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| Founders May Be Ousted at Adelphia by Jeremy at 5:26 am EST, Apr 4, 2002 | |||
By the end of the week, a group of major shareholders (representing more than 50% of equity) [will] demand that the Rigas family step down. ... investors are worried Adelphia will be unable to pay debts, unable to borrow more ... still unclear whether the group could unseat the family, which controls the voting stock ... Adelphia has $14.7 billion in consolidated debt. ... Investors are frustrated by the company's refusal to disclose partnerships ... S&P analyst: "The SEC inquiry ... is a red flag." Adelphia's auditor, Deloitte & Touche, may force the debt onto the company ... which could put Adelphia into default. Adelphia needs $3B within two years ... But now is not the best time to sell cable assets; Comcast AT&T are in mid-merger, and AOLTW is restructuring ... Charter Communications, controlled by Paul Allen, is eager to buy Adelphia's Los Angeles system ... Just a few additional details, culled from the LA Times story on Adelphia. The rest of the story is very similar to the NYT one. | |||
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