NEW YORK (CNN/Money) - After a year of high-profile perp walks showing executives accused of corporate fraud, 2003 could bring something much more involved: their trials.

Cases involving former decision makers at Tyco International, Adelphia Communications, WorldCom and Enron are winding their way through pre-trial hearings.

This back-and-forth of motions could, many months ahead, mean jury verdicts for the bull market's alleged swindlers. But it could also end in out-of-court settlements as attorneys weigh the risks and uncertainties of trial.

Bob Lindquist, senior managing director of the financial investigation and litigation consulting practice at Citigate Global Intelligence & Security, said that when the accused are executives, they can be less willing to cede control to a jury, making sentencing deals more likely.

"The quickest way to regain that (control) is through a settlement," said Lindquist.

At the same time, Lindquist, who has represented corporate clients and investigated investor fraud, said the defense, because of its access to the prosecutors' paper trail, can be well-equipped to spot weak evidence during trial.

The soonest development could come Thursday when U.S. District Judge Leonard Sand presides over a pre-trial conference in the case of John Rigas, indicted last year on charges he looted the company he founded: Adelphia Communications. Free on bail, Rigas and two of his sons pleaded not guilty.

Rigas' lawyer, Peter Fleming, declined to speculate on the Jan. 9 hearing's outcome. Timothy Coleman, of the United States Attorney's office for the Southern District of New York, said the conference may yield a schedule of pre-trial hearings.

In the case of former Tyco International (TYC: Research, Estimates) CEO Dennis Kozlowski, his attorney, Steven Kaufman, along with prosecutors at Manhattan District Attorney's have until Feb. 7 to file pre-trial motions. Kaufman did not return a phone call requesting comment.

Dennis Kozlowski

Prosecutors charged in June that Kozlowskil and ex-general counsel Mark Belnick looted $600 million from the conglomerate. Both men pleaded not guilty and are free on bail.

The case of Andrew Fastow, the former CFO of Enron, charged with 78 counts of wire fraud, money laundering and conspiracy in connection with the multibillion-dollar collapse of the energy trader, returns to Federal Court in Houston Jan. 13.

Andrew Fastow

"These pre-trial hearings are often changed at the last minute," said Justice Department spokesman Bryan Sierra.

A Fastow spokesman, Gordon Andrews, declined comment. Fastow also pleaded not guilty and is free on bail.

The next court date for Scott Sullivan, the former CFO of WorldCom indicted on charges that he helped the bankrupt telecommunications company hide billions of dollars in expenses, comes Jan. 14.

Federal Judge Barbara Jones will preside over the hearing in Manhattan that could include a request from Sullivan's lawyer, Irv Nathan, to move any trial from New York, according to the prosecutor involved in the case. Sullivan, free on bail, pleaded not guilty in September.

Elsewhere, Federal Judge William Pauley Monday delayed sentencing of former ImClone Systems' CEO Samuel Waksal by two months to March 17. Waksal pleaded guilty on October 15 to six of 13 criminal counts including securities fraud, bank fraud, conspiracy, obstruction of justice and perjury.

Prosecutors allege he tried to sell shares of Imclone Systems (IMCL: Research, Estimates) in late 2001 after learning that the company's cancer drug was about to suffer a regulatory setback that ultimately sent ImClone shares tumbling.

The ImClone matter ultimately spread to Martha Stewart, who sold nearly 4,000 ImClone shares in December, 2001, just before the Food and Drug Administration rejected the company's application for the drug Erbitux. Stewart, a friend of Waksal's, has contended the sale was not prompted by any insider information.

A source told CNNfn Tuesday that prosecutors have asked the assistant to Stewart's stock broker, Douglas Faneuil, to return for additional questioning, though an appointment has yet to be set.

A new round of questioning for Faneuil would indicate that prosecutors are continuing to pursue Stewart on possible insider trading charges. A spokesperson for Ms. Stewart declined comment Tuesday.