Adelphia

Thinking of a good investment, John Rigas acquired a minor cable ac participation in Pennsylvania, in 1952. As the party started to grow John and his brother, Gus, applied the name Adelphia Communications Corporation. Adelphia is a Greek word that means brother. John wanted to patch Adelphia a family business, and as John was the head of Adelphia, his sons were Adelphia’s itinerary team. John Rigas and his sons, Tim, Michael, and James, as considerably as John’s son-in-law Peter Venetis, made up the majority of the plug-in of Directors as well as the majority of the voting stock. Although, the company in populace traded, the Board of Directors treated the company as their own, using Adelphia’s money as their own. Adelphia made a lot of money, and the Rigas’ wait on a lot of that money on personal items same(p) private spurts, bend of golf courses, on top of that they excessively bought a dominant share of the “Buffalo Sabres,” of the National hockey League. The construction of the golf course never took place, however, the plan was to make emerge a PGA style golf course, which would end up be the shareholders over $15 million dollars. The golf course was to be built on John Rigas’ property, and Rigas commented, “I said Id vest the land” (Leslie Cauley, USA TODAY).

The family bought private jet planes with Adelphia’s money and expend them as if the jets were their own. Even using a private jet for sending a Christmas Tree to the daughter of John Rigas. The Rigas’ purchase behavior was erratic, spending more of Adelphia’s money from all(prenominal) one year. The Rigas ’ took so much money that Tim Rigas [s! on] had to limit the tot that, his generate’s, could take to $1 million per month (AICPA 2005). The Rigas’ dog-tired so much of Adelphia’s money and said that they were loss to settle Adelphia back; they even manipulated the books to show that they were paying the company back. The Board of Directors at Adelphia each...If you want to get a ripe essay, place it on our website: OrderEssay.net

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