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As for how much money the Rigases currently have, Carpinello, the Adelphia attorney, is skeptical Adelphia, based in Greenwood Village, Colo Adelphia attorney George F Gerber, of the U District Court in Manhattan , a bankruptcy judge ruled Friday , argued the Rigas-managed cable companies lose money, leaving Adelphia to pick up the tab Rigas lawyer Lawrence G Judge Robert E , effectively blocking the right of the Rigases to tap into the revenue they generate The ruling in favor of the Rigases "may turn out to be a hollow victory," he said after the hearing To post bond following their criminal indictments, the Rigases pledged $8 million in property as collateral Bankruptcy Court in Manhattan, ruled that John Rigas, Michael Rigas, Timothy Rigas and James Rigas could have access to the $15 million generated by cable companies other than Adelphia S McMichael said, however, that the Rigases' personal wealth is dwindling and they are having trouble selling properties to raise funds In addition to an appeal, the Rigases may face another obstacle, he added Also, Adelphia lawyers said the Rigases continue to hold substantial assets worth well over $15 million Carpinello indicated he would appeal to U Adelphia's banks may have the right to take control of these other Rigas-owned cable companies, including Coudersport Television Cable Co S "I believe there are other assets they're not telling us about," said Carpinello Refusing access to the money would have made them unable to pay $2 5 million in overdue legal bills and weaken their ability to mount a proper defense, he said "I'm not going to deny the Rigases the right to defend themselves," Judge Gerber said as he gave his ruling Rigas Family Can Use Cable Cash in Court Aug 4, 6:58 AM EST Four members of the Rigas family can use cash made by cable television companies they control to defend themselves against allegations they built a personal fortune by looting Adelphia Communications Corp Officials at Dallas-based Blockbuster vow to compete on price and selection with their bigger competitors Small for-sale displays are sprinkled around Blockbuster gets only 14 percent of its revenue from sales Shepherd said internal research shows that 74 percent of customers who rent DVDs at Blockbuster buy them somewhere else Blockbuster officials said retail sales will increase revenue without cannibalizing the rental business Louis and Kansas City, and is now rolling it out across the country and other big retailers 16 billion in sales last year The racks are placed directly in front of the entrance, so customers must pass the sales area to reach rental movies Analysts said Blockbuster might have been reluctant to dive into the retail business because it enjoys fatter profit margins by renting tapes and DVDs One reason, officials decided, was the fragmented way in which the stores sell videos and DVDs has become synonymous with movie rentals, but most customers go elsewhere to buy DVDs and VHS tapes "Blockbuster already gets the customers, they just don't have their wallets," Widlitz said Company officials say many customers will rent either format, since the arrival of the DVD hasn't prompted many people to toss their VCRs The company tested a new configuration for seven months in St Shepherd said the cost will be modest â€â€? under $3 million â€â€? because much of the work was done by store employees About 2,200 company-operated stores received the new look Stacey Widlitz, an analyst with SG Cowen Securities, said the emphasis on retail makes sense, even if some investors worry about the lower margins associated with retail sales Blockbuster has just 3 percent of the sales market, he said, but believes it can boost that share to 10 percent in three or four years " Smaller changes were made in the rental area along the walls At many of the company-operated stores, metal racks like those used in record stores allow the display of more for-sale titles Huge, color-coded signs separate the sales area from rentals and games Blockbuster will face a challenge translating its rental dominance to the movie-sale market, dominated by Wal-Mart Stores Inc Blockbuster, 81 percent owned by Viacom, lost $240 million on $5 Aiming for a bigger slice of the for-sale market, Blockbuster is remodeling about half of its 8,000 stores to put sales racks front and center Some movies are rental hits but nothing more, while customers tend to buy other titles, said Nick Shepherd, the chain's chief concept officer Blockbuster is also adding more Spanish-language tapes and signs in about 1,000 stores to appeal to Hispanic customers Sometimes, faded hits are dumped in a bin near the checkout line "This will boost their gross retail dollars Blockbuster Remodeling Many Stores Oct 31, 6:39 PM EST DALLAS (AP) â€â€? Blockbuster Inc Another 2,200 stores will get a partial makeover by mid-November, officials said DVD and VHS versions of the same movie are displayed together instead of on opposite walls "It shouts out that we are serious retailers," said merchandising vice president Debi Neyen, standing in a reconfigured store in Dallas |
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