Adelphia Communications Corporation Financial Statements

Financial Statements The company that I have chosen to portray in my key assignment is the Adelphia Communications Corporation. The Adelphia Communications Corporation was a cable television company headquartered in Coudersport, Pennsylvania. It was owned by John Rigas and was founded in 1952; Adelphia became one of the largest cable companies in the United States. In 2002 Adelphia Corporation filed bankruptcy as a result of internal corruption. Shortly after filing bankruptcy the company headquarters was moved to Greenwood Village, Colorado. Time Warner Cable and Comcast officially acquired the majority of Adelphia’s revenue-generating assets in July, 2006. The remaining assets were in real estate and they†¦show more content†¦Board members began conducting their own investigation to see what the money was used for. By spring, they involved the authorities who took the case to a grand jury. Adelphia Communications Corporation clearly broke all the rules and laws that govern business today. The chief executive should have taken more responsibility for the actions of the people that run the company. Adelphia could have hired outside auditors to keep detailed records of all internal and external activities that involve the finances and resources of the company. By hiring outside companies to handle the books and finances there are unbiased opinions and accountability has to be adhered to. Establishing a rule that company employees or owners cannot purchase their own stock at lower prices or that the purchase be made through reputable companies so that there is an undisputable paper trail to follow. All this goes back to the code of ethics that the company has put into place and that they are expected to follow. It is truly integrity and honesty issue, if you cannot trust the founders of the company then the company is destined for failure. Another recommendation for the Adelphia Company would be to have cyber security officers monitoring all the computerized activity that was taking place on a daily basis. Cybercrime of today is very sophisticated and occurs more since the computer has become aShow MoreRelatedAnalysis Of The Book The Adelphia Debacle 1418 Words   |  6 PagesAldo Toomepuu 1 November 2015 ACG 6936 The Adelphia Debacle Some have been ensnared in the net of excessive debt. The net of interest holds them fast, requiring them to sell their time and energies to meet the demands of creditors. They surrender their freedom, becoming slaves to their own extravagance. ~Joseph B. Wirthlin Background At first glance this appears to be to another post-Enron big corporation fraud scandal. It was one of the first big cases tried after Enron. However, thereRead MoreAdelphia: Lying, Cheating, and Stealing920 Words   |  4 Pagesis Adelphia Communications and the Riga family. 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