Adelphia’s V.P. of Finance Resigns
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COUDERSPORT, Pa. — Cable television company Adelphia Communications Corp., which has delayed its annual financial report, said James Brown has resigned as vice president of finance, effective immediately.
Brown worked for Adelphia for almost 18 years, the company said in a news release Sunday. Company officials couldn’t immediately be reached for comment.
Grand juries in New York and Pennsylvania are examining matters related to the company, and Nasdaq may delist its shares because Adelphia hasn’t filed an annual report amid questions about its accounting. The Securities and Exchange Commission is scrutinizing the company for backing $2.3billion in loans to partnerships run by the family of founder John Rigas. Rigas resigned as chairman last week.
Shares of Coudersport-based Adelphia fell 36 cents to $5.70 on Nasdaq on Tuesday before trading was suspended. They’ve fallen 72% since March 27, when the firm acknowledged it guaranteed bank loans to the Rigas partnerships.
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