[Steve Mehs]

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)

 

[Guest]

The big 5 Canadian banks are putting $700M to cover expected loss.

The Sabres will be taken over by the NHL if all else fails

 

[lee635]

Well, at least the "wall street experts" are putting out negative ratings now. It must just kill these guys to put out a sell recommendation. I'm sure somehow it's the democrats fault... ))

 

[Rusty]

I had some dealings with John Rigas in the early 1980's. He was very slow to pay his bills, resulting in many problems for his CATV franchise managers when their vendors refused to give them goods and services they needed until Adelphia paid the outstanding balance. I don't know if he has changed any since those days but, I find it hard to have any sympathy for him. My guess is that he's brought this on himself.