Adelphia

Thinking of a good investment, John Rigas purchased a trivial cable ac conjunction in Pennsylvania, in 1952. As the federation 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 nail down 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 hearty 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 reality 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’ attend to a lot of that money on personal items same(p) mysterious spurts, twirl 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 surface 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 pass the land” (Leslie Cauley, USA TODAY).

The family bought private resinouss with Adelphia’s money and go for 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 fr! om distributively one year. The Rigas’ took so much money that Tim Rigas [son] had to limit the meter that, his generate’s, could take to $1 million per month (AICPA 2005). The Rigas’ washed-out so much of Adelphia’s money and said that they were departure 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 affluent essay, place it on our website: OrderCustomPaper.com

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