Adelphia Shareholders Lose Bid for Directors
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A bankruptcy judge in Manhattan approved an effort by Adelphia Communications Corp. to block preferred shareholders from adding their own directors to the board.
The shareholders are barred until a later hearing on the matter, U.S. Bankruptcy Judge Robert Gerber ruled.
Adelphia had asked Gerber to block preferred shareholders from trying to expand the company’s nine-member board by as many as six directors before it emerges from bankruptcy protection. The Greenwood Village, Colo.-based company argued that an increase in directors would interfere with reorganization plans.
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