======Clown Midget Sings Soprano,...Tim RIG_ASS belting out the back ground voclas..HAAHAAHAH!!! =======
biz.yahoo.com
At Adelphia, in contrast, "I haven't heard that there were elaborate structures set up," Coffee said.
The cable company's stock has plunged since the company revealed in March that it failed to disclose $2.3 billion in borrowing by the Rigas family and family owned partnerships for which the company might bear liability.
The company has still not filed its annual 10-K financial statement, which was due April 1, and has said it would restate three years of financial results to show $1.6 billion of the off-the-books debt as a liability.
Trading in Adelphia's stock remained suspended Monday. It was halted Wednesday as the Nasdaq Stock Market sought additional information, and Adelphia has said Nasdaq is expected to decide soon whether the stock should be delisted because of the delinquent 10-K. The May 14 closing price of $5.70 a share was down nearly 87 percent from a 52-week high of $42.97. The stock had been as high as $86.60 in mid-1999.
Adelphia said last week it was cooperating with investigations by federal grand juries in Pennsylvania and New York.
Company officials didn't immediately return calls seeking comment on reports in The Wall Street Journal and The New York Times that investigators were looking at allegations that the Rigas family used company money for private projects, including building a golf course.
The Wall Street Journal also reported that Adelphia allegedly instructed managers to purchase office furniture from Eleni Interiors, a shop in Olean, N.Y., that the newspaper said the Rigas family owns. A woman who answered the phone at Eleni Interiors said no one at the shop would comment and declined to identify herself.
If those allegations prove true, Coffee said, they would still probably amount to "penny ante dealings" compared with the magnitude of off-the-books debt for which the company may be liable.
Adelphia said during the weekend that its vice president of finance, James R. Brown, resigned after 18 years with the company. He departed just days after founder John J. Rigas, 77, resigned as chairman and chief executive officer, and his son, Timothy Rigas, resigned as chief financial officer.
The Rigases remain on Adelphia's board, and in firm control, with the Rigas family owning about one-fourth of the company's stock, and 60 percent of the voting stock.
Nevertheless, Coffee said, "They do have billions of dollars worth of publicly held shares, and those shareholders were not told they were buying into this debt by the family." |
