PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: DuckTapeSunroof who wrote (281828)	7/30/2002 1:29:46 PM
From: Karen Lawrence	Read Replies (1) of 769670

The Rigas' family got a 2.3 billion loan and they are still going to jail? If they had defaulted on that loan, the shareholders would have to cover! Yet another important difference between insider loans and the kind you would get is the level of disclosure required. The billions Adelphia loaned to the Rigas family were made public only in a small footnote in an earnings filing. And, if that wasn't shady enough, check out the opaque language used to divulge the arrangement: "Certain subsidiaries of the company are co-borrowers with certain companies owned by the Rigas family." Adelphia's accountants deserve every dime they get for figuring out how to make a smoking gun look like a bouquet of daisies. The footnote went on to assert --without even an attempt at an explanation -- that even though the massive loan was not shown on the company's balance sheet, nevertheless, Adelphia (meaning, the shareholders) was on the hook for $2.3 billion if it wasn't repaid.

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