I have received input from everyone, and I am printing out the final report. If anyone would like a copy, please send me your email address and I will send a copy of the group project.
My email address is mmozone@comcast.net!
I hope all is ready for the final tomorrow. Oh, one more thing: Performance Evaluations!
If we could meet tomorrow 15 minutes prior to class, we can verbally do our performance evaluations.
Thanks
MMM
Monday, April 28, 2008
Edited Adelphia
I've decided to go ahead and edit my part of the project to tie it to Tammy's. The e-mail I've sent to you was returned (Comcast), so here are the corrections:
Could you just delete the sentence that starts with "In 2002 Adelphia's share price plummeted..."
The next sentence should just say:"company filed for Chapter 11 bankruptcy protection in June 2002."
Everything else can stay as it is.
Could you just delete the sentence that starts with "In 2002 Adelphia's share price plummeted..."
The next sentence should just say:"company filed for Chapter 11 bankruptcy protection in June 2002."
Everything else can stay as it is.
Sunday, April 27, 2008
This is Bernice Walker Report
History of Comcast
Comcast was founded in 1963 by Ralph J. Roberts, Daniel Aaron, and Julian A. Brodsky based on a recommendation from Warren "Pete" Musser, of Harrisburg, who brought the deal to Ralph Roberts to buy his first cable system in Tupelo, Mississippi. The company was incorporated in Pennsylvania in 1969, under the name Comcast Corporation from American Cable Systems, though a former insider says that "Comcast" is a derivation of the name "Communications and Broadcasting". Moving into the area of programming content, Comcast became majority owner of Comcast-Spectacor, Comcast SportsNet (in Chicago, Detroit, Philadelphia, Washington DC/Baltimore, MD, the San Francisco Bay Area, the Pacific Northwest and metro Sacramento), E! Entertainment Television, Style Network, G4, The Golf Channel and Versus (formerly known as Outdoor Life Network) over a period of years. In 2006, Comcast started a new sports channel in cooperation with Major League Baseball's New York Mets, SportsNet New York in the greater New York City region.
Comcast also has a variety network known as CN8, or the Comcast available exclusively to Comcast and Cablevision subscribers. The channel shows news, sports, and entertainment and places emphasis in Philadelphia, New England, and the Network Baltimore/Washington, D.C. areas, though the channel is also available in New York, Pittsburgh, and Richmond. In August 2004, Comcast started a channel called CET (Comcast Entertainment Television). It is only available to Colorado Comcast subscribers. It focuses on Life in Colorado. It also carries some NHL & NBA Games when Altitude Sports & Entertainment is carrying the NBA or NHL. In January 2006, CET became the primary channel for Colorado's Emergency Alert System in the Denver Metro Area.
The UK division was sold to NTL in 1998. After the sale of their cellular division to SBC Communications of San Antonio and the acquisition of Greater Philadelphia Cablevision in 1999, Comcast and Medi aOne announced a $60 billion merger which did not occur until three years later (as AT&T Broadband).In 2002, Comcast paid the University of Maryland $25 million for naming rights to the new basketball arena built on the College Park campus, named Comcast Center.On January 3, 2005, Comcast announced that it would become the anchor tenant in a new skyscraper in downtown Philadelphia, to be named the Comcast Center , not to be confused with the Maryland arena mentioned above. The 975 ft (297 m) skyscraper, while still under construction, has topped off and is officially the tallest building in Pennsylvania.In December 2005, Comcast announced the creation of Comcast Interactive Media (CIM), a new division focused on online media.
Presently, Comcast serves a total of 24.2 million cable customers, 14.7 million digital cable customers, 12.9 million high-speed internet customers, and 4.1 million voice customers. The company employs over 90,000 people. Comcast is headquartered in Philadelphia, Pennsylvania, and also has corporate offices in Houston, Detroit, and Denver.
Comcast was founded in 1963 by Ralph J. Roberts, Daniel Aaron, and Julian A. Brodsky based on a recommendation from Warren "Pete" Musser, of Harrisburg, who brought the deal to Ralph Roberts to buy his first cable system in Tupelo, Mississippi. The company was incorporated in Pennsylvania in 1969, under the name Comcast Corporation from American Cable Systems, though a former insider says that "Comcast" is a derivation of the name "Communications and Broadcasting". Moving into the area of programming content, Comcast became majority owner of Comcast-Spectacor, Comcast SportsNet (in Chicago, Detroit, Philadelphia, Washington DC/Baltimore, MD, the San Francisco Bay Area, the Pacific Northwest and metro Sacramento), E! Entertainment Television, Style Network, G4, The Golf Channel and Versus (formerly known as Outdoor Life Network) over a period of years. In 2006, Comcast started a new sports channel in cooperation with Major League Baseball's New York Mets, SportsNet New York in the greater New York City region.
Comcast also has a variety network known as CN8, or the Comcast available exclusively to Comcast and Cablevision subscribers. The channel shows news, sports, and entertainment and places emphasis in Philadelphia, New England, and the Network Baltimore/Washington, D.C. areas, though the channel is also available in New York, Pittsburgh, and Richmond. In August 2004, Comcast started a channel called CET (Comcast Entertainment Television). It is only available to Colorado Comcast subscribers. It focuses on Life in Colorado. It also carries some NHL & NBA Games when Altitude Sports & Entertainment is carrying the NBA or NHL. In January 2006, CET became the primary channel for Colorado's Emergency Alert System in the Denver Metro Area.
The UK division was sold to NTL in 1998. After the sale of their cellular division to SBC Communications of San Antonio and the acquisition of Greater Philadelphia Cablevision in 1999, Comcast and Medi aOne announced a $60 billion merger which did not occur until three years later (as AT&T Broadband).In 2002, Comcast paid the University of Maryland $25 million for naming rights to the new basketball arena built on the College Park campus, named Comcast Center.On January 3, 2005, Comcast announced that it would become the anchor tenant in a new skyscraper in downtown Philadelphia, to be named the Comcast Center , not to be confused with the Maryland arena mentioned above. The 975 ft (297 m) skyscraper, while still under construction, has topped off and is officially the tallest building in Pennsylvania.In December 2005, Comcast announced the creation of Comcast Interactive Media (CIM), a new division focused on online media.
Presently, Comcast serves a total of 24.2 million cable customers, 14.7 million digital cable customers, 12.9 million high-speed internet customers, and 4.1 million voice customers. The company employs over 90,000 people. Comcast is headquartered in Philadelphia, Pennsylvania, and also has corporate offices in Houston, Detroit, and Denver.
Evaluations
Hi guys,
I'm having problems sending e-mail to Comcast address. I'll bring my evaluations to class on Tuesday.
Viola
I'm having problems sending e-mail to Comcast address. I'll bring my evaluations to class on Tuesday.
Viola
Team Evaluation
Hi. You guys. I have my evaluation for everyone. I will be sending a copy to your e-mail address. I hope everyone is ready for the final.
Tammy
Tammy
Thursday, April 24, 2008
Draft Group Report
Bernice,
I still have not received your portion of the group project. Please post it via blog so I can add it to the report!
Draft Copy (Rough draft)
I have added a cover page and title as well as numbering to each page.
Please review and make changes as deemed necessary.
Thanks
MMM
Abu Khan (Intro.&Conclusion)
Bernice Walker (Comcast Background)*
Margaret M. Mozone (Comcast Success)
Vkonopka (Adelphia Background)
Tammy Lasalle (Adelphia Failure)
Introduction (Abu Khan)
What makes one company fail and the other succeed in the exact same sector? Our premise is that it is the leadership of the organization. In every organization you will have good and bad leaders, why one fails is a reflection of the leader and the tone they set for the organization. This paper will look at the history of two people who started two very similar types of companies and grew at a similar rate, then in sharp contrast to one another, one failed, the other succeeded to the point of acquiring the other company. The company that failed did not do so because sales were softer than the other company, nor did it fail because their product was inferior, or because it was in a much more competitive environment, it failed because leadership at the top cheated and because they cheated they managed to subvert portions of the organization up to and including it’s auditing firm.
Comcast Background (Bernice)
Comcast Successes (Margaret)
Comcast is a multi media cable company that attributes the success of the company to mergers that assisted in Comcast becoming the largest media company in history. Mergers and acquisitions of such companies with the majority stakes in Comcast-Spectator, the owner of the Philadelphia Flyers and 76ers; Comcast Sports Net, E! Entertainment Television, the Style Network, Golf Channel, Outdoor Life Network and G4 have defined Comcast as a conglomerate cable network. When Comcast merged with AT&T Broadband in November 2002, they became the largest cable TV company in the country with 21 million subscribers. As time continued, so did the success of Comcast.
Comcast began the road to fame in 1996 when they completed a $1.49 billion acquisition of E.W. Scripps Co.’s cable television operations, raising its total subscribers to 4.3 million. After acquiring rival cable systems including Jones Intercable Inc. and Lenfest Communications Inc., Comcast grew to the nation’s third largest cable operator with more than 8 million subscribers. In addition to the takeover of the two cable companies, Comcast announced a $520 million deal to buy majority ownership of Comcast- Spectacor, owner of Philadelphia Flyers and 76ers and the Spectrum and Corestates Center, the city’s two indoor sports arenas. This ensured Comcast sweep of stardom.
In 2002, Comcast completed the acquisition of AT&T’s cable division for about $29 billion in stock to become the nation’s largest cable operator with about 22 million subscribers, nearly twice as many as second-place AOL Time Warner Inc. In a statement, Comcast stated, “The merger will also generate significant operating efficiencies and overhead cost savings. Within five years, the companies say in the document, the merger should result in $1.25 billion to $1.95 billion a year in increased earnings before interest, taxes, depreciation and amortization. That's actually far less than the estimated $2.6 billion to $2.8 billion in potential annual cost savings and synergies Comcast said it could expect when it first announced its bid last July.” But it was only late last year that Comcast was able to perform a thorough review of AT&T's books, and in the interim, AT&T's new senior management team, led by Bill Schleyer, has instituted cost-cutting measures of its own.
On Feb. 11, 2004 Comcast proposed to buy media and entertainment powerhouse Walt Disney Co., owner of ABC and ESPN television networks, movie studios and theme parks, for about $54 billion in stock. Under the merger, Comcast said it would issue 0.78 of a share of its Class a stock for each Disney share, and Disney shareholders would retain 42 percent of the combined company. The deal values each Disney share at $26.49, a 10 percent premium the closing price. That’s a relatively small premium for a takeover offer, but Comcast may be counting on the fact that other potential suitors in the media industry would surely face tougher regulatory scrutiny in Washington. Most of Comcast’s holdings are in cable TV systems, while Disney’s are in broadcast, cable and “content” businesses like movie studios. In a sign that investors expect an extended fight, Disney’s shares shot up $3.52, or 15 percent to $27.60 in very heavy trading on the New York Stock Exchange, above Comcast’s current offer. Comcast’s Class A shares tumbled $2.70, or 8 percent, to $31.23 on the NASDAQ Stock Market. Disney and Comcast together had $45 billion in revenues last year. If a deal is reached to combine the companies, they would edge out Time Warner, which had $39.6 billion in revenues last year, atop the heap of media and communications companies. Thus far, this deal has not been sealed. If this merger occurs, Comcast will succeed all it’s competitors and become the most infamous, powerful, cable company in an international market!
Adelphia Overview (Vkonopka)
Adelphia Communications Corporation was the fifth largest cable company in the U.S. before filing for bankruptcy in 2002 because of internal corruption. Adelphia was founded in 1952 in Coudersport, Pennsylvania. The headquarters for the company was moved to Greenwood Village, Colorado shortly after filing for bankruptcy. Time Warner Cable and Comcast officially acquired the majority of Adephia’s assets on July 31, 2006. As a result of this acquisition, Adelphia no longer exists as a cable provider. Currently, LFC, an internet-based real estate marketing firm, is auctioning the remaining Adelphia real estate assets.Adelphia History Adelphia was founded in 1952 in Coudersport, Pennsylvania, by John J. Rigas. In 1951 Rigas, at the time an electronic engineer, bought a cinema in Coudersport. During the following year he acquired the local cable company for $300, apparently as a hedge against lost movie sales. With his brother Gus he then formed Adelphia, named after the Greek word “brothers”. They borrowed heavily to buy suburban cable companies across the U.S. Many of the family interests were reorganized as Adelphia Communications Corporation in 1972. The company went public in 1986. The Adelphia’s slogan was “Get. Watch. Do What You Want.” The company grew by acquiring other systems. In the late 1990s it purchased Century Communications. Operations included telephone, a sports radio station, the Empire Network sports cable channels, property development and NHL Buffalo Sabers. Adelphia also bought naming rights to a football stadium, Adelphia Coliseum in Nashville, Tennessee. In 2002 Adelphia’s share price plummeted after it was deleted from the NASDAQ for a failure to file returns. Company filed for Chapter 11 bankruptcy protection in June 2002, after it disclosed $2.3 billion in off-balance-sheet debt. Adelphia at that time was the fifth largest cable provider in the U.S. and through various subsidiaries provided cable television and local telephone service to customers in 30 U.S. states and Puerto Rico. It had huge affiliations in Los Angeles, New England, Western New York, West Palm Beach, Cleveland, Pennsylvania, and Virginia. In 2002 the Securities & Exchange Commission charged the company, its founder, his three sons (Timothy, Michael, and James Rigas) and two senior executives in “one of the most extensive financial frauds ever to take place at a public company” (SEC).
Adelphia Failures (Tammy)
Adelphia Communication Corporation downfall began March 27, 2002; this is when the discovery of the Rigas Family had borrowed $2.3 billion dollars that was reported on the company’s balance sheet. This money was borrowed for the family’s personal use. It was reported that they family used the company’s money to pay for apartments, to build a golf course, to purchase the Buffalo Sabers Hockey team, and to create the Rigas investment firms and subsidized documentary film. During this time period, Adelphia Business Solution Inc. filed for bankruptcy protection and dropped 18% of its stock. In the month of April, Adelphia delayed in filing its annual reports that would address the question that was raised about the off-the-book debts. The stockholders accused her of misleading them with their financial reports. Adelphia as hires investment banks to explore the ways they can reduce their debt and improve their sales. During the month of May, Adelphia announces its soliciting bids for cable systems in Los Angeles, Florida, Virginia, and in the Southeast to reduce their debt. Also John Rigas, the founder, decided to step down as chairman, president, and CEO of Adelphia Communications. Erland Kailbourne takes John Rigas place; he was the chairman of Adelphia board’s audit committee. NASDAQ also stopped trading in Adelphia’s stock because they needed more information dealing with Adelphia’s finance. May 2002, CFO Timothy Rigas decided also he would resign from his position with Adelphia during this month. Kailbourne announces the company has missed $44.7 million dollars in bonds and interest payments. The Rigas family decides to relinquish control of the company and turned over assets to help cover loans. They also released details showing the Rigas family use of the company’s assets for their personal use. The estimated liability was for $3.1 billion dollars in family debts. During the month of June, Adelphia dismisses Deloitte and Touche as its accountants and starts to look for replacements. On June 21st Adelphia agrees with two banks for $1.5 billion in financing to continue operating while it was reorganizing under the Chapter 11 bankruptcy protection. On the 25th, Adelphia realized they were not going to be able to handle the situation they were in and decide to file for bankruptcy. In July the Rigas family (John, Timothy, and Michale), James Brown and Michael Mulcahey was arrested by the Federal authorities and charged on the counts of conspiracy. In November 2002, Adlephia sued their former auditors Deloitte and Touche for “professional negligence, breach of contract, fraud, and other wrongful conduct.” On April 2005, Deloitte and Touche agreed to pay a settlement of $50 million dollars to Adelphia Communications Corporation’s for the fiscal year 2000 financial statements.
Conclusion (Abu)
From humble beginnings at the forefront of cable television to riches and growth at Comcast versus jail and bankruptcy at Adelphia, where did one go right and the other wrong. As we have stated above the two companies are virtual mirror images of each other, the one difference was leadership, who was the leader and what was his motivation.
At Comcast, Ralph Roberts created a company that he could leave that would have a positive impact on the world and on his family, his mantra for the company from the time the company was only a handful of employees to the giant it is now with 96,000 was always that we are a family and we should treat each other as a family. Ralph and his successor and son, Brian Roberts, have always maintained that they should continue to keep and retain subscribers and employees by listing its touchstones as:
· Ethics
· Quality
· Flexibility
· Diversity
· Employee focus
· Enthusiasm
The organization, read “the leadership”, has understood that since the company went public, the leaders moved from owners to stewards and the responsibility was to grow shareholder value for the shareholders, which in turn would enrich the company, the employees, and themselves. Interestingly, as you see the AT&T attack ads about Comcast, you will not see an attack ad by Comcast against AT&T, simply put, Comcast leadership said we would succeed on the value of our product; it’s price, and our people, not by attacking the other company. This type of organizational leadership is a rally’s employee around its employers.
At Adelphia, John Rigas, had a lofty goal and accomplished it, at the end, he felt that the company owed him more than the millions he made as a CEO and the hundreds of millions he was worth through the stocks he owned, he felt the company owed him anything he wanted. His leadership and corruption moved it be way through his three sons, two top lieutenants, and on to his auditing firm. His greed was so much that at one point his son had to put him on a $1, 000, 000 a month budget, this family over the course of 2 and ½ years was able to steal $3,100,000,000 (three billion, one hundred million dollars)(sec.gov) without concern for what it did to the rest of the organization or the shareholders.What makes one company succeed and one fail? Organization leadership and its commitment to fairness and its commitment to inclusion of all of its stakeholders clearly define a success story. Clearly in this case Comcast took the high road and Adelphia did not and in the end transparency won the day.
I still have not received your portion of the group project. Please post it via blog so I can add it to the report!
Draft Copy (Rough draft)
I have added a cover page and title as well as numbering to each page.
Please review and make changes as deemed necessary.
Thanks
MMM
Abu Khan (Intro.&Conclusion)
Bernice Walker (Comcast Background)*
Margaret M. Mozone (Comcast Success)
Vkonopka (Adelphia Background)
Tammy Lasalle (Adelphia Failure)
Introduction (Abu Khan)
What makes one company fail and the other succeed in the exact same sector? Our premise is that it is the leadership of the organization. In every organization you will have good and bad leaders, why one fails is a reflection of the leader and the tone they set for the organization. This paper will look at the history of two people who started two very similar types of companies and grew at a similar rate, then in sharp contrast to one another, one failed, the other succeeded to the point of acquiring the other company. The company that failed did not do so because sales were softer than the other company, nor did it fail because their product was inferior, or because it was in a much more competitive environment, it failed because leadership at the top cheated and because they cheated they managed to subvert portions of the organization up to and including it’s auditing firm.
Comcast Background (Bernice)
Comcast Successes (Margaret)
Comcast is a multi media cable company that attributes the success of the company to mergers that assisted in Comcast becoming the largest media company in history. Mergers and acquisitions of such companies with the majority stakes in Comcast-Spectator, the owner of the Philadelphia Flyers and 76ers; Comcast Sports Net, E! Entertainment Television, the Style Network, Golf Channel, Outdoor Life Network and G4 have defined Comcast as a conglomerate cable network. When Comcast merged with AT&T Broadband in November 2002, they became the largest cable TV company in the country with 21 million subscribers. As time continued, so did the success of Comcast.
Comcast began the road to fame in 1996 when they completed a $1.49 billion acquisition of E.W. Scripps Co.’s cable television operations, raising its total subscribers to 4.3 million. After acquiring rival cable systems including Jones Intercable Inc. and Lenfest Communications Inc., Comcast grew to the nation’s third largest cable operator with more than 8 million subscribers. In addition to the takeover of the two cable companies, Comcast announced a $520 million deal to buy majority ownership of Comcast- Spectacor, owner of Philadelphia Flyers and 76ers and the Spectrum and Corestates Center, the city’s two indoor sports arenas. This ensured Comcast sweep of stardom.
In 2002, Comcast completed the acquisition of AT&T’s cable division for about $29 billion in stock to become the nation’s largest cable operator with about 22 million subscribers, nearly twice as many as second-place AOL Time Warner Inc. In a statement, Comcast stated, “The merger will also generate significant operating efficiencies and overhead cost savings. Within five years, the companies say in the document, the merger should result in $1.25 billion to $1.95 billion a year in increased earnings before interest, taxes, depreciation and amortization. That's actually far less than the estimated $2.6 billion to $2.8 billion in potential annual cost savings and synergies Comcast said it could expect when it first announced its bid last July.” But it was only late last year that Comcast was able to perform a thorough review of AT&T's books, and in the interim, AT&T's new senior management team, led by Bill Schleyer, has instituted cost-cutting measures of its own.
On Feb. 11, 2004 Comcast proposed to buy media and entertainment powerhouse Walt Disney Co., owner of ABC and ESPN television networks, movie studios and theme parks, for about $54 billion in stock. Under the merger, Comcast said it would issue 0.78 of a share of its Class a stock for each Disney share, and Disney shareholders would retain 42 percent of the combined company. The deal values each Disney share at $26.49, a 10 percent premium the closing price. That’s a relatively small premium for a takeover offer, but Comcast may be counting on the fact that other potential suitors in the media industry would surely face tougher regulatory scrutiny in Washington. Most of Comcast’s holdings are in cable TV systems, while Disney’s are in broadcast, cable and “content” businesses like movie studios. In a sign that investors expect an extended fight, Disney’s shares shot up $3.52, or 15 percent to $27.60 in very heavy trading on the New York Stock Exchange, above Comcast’s current offer. Comcast’s Class A shares tumbled $2.70, or 8 percent, to $31.23 on the NASDAQ Stock Market. Disney and Comcast together had $45 billion in revenues last year. If a deal is reached to combine the companies, they would edge out Time Warner, which had $39.6 billion in revenues last year, atop the heap of media and communications companies. Thus far, this deal has not been sealed. If this merger occurs, Comcast will succeed all it’s competitors and become the most infamous, powerful, cable company in an international market!
Adelphia Overview (Vkonopka)
Adelphia Communications Corporation was the fifth largest cable company in the U.S. before filing for bankruptcy in 2002 because of internal corruption. Adelphia was founded in 1952 in Coudersport, Pennsylvania. The headquarters for the company was moved to Greenwood Village, Colorado shortly after filing for bankruptcy. Time Warner Cable and Comcast officially acquired the majority of Adephia’s assets on July 31, 2006. As a result of this acquisition, Adelphia no longer exists as a cable provider. Currently, LFC, an internet-based real estate marketing firm, is auctioning the remaining Adelphia real estate assets.Adelphia History Adelphia was founded in 1952 in Coudersport, Pennsylvania, by John J. Rigas. In 1951 Rigas, at the time an electronic engineer, bought a cinema in Coudersport. During the following year he acquired the local cable company for $300, apparently as a hedge against lost movie sales. With his brother Gus he then formed Adelphia, named after the Greek word “brothers”. They borrowed heavily to buy suburban cable companies across the U.S. Many of the family interests were reorganized as Adelphia Communications Corporation in 1972. The company went public in 1986. The Adelphia’s slogan was “Get. Watch. Do What You Want.” The company grew by acquiring other systems. In the late 1990s it purchased Century Communications. Operations included telephone, a sports radio station, the Empire Network sports cable channels, property development and NHL Buffalo Sabers. Adelphia also bought naming rights to a football stadium, Adelphia Coliseum in Nashville, Tennessee. In 2002 Adelphia’s share price plummeted after it was deleted from the NASDAQ for a failure to file returns. Company filed for Chapter 11 bankruptcy protection in June 2002, after it disclosed $2.3 billion in off-balance-sheet debt. Adelphia at that time was the fifth largest cable provider in the U.S. and through various subsidiaries provided cable television and local telephone service to customers in 30 U.S. states and Puerto Rico. It had huge affiliations in Los Angeles, New England, Western New York, West Palm Beach, Cleveland, Pennsylvania, and Virginia. In 2002 the Securities & Exchange Commission charged the company, its founder, his three sons (Timothy, Michael, and James Rigas) and two senior executives in “one of the most extensive financial frauds ever to take place at a public company” (SEC).
Adelphia Failures (Tammy)
Adelphia Communication Corporation downfall began March 27, 2002; this is when the discovery of the Rigas Family had borrowed $2.3 billion dollars that was reported on the company’s balance sheet. This money was borrowed for the family’s personal use. It was reported that they family used the company’s money to pay for apartments, to build a golf course, to purchase the Buffalo Sabers Hockey team, and to create the Rigas investment firms and subsidized documentary film. During this time period, Adelphia Business Solution Inc. filed for bankruptcy protection and dropped 18% of its stock. In the month of April, Adelphia delayed in filing its annual reports that would address the question that was raised about the off-the-book debts. The stockholders accused her of misleading them with their financial reports. Adelphia as hires investment banks to explore the ways they can reduce their debt and improve their sales. During the month of May, Adelphia announces its soliciting bids for cable systems in Los Angeles, Florida, Virginia, and in the Southeast to reduce their debt. Also John Rigas, the founder, decided to step down as chairman, president, and CEO of Adelphia Communications. Erland Kailbourne takes John Rigas place; he was the chairman of Adelphia board’s audit committee. NASDAQ also stopped trading in Adelphia’s stock because they needed more information dealing with Adelphia’s finance. May 2002, CFO Timothy Rigas decided also he would resign from his position with Adelphia during this month. Kailbourne announces the company has missed $44.7 million dollars in bonds and interest payments. The Rigas family decides to relinquish control of the company and turned over assets to help cover loans. They also released details showing the Rigas family use of the company’s assets for their personal use. The estimated liability was for $3.1 billion dollars in family debts. During the month of June, Adelphia dismisses Deloitte and Touche as its accountants and starts to look for replacements. On June 21st Adelphia agrees with two banks for $1.5 billion in financing to continue operating while it was reorganizing under the Chapter 11 bankruptcy protection. On the 25th, Adelphia realized they were not going to be able to handle the situation they were in and decide to file for bankruptcy. In July the Rigas family (John, Timothy, and Michale), James Brown and Michael Mulcahey was arrested by the Federal authorities and charged on the counts of conspiracy. In November 2002, Adlephia sued their former auditors Deloitte and Touche for “professional negligence, breach of contract, fraud, and other wrongful conduct.” On April 2005, Deloitte and Touche agreed to pay a settlement of $50 million dollars to Adelphia Communications Corporation’s for the fiscal year 2000 financial statements.
Conclusion (Abu)
From humble beginnings at the forefront of cable television to riches and growth at Comcast versus jail and bankruptcy at Adelphia, where did one go right and the other wrong. As we have stated above the two companies are virtual mirror images of each other, the one difference was leadership, who was the leader and what was his motivation.
At Comcast, Ralph Roberts created a company that he could leave that would have a positive impact on the world and on his family, his mantra for the company from the time the company was only a handful of employees to the giant it is now with 96,000 was always that we are a family and we should treat each other as a family. Ralph and his successor and son, Brian Roberts, have always maintained that they should continue to keep and retain subscribers and employees by listing its touchstones as:
· Ethics
· Quality
· Flexibility
· Diversity
· Employee focus
· Enthusiasm
The organization, read “the leadership”, has understood that since the company went public, the leaders moved from owners to stewards and the responsibility was to grow shareholder value for the shareholders, which in turn would enrich the company, the employees, and themselves. Interestingly, as you see the AT&T attack ads about Comcast, you will not see an attack ad by Comcast against AT&T, simply put, Comcast leadership said we would succeed on the value of our product; it’s price, and our people, not by attacking the other company. This type of organizational leadership is a rally’s employee around its employers.
At Adelphia, John Rigas, had a lofty goal and accomplished it, at the end, he felt that the company owed him more than the millions he made as a CEO and the hundreds of millions he was worth through the stocks he owned, he felt the company owed him anything he wanted. His leadership and corruption moved it be way through his three sons, two top lieutenants, and on to his auditing firm. His greed was so much that at one point his son had to put him on a $1, 000, 000 a month budget, this family over the course of 2 and ½ years was able to steal $3,100,000,000 (three billion, one hundred million dollars)(sec.gov) without concern for what it did to the rest of the organization or the shareholders.What makes one company succeed and one fail? Organization leadership and its commitment to fairness and its commitment to inclusion of all of its stakeholders clearly define a success story. Clearly in this case Comcast took the high road and Adelphia did not and in the end transparency won the day.
Wednesday, April 23, 2008
Group 5 Project Report
Hi Guys,
It is me again! I decided to send the report as is and ask for comments. This is a rough draft. Bernice, I still need your part. Please edit and send back with comments by Thursday, April 24, 2008. Thanks
A few suggestions I noted:
Voknopkia: Please combine Adelphia's overview and history into the background.
Tammy: You and Voknopkia have some of the same information listed. Someone must delete.
Abu: In your conclusion, I think something did not come over, please check that section.
Bernice: Please insert your part and send back to me.
I am not including the reference page on this blog, but it will be in the final report.
Thanks
MMM
It is me again! I decided to send the report as is and ask for comments. This is a rough draft. Bernice, I still need your part. Please edit and send back with comments by Thursday, April 24, 2008. Thanks
A few suggestions I noted:
Voknopkia: Please combine Adelphia's overview and history into the background.
Tammy: You and Voknopkia have some of the same information listed. Someone must delete.
Abu: In your conclusion, I think something did not come over, please check that section.
Bernice: Please insert your part and send back to me.
I am not including the reference page on this blog, but it will be in the final report.
Thanks
MMM
Bernice Walker Please Post Assignment!
Bernice,
I checked my email account today, and I did not receive your part of the project. Please cut and paste your part into the blog. I am waiting on you to complete the paper and route it for review. Please post it to the blog so everyone will have access to it. This is needed in case something happens to one of us!
Thanks
MMM
I checked my email account today, and I did not receive your part of the project. Please cut and paste your part into the blog. I am waiting on you to complete the paper and route it for review. Please post it to the blog so everyone will have access to it. This is needed in case something happens to one of us!
Thanks
MMM
introduction and contrast and compare
call me if you have questions to 706-832-6899
Introduction:
What makes one company fail and the other succeed in the exact same sector? Our premise is that it is the leadership of the organization. In every organization you will have good and bad leaders, why one fails is a reflection of the leader and the tone they set for the organization. This paper will look at the history of two people who started two very similar type of companies and grew at a similar rate, then in sharp contrast to one another, one failed, the other succeeded to the point of acquiring the other company. The company that failed did not do so because sales were softer than the other company, nor did it fail because their product was inferior, or because it was in a much more competitive environment, it failed because leadership at the top cheated and because they cheated they managed to subvert portions of the organization up to and including it’s auditing firm.
Compare and Contrast (or wrap up)
From humble beginnings at the forefront of cable television to riches and growth at Comcast versus jail and bankruptcy at Adelphia, where did one go right and the other wrong. As we have stated above the two companies are virtual mirror images of each other, the one difference was leadership, who was the leader and what was his motivation.
At Comcast, Ralph Roberts created a company that he could leave that would have a positive impact on the world and on his family, his mantra for the company from the time the company was only a handful of employees to the giant it is now with 96,000 was always that we are a family and we should treat each other as a family. Ralph and his successor and son, Brian Roberts, have always maintained that they should continue to keep and retain subscribers and employees by listing its touchstones as:
· Ethics
· Quality
· Flexibility
· Diversity
· Employee focus
· Enthusiasm
The organization, read “the leadership”, has understood that since the company went public, the leaders moved from owners to stewards and the responsibility was to grow shareholder value for the shareholders, which in turn would enrich the company, the employees, and themselves.
Interestingly, as you see the AT&T attack ads about Comcast, you will not see an attack ad by Comcast against AT&T, simply put, Comcast leadership said we will succeed on the value of our product, it’s price, and our people, not by attacking the other company. This type of organizational leadership is what rally’s employees around its employers.
At Adelphia, John Rigas, had a lofty goal and accomplished it, at the end, he felt that the company owed him more than the millions he made as a CEO and the hundreds of millions he was worth through the stocks he owned, he felt the company owed him anything he wanted. His leadership and corruption moved it’s way through his three sons, two top lieutenants, and on to his auditing firm. His greed was so much that at one point his son had to put him on a $1, 000, 000 a month budget, this family over the course of 2 and ½ years was able to steal $3,100,000,000 (three billion, one hundred million dollars)(sec.gov) without concern for what it did to the rest of the organization or the shareholders.
What makes one company succeed and one fail? Organization leadership and it’s commitment to fairness and it’s commitment to inclusion of all of it’s stakeholders. Clearly in this case Comcast took the high road and Adelphia did not and in the end transparency won the day.
Group Project-References
Here are the references for Alelphia's history. Please let me know if you need help with formating.
Viola
Adelphia. Wikipedia online encyclopedia. April 11, 2008. http://en.wikipedia.org/wiki/Adelphia
McCarthy, Michael. Adelphia. USA Today Online. April 11, 2008. http://www.usatoday.com/money/media/2004-04-22-adelphia_x.htm
U.S. Securities and Exchange Commission. Lit. No.17627. July 24, 2002. April 11, 2008. http://www.sec.gov/litigation/litreleases/lr17627.htm
Viola
Adelphia. Wikipedia online encyclopedia. April 11, 2008. http://en.wikipedia.org/wiki/Adelphia
McCarthy, Michael. Adelphia. USA Today Online. April 11, 2008. http://www.usatoday.com/money/media/2004-04-22-adelphia_x.htm
U.S. Securities and Exchange Commission. Lit. No.17627. July 24, 2002. April 11, 2008. http://www.sec.gov/litigation/litreleases/lr17627.htm
Tuesday, April 22, 2008
Adelphia's history
Hi Guys,
Here is my portion of the project. I've also e-mailed it to all last week, but two e-mails were returned by Comcast. See you in class.
Viola
ADELPHIA
Overview
Adelphia Communications Corporation was the fifth largest cable company in the U.S. before filing for bankruptcy in 2002 because of internal corruption. Adelphia was founded in 1952 in Coudersport, Pennsylvania. The headquarters for the company was moved to Greenwood Village, Colorado shortly after filing for bankruptcy. Time Warner Cable and Comcast officially acquired the majority of Asephia’s assets on July 31, 2006. As a result of this acquisition, Adelphia no longer exists as a cable provider. Currently, LFC, an internet-based real estate marketing firm, is auctioning the remaining Adelphia real estate assets.
History
Adelphia was founded in 1952 in Coudersport, Pennsylvania, by John J. Rigas. In 1951 Rigas, at the time an electronic engineer, bought a cinema in Coudersport. During the following year he acquired the local cable company for $300, apparently as a hedge against lost movie sales. With his brother Gus he then formed Adelphia, named after the Greek word “brothers”. They borrowed heavily to buy suburban cable companies across the U.S.. Many of the family interests were reorganized as Adelphia Communications Corporation in 1972. The company went public in 1986. The Adelphia’s slogan was “Get. Watch. Do What You Want.” The company grew by acquiring other systems. In the late 1990s it purchased Century Communications. Operations included telephone, a sports radio station, the Empire Network sports cable channels, property development and NHL Buffalo Sabers. Adelphia also bought naming rights to a football stadium, Adelphia Coliseum in Nashville, Tennessee.
In 2002 Adelphia’s share price plummeted after it was delisted from the NASDAQ for a failure to file returns. Company filed for Chapter 11 bankruptcy protection in June 2002, after it disclosed $2.3 billion in off-balance-sheet debt. Adelphia at that time was the fifth largest cable provider in the U.S. and through various subsidiaries provided cable television and local telephone service to customers in 30 U.S. states and Puerto Rico. It had huge affiliations in Los Angeles, New England, Western New York, West Palm Beach, Cleveland, Pennsylvania, and Virginia. In 2002 the Securities & Exchange Commission charged the company, its founder, his three sons (Timothy, Michael, and James Rigas) and two senior executives in “one of the most extensive financial frauds ever to take place at a public company” (SEC).
Here is my portion of the project. I've also e-mailed it to all last week, but two e-mails were returned by Comcast. See you in class.
Viola
ADELPHIA
Overview
Adelphia Communications Corporation was the fifth largest cable company in the U.S. before filing for bankruptcy in 2002 because of internal corruption. Adelphia was founded in 1952 in Coudersport, Pennsylvania. The headquarters for the company was moved to Greenwood Village, Colorado shortly after filing for bankruptcy. Time Warner Cable and Comcast officially acquired the majority of Asephia’s assets on July 31, 2006. As a result of this acquisition, Adelphia no longer exists as a cable provider. Currently, LFC, an internet-based real estate marketing firm, is auctioning the remaining Adelphia real estate assets.
History
Adelphia was founded in 1952 in Coudersport, Pennsylvania, by John J. Rigas. In 1951 Rigas, at the time an electronic engineer, bought a cinema in Coudersport. During the following year he acquired the local cable company for $300, apparently as a hedge against lost movie sales. With his brother Gus he then formed Adelphia, named after the Greek word “brothers”. They borrowed heavily to buy suburban cable companies across the U.S.. Many of the family interests were reorganized as Adelphia Communications Corporation in 1972. The company went public in 1986. The Adelphia’s slogan was “Get. Watch. Do What You Want.” The company grew by acquiring other systems. In the late 1990s it purchased Century Communications. Operations included telephone, a sports radio station, the Empire Network sports cable channels, property development and NHL Buffalo Sabers. Adelphia also bought naming rights to a football stadium, Adelphia Coliseum in Nashville, Tennessee.
In 2002 Adelphia’s share price plummeted after it was delisted from the NASDAQ for a failure to file returns. Company filed for Chapter 11 bankruptcy protection in June 2002, after it disclosed $2.3 billion in off-balance-sheet debt. Adelphia at that time was the fifth largest cable provider in the U.S. and through various subsidiaries provided cable television and local telephone service to customers in 30 U.S. states and Puerto Rico. It had huge affiliations in Los Angeles, New England, Western New York, West Palm Beach, Cleveland, Pennsylvania, and Virginia. In 2002 the Securities & Exchange Commission charged the company, its founder, his three sons (Timothy, Michael, and James Rigas) and two senior executives in “one of the most extensive financial frauds ever to take place at a public company” (SEC).
Monday, April 21, 2008
Comcast Successes
Hello Group 5,
Below is my portion of the project. Sorry, it is late; I think I shut the system down! I was trying to do an attachment. Oh well, it didn't work!
MMM
Comcast Successors
Comcast is a multi media cable company that attributes the success of the company to mergers that assisted in Comcast becoming the largest media company in history. Mergers and acquisitions of such companies with the majority stakes in Comcast-Spectacor, the owner of the Philadelphia Flyers and 76ers; Comcast SportsNet, E! Entertainment Television, the Style Network, Golf Channel, Outdoor Life Network and G4 have defined Comcast as a conglomerate cable network. When Comcast merged with AT&T Broadband in November 2002, they became the largest cable TV company in the country with 21 million subscribers. As time continued, so did the success of Comcast.
Comcast began the road to fame in 1996 when they completed a $1.49 billion acquisition of E.W. Scripps Co.’s cable television operations, raising its total subscribers to 4.3 million. After acquiring rival cable systems including Jones Intercable Inc. and Lenfest Communications Inc., Comcast grew to the nation’s third largest cable operator with more than 8 million subscribers. In addition to the takeover of the two cable companies, Comcast announced a $520 million deal to buy majority ownership of Comcast- Spectacor, owner of Philadelphia Flyers and 76ers and the Spectrum and Corestates Center, the city’s two indoor sports arenas. This ensured Comcast sweep of stardom.
In 2002, Comcast completed the acquisition of AT&T’s cable division for about $29 billion in stock to become the nation’s largest cable operator with about 22 million subscribers, nearly twice as many as second-place AOL Time Warner Inc. In a statement, Comcast stated, “The merger will also generate significant operating efficiencies and overhead cost savings. Within five years, the companies say in the document, the merger should result in $1.25 billion to $1.95 billion a year in increased earnings before interest, taxes, depreciation and amortization. That's actually far less than the estimated $2.6 billion to $2.8 billion in potential annual cost savings and synergies Comcast said it could expect when it first announced its bid last July.” But it was only late last year that Comcast was able to perform a thorough review of AT&T's books, and in the interim, AT&T's new senior management team, led by Bill Schleyer, has instituted cost-cutting measures of its own.
On Feb. 11, 2004 Comcast proposed to buy media and entertainment powerhouse Walt Disney Co., owner of ABC and ESPN television networks, movie studios and theme parks, for about $54 billion in stock. Under the merger, Comcast said it would issue 0.78 of a share of its Class A stock for each Disney share, and Disney shareholders would retain 42 percent of the combined company. The deal values each Disney share at $26.49, a 10 percent premium the closing price. That’s a relatively small premium for a takeover offer, but Comcast may be counting on the fact that other potential suitors in the media industry would surely face tougher regulatory scrutiny in Washington. Most of Comcast’s holdings are in cable TV systems, while Disney’s are in broadcast, cable and “content” businesses like movie studios. In a sign that investors expect an extended fight, Disney’s shares shot up $3.52, or 15 percent to $27.60 in very heavy trading on the New York Stock Exchange, above Comcast’s current offer. Comcast’s Class A shares tumbled $2.70, or 8 percent, to $31.23 on the Nasdaq Stock Market. Disney and Comcast together had $45 billion in revenues last year. If a deal is reached to combine the companies, they would edge out Time Warner, which had $39.6 billion in revenues last year, atop the heap of media and communications companies.
References
http://www.msnbc.msn.com/id/4239739/
Scanlon and Kramer, Comcast Adds Financing for AT&T Buy-Mergers March 11, 2002
Retrieved 04/10/2008 at http://findarticles.com/p/articles/mi_m0DIZ/is_/ai_84147093
Below is my portion of the project. Sorry, it is late; I think I shut the system down! I was trying to do an attachment. Oh well, it didn't work!
MMM
Comcast Successors
Comcast is a multi media cable company that attributes the success of the company to mergers that assisted in Comcast becoming the largest media company in history. Mergers and acquisitions of such companies with the majority stakes in Comcast-Spectacor, the owner of the Philadelphia Flyers and 76ers; Comcast SportsNet, E! Entertainment Television, the Style Network, Golf Channel, Outdoor Life Network and G4 have defined Comcast as a conglomerate cable network. When Comcast merged with AT&T Broadband in November 2002, they became the largest cable TV company in the country with 21 million subscribers. As time continued, so did the success of Comcast.
Comcast began the road to fame in 1996 when they completed a $1.49 billion acquisition of E.W. Scripps Co.’s cable television operations, raising its total subscribers to 4.3 million. After acquiring rival cable systems including Jones Intercable Inc. and Lenfest Communications Inc., Comcast grew to the nation’s third largest cable operator with more than 8 million subscribers. In addition to the takeover of the two cable companies, Comcast announced a $520 million deal to buy majority ownership of Comcast- Spectacor, owner of Philadelphia Flyers and 76ers and the Spectrum and Corestates Center, the city’s two indoor sports arenas. This ensured Comcast sweep of stardom.
In 2002, Comcast completed the acquisition of AT&T’s cable division for about $29 billion in stock to become the nation’s largest cable operator with about 22 million subscribers, nearly twice as many as second-place AOL Time Warner Inc. In a statement, Comcast stated, “The merger will also generate significant operating efficiencies and overhead cost savings. Within five years, the companies say in the document, the merger should result in $1.25 billion to $1.95 billion a year in increased earnings before interest, taxes, depreciation and amortization. That's actually far less than the estimated $2.6 billion to $2.8 billion in potential annual cost savings and synergies Comcast said it could expect when it first announced its bid last July.” But it was only late last year that Comcast was able to perform a thorough review of AT&T's books, and in the interim, AT&T's new senior management team, led by Bill Schleyer, has instituted cost-cutting measures of its own.
On Feb. 11, 2004 Comcast proposed to buy media and entertainment powerhouse Walt Disney Co., owner of ABC and ESPN television networks, movie studios and theme parks, for about $54 billion in stock. Under the merger, Comcast said it would issue 0.78 of a share of its Class A stock for each Disney share, and Disney shareholders would retain 42 percent of the combined company. The deal values each Disney share at $26.49, a 10 percent premium the closing price. That’s a relatively small premium for a takeover offer, but Comcast may be counting on the fact that other potential suitors in the media industry would surely face tougher regulatory scrutiny in Washington. Most of Comcast’s holdings are in cable TV systems, while Disney’s are in broadcast, cable and “content” businesses like movie studios. In a sign that investors expect an extended fight, Disney’s shares shot up $3.52, or 15 percent to $27.60 in very heavy trading on the New York Stock Exchange, above Comcast’s current offer. Comcast’s Class A shares tumbled $2.70, or 8 percent, to $31.23 on the Nasdaq Stock Market. Disney and Comcast together had $45 billion in revenues last year. If a deal is reached to combine the companies, they would edge out Time Warner, which had $39.6 billion in revenues last year, atop the heap of media and communications companies.
References
http://www.msnbc.msn.com/id/4239739/
Scanlon and Kramer, Comcast Adds Financing for AT&T Buy-Mergers March 11, 2002
Retrieved 04/10/2008 at http://findarticles.com/p/articles/mi_m0DIZ/is_/ai_84147093
Saturday, April 19, 2008
Group Project
Hi Guys,
I am trying to figure out a way to post my draft copy of the project as an attachment. So please bear with me! If anyone know how to do it, please let me know. If not, I will post the entire draft.
Thanks
MMM
I am trying to figure out a way to post my draft copy of the project as an attachment. So please bear with me! If anyone know how to do it, please let me know. If not, I will post the entire draft.
Thanks
MMM
Draft
The Failure of Adelphia Communications Corporation
Adelphia Communication Corporation downfall began March 27, 2002; this is when the discovery of the Rigas Family had borrowed $2.3 billion dollars that was reported on the company’s balance sheet. This money was borrowed for the family’s personal use. It was reported that they family used the company’s money to pay for apartments, to build a golf course, to purchase the Buffalo Sabers Hockey team, and to create the Rigas investment firms and subsidized documentary film. During this time period, Adelphia Business Solution Inc. filed for bankruptcy protection and dropped 18% of its stock.
In the month of April, Adelphia delayed in filing its annual reports that would address the question that was raised about the off-the-book debts. The stockholders accused her of misleading them with their financial reports. Adelphia as hires investment banks to explore the ways they can reduce their debt and improve their sales.
During the month of May, Adelphia announces its soliciting bids for cable systems in Los Angeles, Florida, Virginia, and in the Southeast to reduce their debt. Also John Rigas, the founder, decided to step down as chairman, president, and CEO of Adelphia Communications. Erland Kailbourne takes John Rigas place; he was the chairman of Adelphia board’s audit committee. Nasdaq also stopped trading in Adelphia’s stock because they needed more information dealing with Adelphia’s finance. May 2002, CFO Timothy Rigas decided also he would resigned from his position with Adelphia during this month. Kailbourne announces the company has missed $44.7 million dollars in bonds and interest payments. The Rigas family decides to relinquish control of the company and turned over assets to help cover loans. They also released details showing the Rigas family use of the company’s assets for their personal use. The estimated liability was for $3.1 billion dollars in family debts.
During the month of June, Adelphia dismisses Deloitte and Touche as its accountants and starts to look for replacements. On June 21st Adelphia agrees with two banks for $1.5 billion in financing to continue operating while it was reorganizing under the Chapter 11 bankruptcy protection. On the 25th, Adelphia realized they were not going to be able to handle the situation they were in and decide to file for bankruptcy.
In July the Rigas family (John, Timothy, and Michale), James Brown and Michael Mulcahey was arrested by the Federal authorities and charged on the counts of conspiracy.
In November 2002, Adlephia sued their former auditors Deloitte and Touche for “professional negligence, breach of contract, fraud, and other wrongful condut.” On April 2005, Deloitte and Touche agreed to pay a settlement of $50 million dollars to Adelphia Communications Corporation’s for the fiscal year 2000 financial statements.
Adelphia. (2008, April 15). In Wikipedia, The Free Encyclopedia. Retrieved 23:56, April 19, 2008, from http://en.wikipedia.org/w/index.php?title=Adelphia&oldid=205676796
Associated Press 2002. (2008, April 15). Former Adelphia Executives Arrested. FOX News [online]. New York, NY (July 24): Available from World Wide Web: http://www.foxnews.com/story/0,2933,58606,00.html
Adelphia Communication Corporation downfall began March 27, 2002; this is when the discovery of the Rigas Family had borrowed $2.3 billion dollars that was reported on the company’s balance sheet. This money was borrowed for the family’s personal use. It was reported that they family used the company’s money to pay for apartments, to build a golf course, to purchase the Buffalo Sabers Hockey team, and to create the Rigas investment firms and subsidized documentary film. During this time period, Adelphia Business Solution Inc. filed for bankruptcy protection and dropped 18% of its stock.
In the month of April, Adelphia delayed in filing its annual reports that would address the question that was raised about the off-the-book debts. The stockholders accused her of misleading them with their financial reports. Adelphia as hires investment banks to explore the ways they can reduce their debt and improve their sales.
During the month of May, Adelphia announces its soliciting bids for cable systems in Los Angeles, Florida, Virginia, and in the Southeast to reduce their debt. Also John Rigas, the founder, decided to step down as chairman, president, and CEO of Adelphia Communications. Erland Kailbourne takes John Rigas place; he was the chairman of Adelphia board’s audit committee. Nasdaq also stopped trading in Adelphia’s stock because they needed more information dealing with Adelphia’s finance. May 2002, CFO Timothy Rigas decided also he would resigned from his position with Adelphia during this month. Kailbourne announces the company has missed $44.7 million dollars in bonds and interest payments. The Rigas family decides to relinquish control of the company and turned over assets to help cover loans. They also released details showing the Rigas family use of the company’s assets for their personal use. The estimated liability was for $3.1 billion dollars in family debts.
During the month of June, Adelphia dismisses Deloitte and Touche as its accountants and starts to look for replacements. On June 21st Adelphia agrees with two banks for $1.5 billion in financing to continue operating while it was reorganizing under the Chapter 11 bankruptcy protection. On the 25th, Adelphia realized they were not going to be able to handle the situation they were in and decide to file for bankruptcy.
In July the Rigas family (John, Timothy, and Michale), James Brown and Michael Mulcahey was arrested by the Federal authorities and charged on the counts of conspiracy.
In November 2002, Adlephia sued their former auditors Deloitte and Touche for “professional negligence, breach of contract, fraud, and other wrongful condut.” On April 2005, Deloitte and Touche agreed to pay a settlement of $50 million dollars to Adelphia Communications Corporation’s for the fiscal year 2000 financial statements.
Adelphia. (2008, April 15). In Wikipedia, The Free Encyclopedia. Retrieved 23:56, April 19, 2008, from http://en.wikipedia.org/w/index.php?title=Adelphia&oldid=205676796
Associated Press 2002. (2008, April 15). Former Adelphia Executives Arrested. FOX News [online]. New York, NY (July 24): Available from World Wide Web: http://www.foxnews.com/story/0,2933,58606,00.html
Friday, April 18, 2008
Thursday, April 17, 2008
Project
Sorry to miss the class. I had to go out of town for uexpected work assignment. Would someone tell me how are we doing on class project. From what I've seen everybody did their part. Are we going to meet and put it all together or do we just bring it to the class? I'm going to e-mail my Adelphia's part to you this afternoon.
Tuesday, April 15, 2008
Monday, April 14, 2008
Wednesday, April 9, 2008
Comcast History
I have the History of Comcast and will bring it to class. We are asked to prepare it in APA style, I will be ready.
Tuesday, April 8, 2008
MG318 Group 5 Project
Hi Guys,
I hope everyone is enjoying the break from school, and if possible, will get a chance to view or participate at the Augusta National aka Masters.
If you haven't done so, remember you can view your grade for the midterm by logging into Mr. B's network. I have completed at least two pages for my portion of the project. If anyone would like to view it, please let me know and I will send it to you. If not, I will bring it to our next class meeting.
Margaret M. Mozone
I hope everyone is enjoying the break from school, and if possible, will get a chance to view or participate at the Augusta National aka Masters.
If you haven't done so, remember you can view your grade for the midterm by logging into Mr. B's network. I have completed at least two pages for my portion of the project. If anyone would like to view it, please let me know and I will send it to you. If not, I will bring it to our next class meeting.
Margaret M. Mozone
Sunday, March 30, 2008
Midterm Tuesday
Hello Guys,
It is me again. I hope everyone has studied for the midterm Tuesday.
Good luck on the test!
MMM
It is me again. I hope everyone has studied for the midterm Tuesday.
Good luck on the test!
MMM
Wednesday, March 26, 2008
Class Project
Hello Group 5,
Mr. B's class is proving to be quite stimulating! Yesterday, we covered quite a bit pertaining to our class project. The following is a recap with a few suggestions.
Companies: Comcast and Adelphi
Format: APA Style
Pages per person: ?
Rough draft due: (suggestion) week of Spring break
Violetta - Overview
Bernice - History of Comcast
Tammy - Organizational Failure
Margaret- Organization Success
Abu - Compare the two
Please respond and have a good day.
MMM
Mr. B's class is proving to be quite stimulating! Yesterday, we covered quite a bit pertaining to our class project. The following is a recap with a few suggestions.
Companies: Comcast and Adelphi
Format: APA Style
Pages per person: ?
Rough draft due: (suggestion) week of Spring break
Violetta - Overview
Bernice - History of Comcast
Tammy - Organizational Failure
Margaret- Organization Success
Abu - Compare the two
Please respond and have a good day.
MMM
Tuesday, March 25, 2008
Sunday, March 23, 2008
Outline
Guys:
Here is what I believe the outline should look like:
We have 5 people, so let's split it like this:
1. Background on both companies, ie founding history
2. Financial Responsibility
3. Shareholder Responsibility
4. Accountability
5. Conclusion, ie Wrap up
Please post back and let me know what you think and which part you want.
Abu
Here is what I believe the outline should look like:
We have 5 people, so let's split it like this:
1. Background on both companies, ie founding history
2. Financial Responsibility
3. Shareholder Responsibility
4. Accountability
5. Conclusion, ie Wrap up
Please post back and let me know what you think and which part you want.
Abu
Wednesday, March 19, 2008
Great Job !!
Way to go getting your blog up and running so quickly. Thanks for the invite - have fun !!
Tuesday, March 18, 2008
1st day of class
Ok guys, looks like we have our blog page, just to recap today:
We went over class expectations
We went over our grading rubric
We were assigned to our groups ( we have the best )
We learned about some great websites:
www.ralphblackwelder.com (what a great site, it has kept me mesmerized)
www.tafiti.com
www.jingproject.com
Good sites to remember.
I want to go ahead and start this discussion by going over the topic we chose:
Cable companies, success and excess
The excess company we chose was Adelphia
The success company we chose was Comcast (what a terrific company)
If you have any thougts on this let's discuss.
We went over class expectations
We went over our grading rubric
We were assigned to our groups ( we have the best )
We learned about some great websites:
www.ralphblackwelder.com (what a great site, it has kept me mesmerized)
www.tafiti.com
www.jingproject.com
Good sites to remember.
I want to go ahead and start this discussion by going over the topic we chose:
Cable companies, success and excess
The excess company we chose was Adelphia
The success company we chose was Comcast (what a terrific company)
If you have any thougts on this let's discuss.
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