Looting

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"Looting"
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In March, at the latest trial of a former executive charged with looting his company during the 1990s, ex-employees of Adelphia Communications said that company founder John Rigas (1) was once taking out so many cash advances that his son (also an Adelphia executive) had to limit him to $1 million a month; (2) required extensive prodding to return 22 company-owned luxury cars after he resigned in 2002; and (3) in a familiar finding in cases like this, had Adelphia pay for a $700,000 golf club membership and the extravagant wedding of another son, Michael. [St. Petersburg Times-Bloomberg, 3-25-04; New York Post, 4-8-04]
 

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