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According to numerous accounts from wire sources, Adelphia Communications Corp. is negotiating to sell its Los Angeles cable systems to Microsoft Co-Founder, Paul G. Allen in an effort to stay away from bankruptcy court.

The proposed deal would involve nearly 1.2 million subscribers to be sold for about $3,300 each, or $4 billion for the total bill, sources revealed.

Other potential buyers, including Cox Cable, the Blackstone Group and Apollo Advisers, were also reviewing the viability of the purchase, sources said. It wasn't clear whether Allen would buy Adelphia's Los Angeles assets himself, or make the purchase through Charter Communications, which Allen is chairman and shareholder.

Adelphia's shares plunged further yesterday after the company reported details of the off-balance sheet financing deals that have forced the company to put assets up for sale and its founders to resign. Plus, the existing class action lawsuit filed by Spector, Roseman & Kodroff, P.C. will be amended, according to the firm. And, Goodkind, Labaton, Rudoff & Sucharow LLP announced today that it filed a class action lawsuit with the U.S. District Court in Pennsylvania on behalf of all open market purchasers of the common stock of Adelphia

At the close of the market, shares of Adelphia fell 28 percent to end the day at $2 per share.

From SkyReport (Used with Permission)
 
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