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Nasdaq to Delist Adelphia Stock
by Jeremy at 6:29 am EDT, May 31, 2002

Nasdaq will delist Adelphia's stock on Monday for failure to file financial reports, the latest in a series of blows to the nation's sixth-largest cable television company.
Adelphia isn't able to appeal the delisting.
Nasdaq: "This decision is final."

Analyst: "It's like a plate of worms. ... They are scrambling."

And with that, the bondholders will be on their way, demanding cash and forcing the company to sell off its assets. It's about time; the 10K is two months overdue, and no sign yet it will be produced promptly. While asset sales may avoid a bankruptcy filing, they will basically dissolve the company in the process.