Professional Documents
Culture Documents
A Case Study
A Family-Run Firm
John Rigas, CEO &
Chairman of the Board
Son Tim Rigas, CFO
Son Michael Rigas, VP of
Operations
Son James Rigas, VP of
Strategic Planning
Son-in-law Peter Venetis,
Board of Directors
Family owned 77% of voting
rights
4/8/02
2/8/02
12/8/01
10/8/01
8/8/01
6/8/01
4/8/01
2/8/01
12/8/00
10/8/00
8/8/00
6/8/00
4/8/00
2/8/00
12/8/99
10/8/99
8/8/99
6/8/99
4/8/99
100
90
80
70
60
50
40
30
20
10
Chronology of Events
4/1/02: Adelphia delays filing annual report
4/2/02: Shareholder lawsuits filed
5/8/02: Adelphia solicits bids for cable systems in
LA and the Southeast US
5/15/02: John Rigas resigns as Pres & CEO;
NASDAQ stops trading in Adelphia stock
5/16/02: Tim Rigas resigns from CFO
5/23/02: John, Tim, Michael & James Rigas resign
from Board of Directors
Chronology of Events
5/24/02: Adelphia discloses details of Rigas familys
use of company assets for personal use
6/3/02: Adelphias stock is delisted
6/9/02: Adelphia dismisses Deloitte & Touche
6/11/02: Peter Venetis (Rigass son-in-law) resigns
from Board
6/14/02: Adelphia hires PriceWaterhouseCoopers &
terminates employees whose primary function was
to provide service to members of the Rigas family
Chronology of Events
6/17/02: Adelphia misses
$96 million in interest
& dividend payments
6/21/02: Adelphia
arranges financing for
reorganization
6/25/02: Adelphia files
for bankruptcy
7/24/02: The Arrests
Postscript
11/6/02: Adelphia sues Deloitte & Touche for
professional negligence, breach of
contract, fraud & other wrongful conduct.
11/14/02: James Brown, former VP of
Finance, pleads guilty to fraud