Adelphia. Stephen Buckfelder, Reid Fronk, and Ashley Roberts. Company Mission.
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Stephen Buckfelder, Reid Fronk, and Ashley Roberts
“We will leverage our historical strengths of customer focus, community involvement, and employee dedication; address issues that limit profitability and growth; and act with a sense of urgency accountability and teamwork to emerge from bankruptcy and to succeed as a broadband industry leader. We will develop a reputation as a company with outstanding corporate governance.”
Becomes #6 cable company in the nation
Timothy Rigas resigns from positions as Executive Vice President, CFO, CAO and Treasurer.
Stock prices plummet
Erland Kailbourne appointed as CEO and Chairman
Adelphia delisted from NASDAQ
Adelphia receives Bankruptcy Court order establishing procedures for trading ACC’s stock in order to preserve the use of Adelphia’s net operating losses to offset future income for tax purposes
Adelphia corporate headquarters relocates to Denver, Colorado
By joining together they are hoping to reduce the risk of a bidding war. Neither company wants to pay too much for the company. It is estimated that Adelphia will sell for $20-$21 billion. The two companies will then divide the service areas.