FEDS AFTER RIGAS LAND

When John Rigas was building his Wending Creek Farms, he bought up much of the fertile agricultural land and forested acreage north of Coudersport.

But starting in 2002, after the Rigas family was hit with criminal charges in the Adelphia downfall, the farm that was such a source of pride to the family patriarch began to unravel.

A year after John Rigas and his son Tim entered the federal penitentiary in Butner, N.C., the federal government is moving forward to seize portions of Wending Creek Farms and likely sell the property to the highest bidders.

The U.S. District Court for the Southern District of New York has entered an amended order to take possession of seven properties, as follows:

• a 121.1-acre parcel on Cowburn Road in Allegany Township, known locally as the Saulter property;

• a 108-acre parcel on Dry Run Road in Hebron Township, known as the Neefe property;

• a 113-acre parcel on Peet Brook Road in Allegany Township, known as the Leet property;

• a 35-acre parcel near Coudersport, known as the Othmer property.

• a home and 17.7 acres on Baker Creek Road in Hebron Township, known as the Gross property;

• a home and 1.5 acres on Rt. 44 (Ridge Road) in Hebron Township, known as the Langley property;

• a home and 2.0 acres on Rt. 49 in Allegany Township, known as the McCaslin property.

In a legal advertisement, U.S. Attorney Michael J. Garcia and Joseph R. Guccione from the Southern District of New York have announced their intention to dispose of the seven properties. Anyone contesting ownership of the properties must file a petition with evidence before Sept. 10.

In April 2005, the Rigas family was part of a settlement between the Justice Department, the Securities and Exchange Commission and court-assigned management of bankrupt Adelphia Communications Corp. to create a $715 million fund to compensate investors who lost money when the company collapsed.

The Rigases agreed to provide Adelphia with about $1.5 billion in assets, or 95 percent of their holdings. Those assets included $700 million to $900 million in cable systems; convertible subordinated notes with a face value of $567 million; 44.7 million shares of Adelphia common stock valued at about $6 million; and about $10 million in real estate.

Not included in the settlement was the Coudersport TV Cable Company, which remained in the family and now operates as Zito Media.

The government said at the time that, in turning over their assets to Adelphia, the Rigases would be left with about $79 million in assets.