Presenters: Colin Brothers Jim Byrne Joshua Cavett Jerome Halpern Kristian Skibenes. Family Business. Background. Founded by John Rigas in 1952 in Coudersport, PA Incorporated in 1972 under the name Adelphia, Greek for “brothers” Went public in 1998 and traded on NASDAQ. Background.
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Presenters:Colin BrothersJim ByrneJoshua CavettJerome HalpernKristian Skibenes
I. Between 1999 and 2001, Adelphia:
1. Systematically recorded liabilities on the books of unconsolidated entities.
2. Created “sham transactions” backed by fake documentation to make it appear that Adelphia had repaid their debt.
Obtained from SEC documentation
Create impression that Adelphia was:
1. Expanding its customer base
2. Modernizing its networks
3. Increasing profitability