Another friend who heads-up 14,000 miles of plant and their respective upgrades, rebuilds, and franchise requirements too having to recoil from the past 60 days worth of events.
How about the programming costs that are owed by Adelphia? They too are on the hook for $Millions$ upon millions. Where do you think the overpayed actor's guild get their revenues from in the first place. What about the prime contractors who have Millions of dollars in invoices out at Adelphia. Those same companies that have turned around and payed their smaller sub-contractors already and stand to lose a great deal. Unfortunately, I suspect additonal filings by them in the ensuing months to come.
On a personal note I think that Mr. Tow is forcing the company into receivership so to prevent any mass sales of properties at Fire Sale rates thus reducing his overal percentage of ownership and its own valuation. And if this occurs then the creditors will only (At best) get cents on the dollar depending what type of " Chapter X" they file.
Either way, the pain and sufferage runs extremely deep throughout all of the ranks.
> My Pay Check is still good & I am still working as a tech. I hope this ends soon
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> > Friday June 7, 4:02 AM EDT
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> > NEW YORK (Reuters) - Investigators have found that Adelphia Communications Corp. (ADELA) kept two sets of accounting books and inflated its subscriber data, raising concerns the firm's questionable accounting practices may be broader than originally thought, the Wall Street Journal reported.
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> > The inquiry is also focusing heavily on the role Deloitte & Touche [DLTE.UL] played as Adelphia's auditor, the report added, with regulators taking a close look at what Deloitte knew about certain transactions that led to the company's plunge.
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> > On its online edition Friday, the Journal said investigators had uncovered evidence that Adelphia, the No. 6 U.S. cable company, kept two sets of books for its capital expenditures, one of which was shown to Wall Street and boosted the amount the company spent to upgrade its cable systems.
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> > Citing people familiar with the situation, the Journal said Adelphia inflated the number of its cable television subscriber by between 400,000 and 500,000, or as much as 10 percent of the company's total customer base.
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> > One source told the Journal that the SEC is concerned that Deloitte "knew things and didn't bring them to the board's attention," this person said.
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> > Adelphia shares were delisted on Monday following months of uncertainty after disclosing in March multibillion-dollar off-balance sheet financing deals involving the founding Rigas family.
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> > With the bankruptcy ghost haunting Adelphia, the company is currently being probed by the Securities and Exchange Commission (SEC) and two federal grand juries over possible accounting irregularities.
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