Adelphia liquidating trust Dirty chat mobile

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Rigas, chairman and CEO, and his sons controlled every move: Michael was executive vice president of operations, James was executive vice president of strategic planning, and Timothy was CFO.

All held seats on a board of directors that also included John’s son-in-law, Peter Venetis.

Instead of a corrupt environment, full of people who had winked or looked the other way, Wittman found a staff more or less in shock over what had transpired.

“There was no culture of greed,” she says, and thus no need for a wholesale purging of the ranks.

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Rigas, chairman and CEO, and his sons controlled every move: Michael was executive vice president of operations, James was executive vice president of strategic planning, and Timothy was CFO.All held seats on a board of directors that also included John’s son-in-law, Peter Venetis.Instead of a corrupt environment, full of people who had winked or looked the other way, Wittman found a staff more or less in shock over what had transpired.“There was no culture of greed,” she says, and thus no need for a wholesale purging of the ranks.Armed with $1.5 billion of debtor-in-possession (DIP) financing, the company is now preparing a reorganization plan that includes updating its cable systems and emerging from bankruptcy completely intact. Adelphia, claims Wittman, is “the most complicated bankruptcy the country has ever seen.” Not only must Wittman steer Adelphia through the shoals of Chapter 11, she must also contend with shareholder lawsuits and criminal investigations.Then there’s the matter of separating fact from fiction in Adelphia’s accounting. “Not only were there the issues of fraud and scandal that had really wracked the company, but the fraudulent accounting masked some pretty poor management.

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Rigas, chairman and CEO, and his sons controlled every move: Michael was executive vice president of operations, James was executive vice president of strategic planning, and Timothy was CFO.

All held seats on a board of directors that also included John’s son-in-law, Peter Venetis.

Instead of a corrupt environment, full of people who had winked or looked the other way, Wittman found a staff more or less in shock over what had transpired.

“There was no culture of greed,” she says, and thus no need for a wholesale purging of the ranks.

Armed with $1.5 billion of debtor-in-possession (DIP) financing, the company is now preparing a reorganization plan that includes updating its cable systems and emerging from bankruptcy completely intact. Adelphia, claims Wittman, is “the most complicated bankruptcy the country has ever seen.” Not only must Wittman steer Adelphia through the shoals of Chapter 11, she must also contend with shareholder lawsuits and criminal investigations.

Then there’s the matter of separating fact from fiction in Adelphia’s accounting. “Not only were there the issues of fraud and scandal that had really wracked the company, but the fraudulent accounting masked some pretty poor management.

.5 billion of debtor-in-possession (DIP) financing, the company is now preparing a reorganization plan that includes updating its cable systems and emerging from bankruptcy completely intact. Adelphia, claims Wittman, is “the most complicated bankruptcy the country has ever seen.” Not only must Wittman steer Adelphia through the shoals of Chapter 11, she must also contend with shareholder lawsuits and criminal investigations.

Then there’s the matter of separating fact from fiction in Adelphia’s accounting. “Not only were there the issues of fraud and scandal that had really wracked the company, but the fraudulent accounting masked some pretty poor management.

Eventually, on September 22, 2002, a federal grand jury in Manhattan indicted the five former Adelphia executives—John, Timothy, and Michael Rigas, James Brown, and Michael Mulcahey—on 24 counts of securities fraud, wire fraud, and bank fraud. Eventually, Adelphia grew—mainly through acquisitions—into the fifth-largest cable company in the country, with more than 5 million customers.

In the filing, Adelphia reported .6 billion in debt and .4 billion in assets.

“If what [the defendants] are accused of is true, the behavior is much more egregious than what happened at Enron and World Com,” argues Greenhill’s Kramer, “because they didn’t just manipulate the accounting—they stole from the company.” Under New Management(s) The first attempts to right the company after the Rigases left didn’t go as smoothly as many had hoped.

There was controversy over the duo’s compensation—almost million over two years, contingent on emerging from Chapter 11 and hitting certain valuation targets—and as a result, the package was scaled back somewhat.

The hiring of Wittman went smoothly, but the departure of Christopher Dunstan, who was hired by Kailbourne to replace Timothy Rigas as CFO, did not.

Today, Adelphia is striving to regain both its solvency and its credibility.

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