Adelphia vs. Deloitte in a Game of Blame
Since Mar. 29, when Adelphia Communications first disclosed the existence of $2.3 billion in off-balance-sheet loans to the founding Rigas family, the cable-TV company has been on a roller coaster. Adelphia Chairman John Rigas and four other members of his family resigned in mid-May. Soon after, the Courdersport (Pa.) company released results from an internal investigation showing that the Rigas family had used the borrowed money to buy stock, timberland, and New York condos, as well as to build a golf course on a family-owned property.
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