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- 08-10-2006, 05:47 PM #1Guest
"Motorola is flying high these days as a result of the coolness of its
wireless phones, and also due to great revenues and profits. A sour
note, though, has crept up recently. The SEC is investigating the
company for possibly taking part in the Adelphia cable company scandal
that landed its founder and his son in prison while forcing the company
into bankruptcy. Comcast and Time Warner recently scooped up Adelphia
assets in a bankruptcy fire sale.
Adelphia alleges that Motorola participated in fraudulent transfers,
avoidance of liens, and aiding and abetting fraud -- quite serious
allegations against the company. Adelphia is reporting all the alleged
fraud damaged incurred by Motorola to be in excess of $1 billion
dollars. Not too soon after the announcement was made the SEC opened an
investigation into possible Motorola practices when dealing with
Adelphia."
› See More: Motorola...Swindle-rola
- 08-10-2006, 07:52 PM #2John NavasGuest
Re: Motorola...Swindle-rola
On 10 Aug 2006 16:47:26 -0700, [email protected] wrote in
<[email protected]>:
>"Motorola is flying high these days as a result of the coolness of its
>wireless phones, and also due to great revenues and profits. A sour
>note, though, has crept up recently. The SEC is investigating the
>company for possibly taking part in the Adelphia cable company scandal
>that landed its founder and his son in prison while forcing the company
>into bankruptcy. Comcast and Time Warner recently scooped up Adelphia
>assets in a bankruptcy fire sale.
>
>Adelphia alleges that Motorola participated in fraudulent transfers,
>avoidance of liens, and aiding and abetting fraud -- quite serious
>allegations against the company. Adelphia is reporting all the alleged
>fraud damaged incurred by Motorola to be in excess of $1 billion
>dollars. Not too soon after the announcement was made the SEC opened an
>investigation into possible Motorola practices when dealing with
>Adelphia."
That's a blog:
<http://www.bloggingstocks.com/2006/08/07/motorola-questioned-for-possible-part-in-adelphia-fraud/>
"Filed under: Deals, Bad news, Rumors..."
Real news story:
"Motorola Draws SEC Probe for Adelphia Business Ties"
<http://biz.yahoo.com/ap/060804/motorola_sec_probe.html?.v=1>
Motorola Inc., the world's second-largest cell phone maker, said it's
involved in an ongoing investigation conducted by the Securities and
Exchange Commission in connection with its business relationship with
Adelphia Communications Corp.
The Schaumburg, Ill.-based company disclosed the probe in an SEC
filing Thursday. It didn't say whether it's a target of the
investigation and didn't provide any other details.
A Motorola spokesman on Friday wouldn't say whether the company is a
target of the probe, and an SEC spokesman also declined to comment.
...
Motorola spokeswoman Jennifer Weyrauch, in e-mailed responses to
questions about the lawsuit Friday, said the company was "unaware of
the fraudulent activities being conducted by the principals of
Adelphia."
The company also said it "played no role in Adelphia's decision on
how to account for Adelphia's transactions," and that it was
confident its own accounting of its transactions with Adelphia was in
accordance with generally accepted accounting principles.
[MORE]
Given that the source of the accusations is in prison, and that SEC
investigations such allegations are routine, I think it's a bit
premature to assume Motorola was involved.
--
Best regards, FAQ FOR CINGULAR WIRELESS:
John Navas <http://en.wikibooks.org/wiki/Cingular_Wireless_FAQ>
- 08-11-2006, 07:51 AM #3DaveGuest
Re: Motorola...Swindle-rola
I find it highly unlikely that Motorola would participate in a cross
company accounting scheme. There would be no benefit for them and only a
downside.
John Navas wrote:
> On 10 Aug 2006 16:47:26 -0700, [email protected] wrote in
> <[email protected]>:
>
>> "Motorola is flying high these days as a result of the coolness of its
>> wireless phones, and also due to great revenues and profits. A sour
>> note, though, has crept up recently. The SEC is investigating the
>> company for possibly taking part in the Adelphia cable company scandal
>> that landed its founder and his son in prison while forcing the company
>> into bankruptcy. Comcast and Time Warner recently scooped up Adelphia
>> assets in a bankruptcy fire sale.
>>
>> Adelphia alleges that Motorola participated in fraudulent transfers,
>> avoidance of liens, and aiding and abetting fraud -- quite serious
>> allegations against the company. Adelphia is reporting all the alleged
>> fraud damaged incurred by Motorola to be in excess of $1 billion
>> dollars. Not too soon after the announcement was made the SEC opened an
>> investigation into possible Motorola practices when dealing with
>> Adelphia."
>
> That's a blog:
> <http://www.bloggingstocks.com/2006/08/07/motorola-questioned-for-possible-part-in-adelphia-fraud/>
> "Filed under: Deals, Bad news, Rumors..."
>
> Real news story:
> "Motorola Draws SEC Probe for Adelphia Business Ties"
> <http://biz.yahoo.com/ap/060804/motorola_sec_probe.html?.v=1>
>
> Motorola Inc., the world's second-largest cell phone maker, said it's
> involved in an ongoing investigation conducted by the Securities and
> Exchange Commission in connection with its business relationship with
> Adelphia Communications Corp.
>
> The Schaumburg, Ill.-based company disclosed the probe in an SEC
> filing Thursday. It didn't say whether it's a target of the
> investigation and didn't provide any other details.
>
> A Motorola spokesman on Friday wouldn't say whether the company is a
> target of the probe, and an SEC spokesman also declined to comment.
>
> ...
>
> Motorola spokeswoman Jennifer Weyrauch, in e-mailed responses to
> questions about the lawsuit Friday, said the company was "unaware of
> the fraudulent activities being conducted by the principals of
> Adelphia."
>
> The company also said it "played no role in Adelphia's decision on
> how to account for Adelphia's transactions," and that it was
> confident its own accounting of its transactions with Adelphia was in
> accordance with generally accepted accounting principles.
>
> [MORE]
>
> Given that the source of the accusations is in prison, and that SEC
> investigations such allegations are routine, I think it's a bit
> premature to assume Motorola was involved.
>
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