New York - Adelphia Communications Corp. has asked the U.S. Bankruptcy Court
for the Southern District of New York for permission to sell its 3.6% interest
in the Sunshine Network regional sports network to an affiliate of Fox Sports
Network-FSN Sunshine Holdings Inc.-for $3.6 million.
In bankruptcy court documents, Adelphia said it purchased its stake in the
regional sports network in 1994 for $100,000.
It said an appraisal of Sunshine in 2001 by Communications Equity Associates
pegged the total value of the network at $100 million.
Adelphia said in the documents that because FSN controls the network, its
small stake has no strategic value to the company.
Adelphia filed for bankruptcy protection in June 2002.
A hearing on the matter is scheduled for June 30.