Adelphia VP of Finance Quits
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COUDERSPORT, Pa. (AP) _ Adelphia Communications Corp.’s vice president of finance has resigned, the cable-television company announced Sunday, days after two members of the founding family resigned.
James R. Brown’s resignation, which comes after 18 years of service to Adelphia, is effective immediately, the company said.
Adelphia founder John J. Rigas, company chairman and chief executive officer, and his son, Timothy, chief financial officer, both resigned last week.
The resignations came in the wake of the company’s revelation that it had failed to disclose $2.3 billion in borrowing by the Rigas family and partnerships for which the company might bear liability.
The company also confirmed last week that the Securities and Exchange Commission was investigating, delayed filing its annual 10-K financial statement, and said it would restate three years of financial results to show $1.6 billion of the off-the-books debt as a liability.
On Friday, the company said it is under investigation by two federal grand juries and missed $44.7 million in bond interest payments, increasing the threat of a cash crunch that could force a bankruptcy filing.