Adelphia Communications Corporation , was a cable television company headquartered in Coudersport, Pennsylvani. It was the fifth largest cable company in the United States before filing for bankruptcy in 2002 as a result of internal corruption. It was founded in 1952 byJohn Rigas in the town of Coudersport, which remained the company’s headquarters until it was moved to Greenwood Village, Colorado, shortly after filing for bankruptcy.

Who were the involved parties in Adelphia cirisi?

Answer : The Adelphia fraud involves two types of fraud, one carried out by the executives on behalf of the company, and the other done against the company by the Rigas family. In a short summary, the charges dealt with overstating income and hiding loans off balance sheet.

Talk about Adelphia internal control weaknesses? What about damages committed in Adelphia crisis? Also talk abut crime committed in Adelphia fraud?

Answer : It was theissue is whether any buyer could be exposed to Adelphia’s legal risks, including shareholder lawsuits that attempt to recoup investment losses from the company. In addition, potential buyers are worried that if Adelphia filed for bankruptcy protection prior to the deal closing, the sale could be challenged by the company’s creditors.

Four members of the Rigas family, including the company’s founder John J. Rigas, have resigned under pressure from the board. Adelphia announced Tuesday that it appointed Leonard Tow, a major Adelphia shareholder and chief executive officer of Citizens Communications Co., to the board along with Scott Schneider, vice chairman of Citizens. Mr. Tow, whose family owns 12% of Adelphia’s stock, has waged a two-week public-relations battle against Adelphia in an effort to secure seats and help turn around the company’s stock price.