Adelphia Set to Object to Ex-Director’s Claims
From Times Wire Services
Adelphia Communications Corp. said it intended to file an objection to $900 million in claims against the company by former director Leonard Tow and his wife, the company’s largest shareholders after the founding Rigas family.
Adelphia said in a filing with the Securities and Exchange Commission that it would also file a complaint against Leonard Tow seeking to recover “unauthorized” transfers of about $21 million.
Tow became a major shareholder when he sold Los Angeles-based Century Communications to Adelphia in 1999 in exchange for stock that is now almost worthless.
Adelphia has been operating under Bankruptcy Court protection since 2002.
Tow did not return a call seeking comment.
