Adelphia Communications Corporation
Type	Defunct
Founded	1952
Headquarters	Greenwood Village, Colorado
Key people	William T. Year 1952 ( MCMLII) was a Leap year starting on Tuesday (link will display full calendar of the Gregorian calendar. The City of Greenwood Village is a prominent suburb of the Denver-Aurora Metropolitan Statistical Area and a Home Rule Municipality located in Arapahoe County The State of Colorado ( or chiefly by nonresidents) is a state located in the Rocky Mountain region of the United States of America. Schleyer, Chairman and CEO Ronald (Ron) Cooper, President and COO Vanessa Wittman, EVP and CFO
Industry	Telecommunications
Products	Cable television, Internet Service Provider
Revenue	$3. For other uses of this term see Industry (disambiguation An industry (from Latin industrius, "diligent industrious" In Marketing, a product is anything that can be offered to a Market that might satisfy a want or need An Internet service provider ( ISP, also called Internet access provider or IAP) is a company which primarily offers their customers access to the Internet In business revenue or revenues is Income that a company receives from its normal business activities usually from the sale of goods and services 61 billion (2003)
Employees	275
Website	http://www.adelphiarestructuring.com/

Adelphia Communications Corporation, named after the Greek word "brothers", was the fifth largest cable company in the United States before filing for bankruptcy in 2002 because of internal corruption. Employment is a Contract between two parties, one being the employer and the other being the employee. A website (alternatively web site or Web site, a back-construction from the Proper noun World Wide Web) is a collection of Web pages Greek (el ελληνική γλώσσα or simply el ελληνικά — "Hellenic" is an Indo-European language, spoken today by 15-22 million people mainly Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their Creditors Creditors may file a bankruptcy petition against See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. In Criminology, corporate crime refers to crimes committed either by a Corporation (i Adelphia was founded in 1952 within the town of Coudersport, Pennsylvania. Year 1952 ( MCMLII) was a Leap year starting on Tuesday (link will display full calendar of the Gregorian calendar. Coudersport is a borough in Potter County, Pennsylvania, 110 miles (177 km east by south of Erie Pa The headquarters for the company was moved to Greenwood Village, Colorado shortly after filing for bankruptcy. The City of Greenwood Village is a prominent suburb of the Denver-Aurora Metropolitan Statistical Area and a Home Rule Municipality located in Arapahoe County

The majority of Adelphia's revenue-generating assets were officially acquired by Time Warner Cable and Comcast on July 31, 2006. Time Warner Cable ( (formerly Warner Cable Communications) is an American national cable television company that operates in 27 states and has 31 operating divisions Comcast Corporation ( is the largest Cable television company the second largest Internet service provider and (according to the company the fourth largest telephone Events 30 BC - Battle of Alexandria: Mark Antony achieves a minor victory over Octavian 's forces but most of his army subsequently Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Currently, LFC [1], an internet-based real estate marketing firm, is auctioning the remaining Adelphia real estate assets.

As a result of this acquisition, Adelphia no longer exists as a cable provider. Adelphia's long-distance telephone business with 110,000 customers in 27 states (telephone & long-distance services) was sold to Pioneer Telephone for about $1. Pioneer Telephone is a Privately held company with headquarters in Portland Maine. 2 million. ^[1] Had the 110,000 telephone customers been shut off versus being sold to Pioneer Telephone, those customers would have more than likely left Adelphia cable and high speed internet services. Pioneer Telephone is a Privately held company with headquarters in Portland Maine. The potential financial damage to the creditors of Adelphia was over $150 million dollars. Although the purchase price by Pioneer Telephone was relatively small ($1. Pioneer Telephone is a Privately held company with headquarters in Portland Maine. 2 million) the transaction was very significant.

Upon divesting its cable assets, Adelphia retained a skeleton crew of 275 employees to handle remaining bankruptcy issues. ^[2] It still exists as a corporate entity, continuing largely to settle ongoing financial obligations and litigation claims, as well as to consummate settlements with the SEC and the U. S. Attorney. It plans to sell most of its remaining real estate assets via a large Internet property auction. [2]

Dissolution

Adelphia's Chapter 11 bankruptcy reorganization has been marked by extensive disputes between creditors over the distribution of proceeds. The dispute mainly pits creditors of the parent company (Adelphia Communications Corporation) against the creditors of the various operating subsidiaries (primarily, Arahova, also known as Century Communications). This dispute is ongoing.

The effective date of the Adelphia Plan of Reorganization occurred on February 13, 2007. Time Warner Cable was allowed to distribute approximately $6 billion in shares to Adelphia stakeholders and succeed Adelphia as a publicly traded corporation. Time Warner Cable ( (formerly Warner Cable Communications) is an American national cable television company that operates in 27 states and has 31 operating divisions [3]

Adelphia officers trial

The founders of Adelphia were charged with securities violations. Five officers were indicted and two (John Rigas and Timothy Rigas) were found guilty [4]. John J Rigas (born November 14, 1924 in Wellsville New York) was one of the founders of Adelphia Communications Corporation, which at its peak Rigas founded Adelphia with a $300 license in 1952, took the company public in 1986 and built it by acquiring other systems in the 1990s. The company collapsed into bankruptcy in 2002 after it disclosed $2. 3 billion in off-balance-sheet debt. Off balance sheet (OBS usually means an Asset or Debt or financing activity not on the company's Balance sheet.

Federal prosecutors proved that the Rigases used complicated cash-management systems to spread money around to various family-owned entities and as a cover for stealing $100 million for themselves. A second Rigas son, Michael, former executive vice president for operations, was acquitted of conspiracy and wire fraud in 2005. However, jurors were deadlocked on certain counts, and Michael Rigas is scheduled for a second trial. Former Adelphia assistant treasurer Michael Mulcahey was acquitted of all charges.

John and Timothy Rigas started their prison sentence at the Butner Federal Correctional Complex near Raleigh, North Carolina on August 13, 2007. Raleigh (pronounced rah-lee) is the Capital of the State of North Carolina and the county seat of Wake County, USA Events 3114 BC - According to the Lounsbury correlation the start of the Maya calendar. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. John received 15 years and Timothy received 20 years.

Adelphia Coliseum

One previous marker of Adelphia's success before its bankruptcy included its 1999 purchase of the naming rights to a football stadium, Adelphia Coliseum in Nashville, Tennessee. Naming rights are the right to name a piece of Property, either tangible property or an event usually granted in exchange for financial considerations American football, known in the United States and Canada simply as football, is a competitive Team sport known for mixing strategy with A modern stadium (plural stadiums or stadia in English is a place or venue for (mostly outdoor Sports Concerts or other events consisting Tennessee ( is a state located in the Southern United States. Adelphia was not a well-known company in Nashville and had only a small presence in the area (since its subsidiary, Adelphia Business Solutions, a commercial telecommunications provider offered as an alternative to BellSouth) before, and even after, the naming rights were purchased. BellSouth Corporation is an American Telecommunications holding company based in Atlanta Georgia. The name was taken off the stadium in 2002 after Adelphia missed a payment and subsequently filed for bankruptcy. It remained without a naming rights sponsor for four years before becoming LP Field in 2006. LP Field is a football Stadium in Nashville Tennessee, United States, used primarily as the home stadium of the NFL 's Tennessee

See also

• Corporate abuse

References

1. ^ Adelphia Communications to sell long-distance phone service, Pittsburgh Post-Gazette, July 6, 2005, Adelphia sells long-distance service for $1.2M, Denver Business Journal, July 6, 2005, and Notification by Adelphia Telecommunications, Inc. and Telecom Management, Inc. d/b/a Pioneer Telephone of an Asset Purchase Agreement, December 1, 2005. A corporate scandal is a Scandal involving allegations of unethical behavior by people acting within or on behalf of a corporation
2. ^ Adelphia's assets now in hands of cable giants, Rocky Mountain News, August 1, 2006.

• The Year-Long Comcast Saga. Retrieved on December 11, 2007.

External links

• LFC Adelphia Bankruptcy Real Estate Auction
• Customer Portal
• Adelphia chapter 11 bankruptcy site
• News article on Rigas' conviction
• News article on Adelphia's decision to offer X-rated pornography

• Data
  • Yahoo! - Adelphia Communications Corporation Company Profile