The Adelphia Communications Scandal

The Adelphia communications Scandal Jeremy Krempasky Globe University November 10, 2012 The conjunction was founded in 1952 in the beautiful town of Coudersport, Pennsylvania and incorporated in 1972.   By 1998 Adelphia had passed the deuce million-customer milestone for its cable television service while, at the equal time, rapidly expanding a new line of telecommunications products and function.   By 1999 Adelphia much than doubled its reach with three major acquisitions, extending their services into 30 states and serving much than 5 million customers.   this instant Adelphia melodic phrase is the fifth-largest cable television phoner in the United States.   Adelphia communication theory Corporation has traveled a path from relative reconditeness through notoriety and into the interior(a) spotlight.   It is working now chthonic the new leadership to continue the issues of its past and emerge from Chapter 11 bankruptcy to become a broadband industry l eader. The Adelphia Communications scandal broke in 2002 when a footnote in a routine every quarter earnings statement revealed that the Rigas family had borrowed more than $2 billion from the company. precisely they didnt pay it back.

Warning bells started re paroleance because of the huge amount of convert involved and because of a extension to a peculiar battle array with Adelphia that do the family and the company responsible for(p) for each others debts. Ultimately it was revealed that the father-and-son group of John and Timothy Rigas were thieves and fraudsters of the virtually audacious winning, routinely made up numbers for manifestation! to shareholders. While they did so, they treated the company like their own cash machine, making withdrawals only and neer paying anything back. Using the company jet for family jaunts and hiring a unceasing masseuse at the companys expense were the kind of antics that finally sent the Rigases to prison. The federal-court gore ultimately convicted the 79-year-old Adelphia founder and motive CEO John Rigas and his son Timothy,...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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