Analysis Of The Book The Adelphia Debacle - 1418 Words

Aldo Toomepuu 1 November 2015 ACG 6936 The Adelphia Debacle Some have been ensnared in the net of excessive debt. The net of interest holds them fast, requiring them to sell their time and energies to meet the demands of creditors. They surrender their freedom, becoming slaves to their own extravagance. ~Joseph B. Wirthlin Background At first glance this appears to be to another post-Enron big corporation fraud scandal. It was one of the first big cases tried after Enron. However, there are significant differences from Enron and WorldCom scandals Unlike other corporate fraud cases involving executives, John Rigas never sold stock or received stock options (Lowenstein). Where Enron and WorldCom executives appeared to be doing their best to flee their sinking ships, the Rigas family made no such move. John Rigas story starts out as fulfillment of the American dream, a true rags to riches story. Born to Greek immigrants,Rigas worked hard from a young age. During World War II he enlisted in the Army to serve his country. He went to school on GI bill, earned his degree and then returned to his hometown of Wellsville, PA. At the age of 28 he went into business for himself. He borrowed money from family and friends and bought a movie theater. In 1952 he founded Adelphia Communications which he built up over the next 50 years to establish it as one of the oldest and largest cable communications companies in the United States. Fraud scheme and modus operandiShow MoreRelatedAnalysis Of The Article Balancing The Books 1172 Words   |  5 PagesIn the past, the act of â€Å"balancing the books† involved hammering through countless accounting records and ledgers, anticipating that debit entries will equal to credit entries. In current times â€Å"balancing the books† is much more complex as we have electronic databases that are housing financial data and computer software that is computing the financial data for multi-national companies, worth billions of dollars. The current state of the global economy makes it possible for an investor in GermanyRead MoreEfficient Capital Markets, Corporate Disclosure and Enron12656 Words   |  51 Pagescollapse of Enron dealt a stunning blow, not only to people s wallets and a once-formidable U.S. corporation, but also to a number of conventional theories and core beliefs within the legal academy. The theories and beliefs challenged by the Enron debacle i nclude the t J. DuPratt White Professor of Law and Director, John M. Olin Program in Law and Economics, Cornell Law School. The author thanks Michael Heiss and the seminar participants in the Cornell Law School Faculty workshop series for helpfulRead MoreCorporate Governance and Auditors14709 Words   |  59 Pagesfor data collection. 1.13 DATA PRESENTATION AND ANALYSIS Data collected will be analyzed thoroughly so as to check for completeness and accuracy of data responses obtained. An overall response rate for the whole questionnaire and also percentages will be calculated to show the various responses of respondents for each question. Pie charts excel work sheets and any other data presentation and analysis technique that will render data analysis by the researcher meaningful shall be employed toRead MoreAudit Cases14211 Words   |  57 Pagescompany senior executives insisted that the transactions be included, because without those transactions the bank would not resume funding the line of credit. Those executives accused the caller of living in an â€Å"ivory tower† and emphasized that companies book these kinds of transactions all the time. ÂÆ'ÂÆ' The caller stated that there was no underlying customer order related to the sales and no goods had been shipped to the customer as of quarter end. The senior executives believe that the transactions representedRead MoreMerger and Acquisition: Current Issues115629 Words   |  463 Pagesregistered trademark in the European Union and other countries. ISBN-13: 978-0230-55379-8 ISBN-10: 0-230-55379-6 This book is printed on paper suitable for recycling and mad e from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. Library of Congress Cataloging-in-Publication Data Mergers and acquisitions :