading Cable

  • craigleddy 12/5/2012 | 5:34:37 PM
    re: Adelphia Scandal Victims Get $728M

    As Comcast and Time Warner Cable found out, $728 million probably is more than most of those shoddy Adelphia properties were worth. ;)

    Jeff Baumgartner 12/5/2012 | 5:34:37 PM
    re: Adelphia Scandal Victims Get $728M

    Well, if my memory serves, part of the challenge for Adelphia, once they were in Chapter 11 and trying to dig out of the rubble caused by the Rigas scandal, was to upgrade those systems pretty quick to make them sellable. they put in a bunch of new ops and engineering leadership to get that done. what a crazy time that was. JB

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