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Adelphia CEO Steps Down
John J. Rigas to remain as Chairman Emeritus
by oOOOo Wednesday 15-May-2002 tags: business · cable
After taking quite a lashing in the media and by analysts for the sinking state of Adelphia, CEO and Chairman John J. Rigas has decided to step down. He will remain involved in the company as Chairman Emeritus, but Erland E. Kailbourne will take over CEO obligations. Rigas founded the company in 1952 and issued a press release in which he stated: "after half a century at the helm the time is right for me to step down," while deciding that "Adelphia needs fresh, independent leadership".

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russotto

join:2000-10-05
West Orange, NJ

Adelphia = Worst

Adelphia is the cable company which keeps Comcast from being the worst cable company around in many areas. They could hardly do worse.

SAM Hunter$

join:2001-05-11
USA

Re: Adelphia = Worst

Even with all the proposed changes taking place at Adelphia to "improve" it, you can be sure that:

1. Lots of people at Adelphia will lose their jobs.
2. Everybody in the Rigas family will remain rich.
3. Top management will walk away okay.
4. Most subscribers will eventually get better service from whoever eventually takes over from Adelphia.
5. Some, perhaps a lot of subscribers, (those who currently only have Adelphia as a broadband choice), will get screwed because of either the delay in new service or poor transition from the new provider.
--
Just because its accurate doesn't mean its true.


[text was edited by author 2002-05-15 17:54:47]
gAmEoVr

join:2002-02-10
Morgantown, WV
Adelphia IS the worst cable company Ive seen if not one of the worst companies in general. Just take a look at their stock and how it was so high now under 10 bucks its worthless cause its going to go lower and lower until the whole damn company is bankrupt. I will have a party when they do go bankrupt your all invited.
CarolinaDrew

join:2002-05-03
Mount Airy, NC
Adelphia definitely is at the low end of the spectrum..okay..the bottom. I spoke to a GM for our area in NC a couple of months ago and she told me that cable Internet access was at least 2 years away. I was so shocked I didn't know how to respond. This company is mismanaged from the top all the way down. The local one doesn't even carry all national networks on cable. I'm hoping with what has happened recently with them that Time Warner will just buy this one out or something. They know how to do upgrades a bit quicker than 2 years. Adelphia has really done a disservice to the city I'm in!

Drew

Cuchulainn
The Roar of the Masses Could be Farts

join:2000-11-09
Chevy Chase, MD

Hosed?

Uh oh......

1. Investigated by SEC for accounting improprieties.
2. CEO/Chair steps down.
3. Trading halt called on stock.

It does not look good.
--
Me fail English? Un-possible!!Ralph Wiggum

Halo 8

join:2001-12-06
Queensbury, NY

Re: Hosed?

Changes Are "the Beginning of a Process to Restore the Credibility and

Rebuild the Value of a Fine Company," Says Mr. Rigas -

This company never had credibility to begin with. I for one hope they go down.

Logan 5
Enjoying the Cataclysm
Premium,MVM
join:2001-05-25
Austin, TX
kudos:7
Reviews:
·Comcast
·Pacific Bell - SBC

Too Little Too Late???

Unfortunately, this move is probably too little too late to help Adelphia at this point.

As they are likely very close to sliding even farther down the path they created for themselves, it will be interesting to see if this move will satisfy the 'hounds of hell' barking at Adelphia's door. Only time will tell.......
--
The WU is Mother, The WU is Father

oOOOo

join:2001-12-10

independence?

"Adelphia needs fresh, independent leadership." JJ Rigas.

While the statement is true, getting real independence from the long-time family friend and board member currently heading the audit committee is not all that likely.

Nasdaq sez: "Trading will remain halted until Adelphia Communications Inc. has fully satisfied Nasdaq's request for additional information." »www.nasdaq.com/asp/quotes_news.a···ADLAE%60

I'd guess the normally quite tolerant Naz is starting to feel a bit used here.

1- ADLAC C- Issuer qualifications exceptions
2- ADLAE E- Delinquent in required filing with the SEC
3- ADLA* Halted
4- ADLA* ?

Where do we go from here? Delist? End the halt?

cpr2k
This Won'T Hurt..
Premium
join:2002-02-02
San Marcos, CA

Audit suspended..

"Adelphia also said the audit of the company by Deloitte & Touche will be suspended pending completion of an internal investigation into issues related to the filing of its annual report, which has been delayed."

Looks like D&T has dug their heels in regarding their findings. With Rigas Sr. stepping down, the son's possible responsibility in "accounting irregularities" may very well come to light.

While many of us are unhappy with our Adelphia service, the company has done much for it's community. I am sad and sorry to see the way this is unfolding. The impact on the employees and the communities that rely on the company could be enormous. If that is not enough hard news, this is also beginning to look like a family tragedy.
--
No good deed goes unpunished..

SAM Hunter$

join:2001-05-11
USA

Re: Audit suspended..

said by cpr2k:
"Adelphia also said the audit of the company by Deloitte & Touche will be suspended pending completion of an internal investigation into issues related to the filing of its annual report, which has been delayed."
The delivery of the new shredders has been delayed.
--
Just because its accurate doesn't mean its true.


[text was edited by author 2002-05-15 17:58:46]

SAM Hunter$

join:2001-05-11
USA

Re: independence?

said by oOOOo:
"Adelphia needs fresh, independent leadership." JJ Rigas.
Allegedly, Captain Smith of the Titanic was heard to utter similar words as he attempted to save both his ship and himself.
--
Just because its accurate doesn't mean its true.

icit

@attbi.com

Fire Sale

All systems must go ... at liquidation prices.

Every subscriber, every foot of Hybrid-Fiber Coax must be sold.

And sold now!

WIC CHECK

@cox.net

employment?

so....taking a job with adelphia would be a bad thing?

dvd536
as Mr. Pink as they come
Premium
join:2001-04-27
Phoenix, AZ
kudos:4

Re: employment?

said by WIC CHECK:
so....taking a job with adelphia would be a bad thing?
Bad unless its a upper management position. pop pop pop pop. Whats that i hear? the popping of golden parachutes.

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