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Purchase of Adelphia
John Rigas buys a cable company, on a friends advice, with his brother Gus. They name the company Adelphia, the greek word for brothers. -
John Rigas buys out Gus, sons assume the roles
John Rigas buys out his brother Gus' interest. John's sons assume the roles. -
Adelphia stock trades at $20.39.
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Adelphia Business Solutions Inc. files for bankruptcy
Adelphia says the Rigas family borrowed $2.3 billion through various family-owned partnerships. The company says it may be liable for some of the debt. Adelphia's stock drops 18 percent. Subsidiary, Adelphia Business Solutions Inc., files for bankruptcy protection. -
Adelphia accused of misleading stockholders
The first in a flurry of shareholder lawsuits accuses Adelphia of misleading stockholders by failing to disclose the off-balance-sheet debt, and alleges that a drop in the stock price was "in response to these negative announcements." -
Rigas steps down as CEO
Rigas, 77, steps down as CEO. Erland E. Kailbourne, chairman of the Adelphia board's audit committee, is named chairman and interim CEO. Nasdaq halts trading of Adelphia's stock, citing a need for "additional information." -
Rigas family relinquishes control, Adelphia estimates $3.1 Billion in family debts
The Rigas family relinquishes control as John Rigas and sons Timothy, Michael and James resign as directors. The family agrees to help cover loans. Adelphia now estimates it is liable for $3.1 billion in family debts. -
Adelphia files for bankruptcy.
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Rigas' arrested
John Rigas is arrested along with sons Timothy and Michael on conspiracy charges alleging they looted their company, using it as their "personal piggy bank." -
John Rigas sentenced
Adelphia founder John Rigas, 80, is sentenced to 15 years in prison; his son, Timothy, receives a 20-year term. "Were it not for your age and health, I would impose a sentence far greater than I do today," U.S. District Judge Leonard Sand told the elder Rigas. -
Adelphia founder faces charges, on unpayed taxes of $300 million, and failed reported income of $143 million (John Rigas) and $239 million (Timothy Rigas)
Adelphia's founder and one of his sons are indicted on charges that they didn't pay $300 million in taxes. According to a federal grand jury indictment, former CEO John Rigas failed to report income of $143 million while his son, Timothy, the company's former chief financial officer, failed to report income of $239 million.
