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It's not getting any easier for the Rigas family and their crumbling Adelphia cable empire.
The New York Times reported that Rigas family members are resisting pressure to give up their seats on the Adelphia board. In a separate report from the Wall Street Journal, the family also is rumored to be negotiating the transfer of $2 billion to the MSO to help cover the $2.3 billion it borrowed.
Meanwhile, Salomon Smith Barney cut its price target on Adelphia shares to zero, and dropped its rating on ADLAE shares to "sell" from "neutral." Said analyst Niraj Gupta, "The rating reduction reflects the growing risk of bankruptcy filing, given the recent defaults on bond payments, which have a 30 day cure period." The downgrade on Adelphia shares was Gupta's third in two months.
From SkyReport (Used with Permission)
The New York Times reported that Rigas family members are resisting pressure to give up their seats on the Adelphia board. In a separate report from the Wall Street Journal, the family also is rumored to be negotiating the transfer of $2 billion to the MSO to help cover the $2.3 billion it borrowed.
Meanwhile, Salomon Smith Barney cut its price target on Adelphia shares to zero, and dropped its rating on ADLAE shares to "sell" from "neutral." Said analyst Niraj Gupta, "The rating reduction reflects the growing risk of bankruptcy filing, given the recent defaults on bond payments, which have a 30 day cure period." The downgrade on Adelphia shares was Gupta's third in two months.
From SkyReport (Used with Permission)