The SEC announced today that it has filed a motion in its case against Adelphia Communications Corp. seeking an order authorizing the distribution of $95 million plus accrued interest (the “SEC Fund”). The SEC Fund is currently being held in the court’s registry pursuant to the procedures adopted by the DOJ with respect to the Adelphia Victim Fund. The $95 million SEC Fund consists of monetary recoveries obtained by the SEC in its civil enforcement actions against Deloitte & Touche LLP, Scientific-Atlanta, Inc., and Motorola Inc., in connection with the Adelphia matter. Objections to the SEC’s motion must be filed by November 21, 2008.
The Adelphia Victim Fund totals $715 million. It was established pursuant to a global settlement between Adelphia, the Department of Justice, the Commission, certain members of the Rigas family, and others, and is being administered by a special master appointed by the Department of Justice (additional details available here).