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Encyclopedia > Adelphia
Adelphia Communications Corporation
Adelphia logo
Type Dissolution
Founded 1952
Headquarters Greenwood Village, Colorado
Key people William T. Schleyer, Chairman and CEO
Ronald (Ron) Cooper, President and COO
Vanessa Wittman, EVP and CFO
Industry Telecommunications
Products Cable television, Internet Service Provider
Revenue $3.61 billion (2003)
Employees 275
Slogan Get. Watch. Do What You Want.
Website http://www.adelphia.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 due to internal corruption. Adelphia was founded in 1952 within the town of Coudersport, Pennsylvania. The headquarters for the company was moved to Greenwood Village, Colorado shortly after filing for bankruptcy. Image File history File links AdelphiaLogo. ... 1952 (MCMLII) was a Leap year starting on Tuesday (link will take you to calendar). ... Greenwood Village is a city located in Arapahoe County, Colorado. ... Official language(s) English Capital Denver Largest city Denver Area  Ranked 8th  - Total 104,185 sq mi (269,837 km²)  - Width 280 miles (451 km)  - Length 380 miles (612 km)  - % water 0. ... Telecommunication involves the transmission of signals over a distance for the purpose of communication. ... Coaxial cable is often used to transmit cable television into the house. ... “ISP” redirects here. ... Revenue is a U.S. business term for the amount of money that a company earns from its activities in a given period, mostly from sales of products and/or services to customers. ... For the album by the Kaiser Chiefs see Employment (album) Employment is a contract between two parties, one being the employer and the other being the employee. ... Look up slogan in Wiktionary, the free dictionary. ... A website (or Web site) is a collection of web pages, images, videos and other digital assets and hosted on a particular domain or subdomain on the World Wide Web. ... Notice of closure stuck on the door of a computer store the day after its parent company, Granville Technology Group Ltd, declared bankruptcy (strictly, put into administration - see text) in the UK. Bankruptcy is a legally declared inability or impairment of ability of a individuals or organizations to pay their... For album titles with the same name, see 2002 (album). ... 1952 (MCMLII) was a Leap year starting on Tuesday (link will take you to calendar). ... Coudersport is a borough located in Potter County, Pennsylvania. ... Greenwood Village is a city located in Arapahoe County, Colorado. ...


The majority of Adelphia's revenue-generating assets were officially acquired by Time Warner Cable and Comcast on July 31, 2006. Currently, LFC [1] an internet-based real estate marketing firm, is auctioning the remaining Adelphia real estate assets. There are 73 properties in 17 different states available for auction. The auction deadline is June 14th, 2007. As a result of this acquisition, Adelphia no longer exists as a cable provider. Adelphia's long-distance telephone business (resale provision of long-distance services) was sold to Pioneer Telephone for about $1.2 million.[1] Time Warner Cable (NYSE: TWC) is an American national cable television company that operates in 27 states and has 31 operating divisions. ... Comcast Corporation, (NASDAQ: CMCSA) based in Philadelphia, Pennsylvania, is the largest cable company and the largest broadband (second overall) Internet service provider in the United States. ... July 31 is the 212th day (213th in leap years) of the year in the Gregorian calendar, with 153 days remaining. ... For the Manfred Mann album, see 2006 (album). ... LFC may refer to: Ladies Football Club, an abbreviation used in England (see also WFC) Lake Forest College, an American educational institution Land Force Command, the Army element of the Canadian Forces Landau Forte College, a City Academy in Derby, England Lateral femoral condyle Liverpool F.C., a football club... Pioneer Telephone is a privately held company with headquarters in Portland, Maine. ...


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]

Contents

Dissolution

Adelphia's Chapter 11 bankruptcy reorganization has been marked by extensive disputes between creditors over the distribution of proceeds.[citation needed] 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 the allowed to distribute approximately $6 billion in shares to Adelphia stakeholders and succeed Adelphia as a publicly traded corporation.[3] Time Warner Cable (NYSE: TWC) is an American national cable television company that operates in 27 states and has 31 operating divisions. ...


Adelphia officers trial

The founders of Adelphia were charged with securities violations, but despite five officers being indicted, only two (John Rigas and Timothy Rigas) were found guilty [4]; the others were acquitted of some or all the charges [5]. Rigas founded Adelphia with a $300 license in 1952, took the company public in 1986 and built it up 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. John J. Rigas was (born November 14, 1924 in Wellsville, New York) was one of the founders of Adelphia Communications Corporation, which at its peak was one of the largest cable companies in the United States. ...


Federal prosecutors said 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 are free pending appeal.[6]


Adelphia Coliseum

One previous marker of Adelphia's success before its bankruptcy included the naming of a football stadium, Adelphia Coliseum in Nashville, after its subsidiary, Adelphia Business Solutions. The name was taken off the stadium in 2002. It sat without a naming rights sponsor for four years before becoming LP Field in 2006. Naming rights are the right to name a piece of property, either tangible property or an event, usually granted in exchange for financial considerations. ... United States simply as football, is a competitive team sport that is both fast-paced and strategic. ... Telstra Stadium in Sydney, Australia is capable of being converted from a rectangular rugby football field to an oval for cricket and Australian rules football games This article is about the building type. ... Nickname: Music City Location in Davidson County and the state of Tennessee Coordinates: Country United States State Tennessee Counties Davidson County Founded: 1779 Incorporated: 1806 Government  - Mayor Bill Purcell (D) Area  - City  526. ... LP Field is a football stadium in Nashville, Tennessee, used primarily as the home stadium of the NFLs Tennessee Titans, but also used by Tennessee State University. ...


Parody

WOW!!!!!!!!! ... The Fairly OddParents is an American animated television series created by Butch Hartman. ...

See also

Corporate abuse refers to incidents that involve unethical behavior on behalf of a corporation; a case of corporate abuse may be a scandal, fraud, or negligence toward the corporations employees and/or the local community. ...

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.
  2. ^ Adelphia's assets now in hands of cable giants, Rocky Mountain News, August 1, 2006.

External links


See also: Template:CATV Europe and Template:CATV Africa, Asia and Oceania

 
 

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