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Wednesday was tough for Adelphia, the troubled cable operator based in Pennsylvania, after Chairman, President and CEO John Rigas stepped down from the top position.

Rigas, who was replaced by board member Erland E. Kailbourne, founded Adelphia in 1952.

"After much thought and prayer about what will best serve the needs of the company and our stakeholders, including our shareholders, employees, customers and communities, I have concluded that Adelphia needs fresh, independent leadership, and that after half a century at the helm the time is right for me to step down," Rigas, 77, said in a statement.

Trading was halted for the Adelphia stock during the day.

Also on Wednesday, Moody's downgraded the rating for Adelphia's senior secured bank debt. According to wire sources, the downgrade reflected Moody's opinion that it may not be fully aware of all potential issues surrounding the company's financial affairs. Salomon Smith Barney downgraded Adelphia from a "buy" rating to "neutral, while Wachovia Securities downgraded the company's stock from "strong buy" to "market performer."

From SkyReport (Used with Permission)
 

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I don't get it, Steve ... does this sadden you?
 

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Discussion Starter · #3 ·
Acutally yeah, (but for a differnet reason) Adelphia ownes the Sabres, if Adelphia goes in all likely hood so do the Sabres, unless something can be worked out.
 
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