What was/ were Adelphias official reason(s) for filing Chapter 11 bankruptcy?
The founders of Adelphia were charged with securities violations, five officers were indicted and two (John Rigas and Timothy Rigas) were found guilty. 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. (Dude! that just mean the Rigas family have secretely borrowed $2.3 B without anyone knowing it 🙂 This is as good as $2.3 B is missing without no reason. 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 assis
