Adelphia revealed new details about its intertwined relationship ...
Adelphia revealed new details about its intertwined relationship with founding Rigas family in SEC document filed late Fri. Document, 8-K, reveals among other things that: (1) Some of Rigas family businesses, including Eleni Interiors and SongCatcher Films, may not…
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have had any other clients besides Adelphia. (2) Company didn’t follow general practice of seeking approval of board or independent directors on drawdowns on co-borrowing credit facilities, which amounted to as much as $4.58 billion. (3) Company had spent $13 million on development and equipment of golf course on 830 acres near company hq of Coudersport, Pa. (4) Company paid more than $26 million for timber rights on Rigas-owned land. (5) Family members used company aircraft for reasons unrelated to business. (6) Company bought 500 cars from dealership in which former Adelphia Chmn. John Rigas holds interest. (7) His daughter and son-in-law used company-owned apartments in N.Y. on rent-free basis. (8) Same daughter was paid $50,000 last year for consulting services.