Adelphia Woes Continue

As a former subscriber in an area traded to Comcast, I can tell you the Regis family killed the goose that laid the golden egg here.
In Radnor Township PA, rather than perform promised contractual upgrades to our system, Adelphia chose to cite provisions of their contract which provided an additional year after notification of contract non-compliance before the cable contract could be put out for bid. They were able to do the absolute minimum to remain in compliance, but delivered shameful service quality. This dates back in the early-mid 90's, so I suspect that once everything is disclosed, the creative accounting practices were SOP for the Regis family for quite a while.

With the Regis family gone and some relief from the debt load from the banks, Adelphia may return as a first-class cable operation. I really hope that is true for the areas that Adelphia continues to serve. Given the current financial condition of the perspective buyers, it may be in the best interests of all the parties involved to try and make a go of it with some honest, industry-savvy management. (I hope that's not an oxy-moron)

It's bad enough that the crooks called Rigas did what they did but to then have Deloitte Touche aid and abet in the crime is beyond belief. They deserve to go to jail with the Rigas.

"They deserve to go to jail with the Rigas."

Jail? I doubt any of the Rigas family will go to jail. They are far too rich.

Somebody will. My guess is they turn on one another, and one of the younger sons gets to play fall guy for the whole thing. Time will tell...

said by Dirk Daring:

---

"They deserve to go to jail with the Rigas."

Jail? I doubt any of the Rigas family will go to jail. They are far too rich.

---

I'm not so sure of that. With Adelphia refusing to even cover their legal expenses, the massive lawsuits that are undoubtedly going to name them individually, the insurance carriers for the company that likely are going to stand back and refuse to cover them, the assets that have already been taken over by Adephia and the cash flow they will get from systems that Rigas's have left, the assets the Rigas's apparently used that were in actuality owned by Adelphia, the millions borrowed that was used to by additional Adelphia stock that's now worthless... I honestly wouldn't be surprised to see their partnerships and them personally filing bankruptcy to attempt to try and protect the assets they have left. Will they be flat broke? probably not. But I would expect to see attorneys looking for every last penny that they have socked away. One might remember that being 'too rich' doesn't necessarily keep one out of jail either, if the situation is severe enough. If one doesn't believe that, look up Michael Milken. IANAL applies so obviously all IMHO, but an interesting thought, no??

Weren't these the same folks who recently pulled-away from discussions regarding the possible purchase of certain Andersen assets because they didn't want to be painted with the same 'Enron brush' by buying-out Andersen?

And to say they didn't feel the need to advise the Board because a Regas family member was also the CFO of Adelphia and chair of the Finance Committee - - - what a crock.

No fiduciary responsibility whatsoever and anything to make a (big) buck in consulting fees, huh?

I wouldn't Touche Deloitte with a 10 Gig router...

Pitiful...

$.19 Stock as per www.pinksheets.com

YIKES! They are goin' down!

Adelphia was dropped from trading on the NASDAQ market on Monday 6/3. It doesn't look good at all.

aren't enron and k-mart beating them out now??? LOL

heh

I'm a subscriber in the Los Angeles area with Adelphia. I heard that the deal to sell our area to Charter fell though and no one else is interested in purchasing this market until they can buy it at a firesale auction. Bankruptcy is inevitable. A week ago I read they only had enough cash to operate for 10 days. I also saw that they had failed to pay many invoices to contractors and premium channels. What does all this mean to the individual subscriber. Could we be looking at actual long term cable television outages in the Los Angeles market? I might be over-reacting but as a former Ricochet subscriber I am a lot more cautious. Nothing was more disappointing than the day I came home to find a single email stating that Ricochet was being shut down with absolutely no warning. I am seriously looking at Directv but I don't want to jump the gun yet. I've hung onto Adelphia for a while because their basic service is decent and I was told Powerlink Broadband was on the way. I'm sure now there's no hope of getting broadband cable anytime soon but right now I'm more concerned about being able to watch television tomorrow.

Lately in the past month I have been receiving ads for Adelphia's cable and internet services in the mail. I wonder who the marketing genius is at trying to bail out this sinking ship with a little thimble.

I think it is a little too late. Looks like satellite cable companies will be getting a whole lot of new customers in the Southern Cal region very soon.

They can't even keep their info strait on their own custamers. Yester day I was watching tv and all of a sudden my tv went blank then I looked at my modem and saw it was showing lost connection. I had walked out side thinking at first one of the neiboor hood kids had pulled my cable off the splitter again. Well low and behold an Adelphia truck was out side and I asked him what was going on. Hw said he had a cut off notice for my address and then said a persons name. I let in to him real fast I said for one the person you just siad dosn't live here nor has ever lived here and my bill was paied up. I went back in side and got the ticket showing him the bill was paid up and made him reconect it. Then he said something about a pager and I had to go rounds with him again about no pager threw them on my account.

You let in to him? Did you stop to think that maybe it wasn't his fault, that somebody gave him the wrong info? Do you also attack the mailman if he delivers somebody else's mail to your house? You need to calm down a bit pardner.

maybe they are hoping that people haven't heard about it and are willing to pay for a year in advance

At some point in time, arent the employees gonna start quitting when they dont get a paycheck??? shouldn't this be real soon from the sounds of things??? It seems like they have been saying one more week for the last month... It is worse than the release of the xbox version of morrowind... (which finally did happen, yesterday )

Got off cable broadband after nearly 2 yrs w/ ADLP, then I hear about this scandal, I guess I should feel lucky to abandon the sinking ship. Now my concern is my TV cable service, what do you think, should I go to Sat and abandon Adelphia completely?