Stacy Scott Running head:
The effective date of the Adelphia Plan of Reorganization occurred on February 13, Now used by successor Zito Media The founders of Adelphia were charged with securities violations.
Five officers were indicted and two John Rigas and Timothy Rigas were found guilty.
The New York Times noted that this differed considerably from other accounting scandals like Enron and Worldcomsaying "For the one trait that distinguishes the Rigases from virtually every other culprit on Wall Street is that they didn't sell their stock.
The evidence suggests less that they intended to defraud than that they intended to hide inconvenient facts until they could be righted. This is also, of course, against the law; it's just a more tragic crime than ordinary looting.
However, jurors were deadlocked on certain counts, and Michael Rigas had been scheduled for a second trial but on March 3, he was sentenced to 10 months of home confinement and two years probation after pleading guilty in to one count of making a false entry in a financial report according to many published reports.
A former Adelphia assistant treasurer, Michael Mulcahey, was acquitted of all criminal charges. John received a sentence of 15 years and Timothy received 20 years. John was released from prison in due to poor health.
The Rigas family established a successor company, Zito Mediato continue to provide cable service in some areas not sold to Time Warner, including most cable systems in Potter County, Pennsylvania. Init launched Empire Sports Networka regional sports network serving central and western New York. The team remained a ward of the league until Empire Sports limped along untilwhen it was finally shut down; its sports rights were split between MSG which acquired the Sabres television rights and Time Warner Cable Sports which acquired most of the rest and shut down in Adelphia Coliseum[ edit ] One previous marker of Adelphia's success before its bankruptcy included its purchase of the naming rights to a football stadiumAdelphia Coliseum in Nashville, Tennessee.
It was built as the home of the Tennessee Titans.
Adelphia was not a well-known company in Nashville, and had only a small presence in the area its subsidiary, Adelphia Business Solutions, a commercial telecommunications provider, was offered as an alternative to the dominant BellSouth.
The name was taken off the stadium in after Adelphia missed a payment and subsequently filed for bankruptcy. Today, it is known as Nissan Stadium.May 14, · Enron’s heyday has long ended. But its lessons will long endure. The global business community is now watching a painful new chapter is this saga -- one where its former high-riding chief.
ABB. ABB Vetco Gray ABB Vetko UK: $5,, $10,,00 "Swiss engineering company ABB Ltd. and two of its subsidiaries agreed Tuesday to pay a total of $ million to settle U.S.
criminal and civil charges alleging they bribed government officials in Nigeria, Angola and Kazakhstan. The Evolution of The Concept of Auditing - Introduction Audit is a word derived from the word Auditus, from Latin, which means “a hearing”, past participle of audire “hear”.
One of the locals moved by his death was John Rigas, chairman and CEO of Adelphia Communications, the nation's sixth-largest cable television provider, a company with $ billion in annual revenues and headquarters in--of all places--this rural town. By Roy Simon [Originally published in NYPRR February ] More than six years ago, in July , I published an article in NYPRR entitled The Attorney-Client Privilege and Public Relations Firms.
The article reviewed a number of cases addressing whether the attorney-client privilege can apply to a lawyer’s communications with public relations agents and other third-party consultants.
NEW YORK — Adelphia Communications Corp. founder John Rigas and his son Timothy were convicted Thursday of conspiracy, bank fraud and securities fraud for looting the cable company and duping.