great moments in disclosure

Doug Henwood dhenwood at panix.com
Mon Jun 10 13:17:32 PDT 2002


Excerpt from a May 24 form 8-K SEC filing by Adelphia Communications, the scandal-ridden cable TV company under investigation for sweetheart deals with the Rigas family, its founders:


>Unless expressly noted otherwise, you should NOT assume that:
>
>-the transactions discussed herein were presented to or approved by
>the Board of Directors or the independent or disinterested directors
>of the Board of Directors or, if so approved, if such approval was
>based on accurate complete information; and/or
>
>- the financial and other terms of the transactions discussed in
>this Form 8-KI between the Company and its subsidiaries, on the one
>hand, and Rigas Persons and Entities, on the other hand, were the
>product of arm's-length negotiations between the parties and,
>accordingly you should not assume that these terms are as favorable
>to the Company and its subsidiaries as terms that these parties
>could have negotiated with independent third parties.



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