Adelphia Communications Corp. vice president of finance Jim Brown resigned
Sunday after nearly 18 years with the company.
The MSO said in a prepared statement that Brown's resignation is effective
Brown is the fourth Adelphia executive to resign this month.
Senior VP of operations Ann Montgomery resigned in early May -- for reasons
she said were unrelated to Adelphia's current woes -- and she will leave the
company May 31. Last Wednesday, Adelphia chairman, CEO and cofounder John Rigas
resigned, followed Thursday by his son, chief financial officer Tim Rigas.
Both Rigases retained their board seats at Adelphia, although observers
expect that they will resign those, too, in the near future.
Adelphia has been under fire since March 27, when Brown and Tim Rigas
declined to answer an analyst's questions concerning off-balance-sheet debt at
Since then, Adelphia's stock has dropped more than 70 percent, the company is
the subject of a Securities and Exchange Commission investigation, it is in
danger of being delisted from the NASDAQ stock exchange and it is inching closer
to a possible bankruptcy filing.
The company acknowledged Friday that it is under investigation by federal
prosecutors from New York and Pennsylvania.
Brown did not return a phone call for comment.