Show's over
Adelphia no more

More than four years after the Coudersport-based Adelphia Communications Corp. spiraled into bankruptcy, a final chapter of the saga has been written.

Adelphia's plan to pay creditors was approved on Wednesday by Judge Robert Gerber, which clears the way to wrap up one of the biggest bankruptcy cases in U.S. history. Status of the multi-million dollar operations center on Coudersport's South Main Street and other company-owned properties in the town remains uncertain.

Adelphia sought Chapter 11 bankrupcty protection in June 2002 after revelations of off-balance sheet indebtedness and concerns about the corporation's financial practices caused its stock value to plummet.

Last July, Adelphia sold its cable operations in 31 states to Comcast and Time Warner for $17.6 billion in cash and shares in Time Warner's cable unit. A total of $15 billion will be distributed to creditors in cash and Time Warner Cable shares.

"The plan has secured the assent of over $10 billion in claims, representing approximately 84 percent of the claims in this case," Gerber wrote in a 267-page decision.

Judge Gerber acknowledged "extremely bitter objections" from a minority of creditors, but ruled that most of the protests were without merit. He said his approval came only after seven previous plans were rejected for one reason or another.

John Rigas and his son Timothy Rigas, who was Adelphia's finance chief, were convicted in July 2004 of conspiracy and securities fraud. John Rigas was sentenced to 15 years in federal prison; Timothy to 20. They are free pending the outcome of their requests for a new trial.