παλιαδερφάρα = παλιο + αδερφάρα
παλιός-ά-ό is an adjective and literaly means old, outdated, old-fashioned, but sometimes it is used in compound words to belittle the value of the noun it modifies. E.g. παλιόπαιδο, παλιάνθρωπος, παλιοσίδερα, παλιόκαιρος etc.
αδερφάρα is produced by the noun...