Adelphia accounting scandal - Financial disaster in buffalo

[Sloatsburgh]

Anyone keeping an eye on the Adelphia accounting scandal?

I know it's Buffalo and you don't care, but it pretty damn funny/scary.

What does this have to do with sports?

[The Sleeper]

I got a C- in accounting. Thanks for bringing it up. :-(

[Skitchr4u]

my friend works for them in albany, and she doesn't even care about it...why should we?

[Sloatsburgh]

*cough*Sabre'sfan*cough*

*cough*whiteman'ssportfan*cough*

[Paper Boy]

can someone please explain to me what the Adelphia accounting scandal is?

[Sloatsburgh]

It's similar to Enron. Basically the Rigas family made large amounts of personal loans and limited partnerships (spin off companies that give the company say $500K for $500K worth of stock). When the stock prices went down, all of this outstanding debt is generated which drives the stock down further. Investigations pursue and the Rigas family sold logging rights to a parcel of land they own to Adelphia for $1M. Adelphia is the 6th largest cable company, not a paper mill.

The stock is now worth less than $1. Adelphia was the key contact for the major advertisements on the boards at HBSC (Comedy Central for example). With Adelphia going bankrupt, the Sabres lose major revenue. Also their owners, the Rigas family has even less money. What this all boils down to is that the Sabres may go bankrupt. Buffalo is not a major commercial center. There is not a major company that would love to buy the team to be their crown jewel. The Sabres can either but together a team of AHLers and pray that the people of Buffalo will buy season tickets or the team might end up with Paul Allen (Microsoft) or just fold altogether. Thank you Gary Buttman and the NHLPA.

[ftard]

I would love to shove a broomstick up Bettemans ass for what he has done to make hockey such a worthless sport these days.