Adelphia fails to sell off cable systems
Despite expectations it would do so, Adelphia Communications failed to announce a deal to sell off cable systems with up to 2.75 million subscribers over the weekend.
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The Adelphia board was scheduled to meet Saturday and cement the sale of the systems clustered in Southern California and North Carolina. The quick sale was opposed by Leonard Tow, a new board member who owns 12% of the company, and Highlands Capital Management, which owns 6.5% and joined the protest late in the day Friday.
Published reports said that Paul Allen, a Microsoft co-founder who controls Charter Communications, would buy the properties, but those negotiations broke down late last week. Adelphia, which NASDAQ today delisted, continues to face a financial crisis in the wake of questionable loans within the company to the founding Rigas family. The bevy of outstanding loans coming due could lead to bankruptcy.
--Jim Barthold, Senior Editor
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© 2012 Penton Media Inc.
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