- ► 2008 (159)
- Personal Flower Distribution
- LG and Axiom Telecom announce Middle East Distribu...
- Tax Gap hits Quarter Trillion - Expect More Audits...
- Simmons Jannace & Stagg Full Service Law Firm
- Wal-Mart Agrees to Pay $33.5 million in roll-Backw...
- The Blockbuster Triple Play
- Valentines Day Gifts
- Fed Likely to Stay the Course Too
- Ford Posts Record Loss
- Belisi Brand Designs Clothing Accessories
- Wal-Mart gets Picky About Fabrics
- Could Blister Packaging Bring Environmental Fines?...
- Civil Engineering Recruiters
- Cingular Wireless to be Rebranded as AT&T
- Maven Mappers Covers CES
- Beyond Blossoms Flowers
- Unemployment Holds in December
- Adelphia Exits Bankruptcy to Wind Down
- DotFlowers Flower Delivery
- Minyard Food Stores closing Texas Distribution Cen...
- Wal-Mart Employee Accused of stealing $80k in iPod...
- Epocrates Online
- Internet Spending up 26% Spending surges over $100...
- Chrysler Catching up On Inventory Glut
- Online Stock Options Tool Free Trial
- The Home Depot CEO to Agrees with Board to Resign
- ▼ January (26)
After almost 4 years of bankruptcy, the courts have finally gotten to the bottom of things and will distribute $15 billion in cash and stock to creditors of Adelphia. This follows the summer sale of most of Adelphia's most important cable assets.
The Adelphia bankruptcy is the 11th largest in US history and replete with owners transactions that resulted in off balance sheet loans that could not be repaid.
John Rigas was convicted of fraud in 2004 following the 2002 notice that the company was going down in financial scandal flames. Timothy Rigas, the former finance chief, was also convicted but both men are free pending appeal of their sentences.
The wind up of the bankruptcy is likely to trigger a final wind down of the company as well ending a dark era in this company but not the end of corporate malfeasance or off balance sheet activity that proves very difficult even today for investors to stay on top of as a result of the extra prominent holes in Sorbanes Oxley legislation that has little if any clout against corporations held outside the United States as so many multi national conglomerates are held these days.