Investigation: Adelphia founder, sons charged with conspiracy

The founder of bankrupt Adelphia Communications Corp. and two of his sons were charged Wednesday with conspiracy for allegedly looting the cable TV provider and using it as their “personal piggy bank.”

Authorities said the defendants hid $2.3 billion in liabilities from investors.

In addition to the criminal charges, the Securities and Exchange Commission brought a lawsuit Wednesday in U.S. District Court, calling the case “one of the most extensive financial frauds ever to take place at a public company.” It sought restitution and fines and to bar the defendants from ever heading a company.

Adelphia founder and former chairman and CEO John Rigas, 77, was arrested on conspiracy charges along with Timothy Rigas, a former company chief financial officer, and Michael Rigas, another former company executive.

The executives made false statements to their lenders and borrowed more than $2 billion from Adelphia without reporting it to the SEC, Deputy Atty. Gen. Larry Thompson said in Washington. On the most serious criminal charges, conviction could bring each of the defendants up to 30 years in prison and millions of dollars in fines.

Fast Food: Burger King on menu for $2.1 billion deal

Diageo PLC is nearing a deal to sell its fast-food business Burger King Corp. for at least $2.1 billion, sources knowledgeable about the talks said Wednesday.

A consortium led by Texas Pacific Group, a U.S. venture capital firm, is the potential buyer. Discussions progressed through the night, and an agreement was believed to be imminent, the sources said, speaking on condition of anonymity.

Burger King spokesman Rob Doughty declined comment Wednesday on the possible sale. Texas Pacific, through a spokesman, also declined to comment.

The sources said the price under discussion was at least $2.1 billion and as much as $2.3 billion.

Wall Street: Earnings of local interest

Capitol Federal Financial, which operates several banks in Lawrence, announced Wednesday quarterly earnings of 29 cents per share, up from 21 cents per share during the same period a year ago.

Sauer-Danfoss, which operates a production center in Lawrence, posted earnings of 20 cents per share compared to 9 cents one year ago.

O’Reilly Automotive, which operates auto parts stores in Lawrence, posted earnings of 42 cents per share, up from 34 cents one year ago.