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Adelphia Confirms SEC Inquiry

By Multi Channel News Staff -- Multichannel News, 4/4/2002 4:30:00 AM

With its stock sagging after debt disclosures last week and after delaying the filing of its annual report, Adelphia Communications Corp. confirmed Wednesday that the Securities and Exchange Commission 'is conducting an informal inquiry into its previously disclosed co-borrowing agreements and has asked the company to provide clarification and related documentation.'

Adelphia said in a prepared statement that it was 'cooperating fully with this inquiry and is providing the requested information as expeditiously as possible.'

On March 26 -- the day before Adelphia revealed that it had $2.3 billion in co-borrowing arrangements with the company's controlling shareholders, the Rigas family -- the MSO's stock closed at $20.39 apiece.

The company's stock closed at $11.04 per share Wednesday.

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