In 2002, a massive accounting fraud and corporate looting scandal involving the founding Rigas family made Adelphia the 11th biggest bankruptcy case in the third, and history - after WorldCom and Enron -among those triggered by fraud. Establish in 2005, when Adelphia is considering several options to emerge from bankruptcy, including a $17.6 billion cash-and-stock offer from Time Warner and Comcast, a $17.1 billion cash-only offer from Cablevision, and a $15 billion cash-only offer from KKR and Providence.
The fact that Cablevision and Comcast are themselves family-managed and with a substantial wedge between the ownership and control rights of the family further complicates the decision.
PUBLICATION DATE: October 19, 2007 PRODUCT #: 212S03-HCB-SPA
This is just an excerpt. This case is about FINANCE & ACCOUNTING
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