Dissident Adelphia Communications Corp. shareholder Leonard Tow fired off
another letter to the MSO's management Thursday, this time objecting to apparent
talks aimed at selling its Los Angeles assets.
In a letter filed with the Securities and Exchange Commission Thursday, Tow
said it had come to his attention that Adelphia was in negotiations to sell one
of its 'most valuable cable properties,' and that management was under
directions to complete the sale by Friday evening.
Although Tow did not name the Los Angeles properties in the letter, several
published reports this week have stated that Adelphia was in intense
negotiations with Charter Communications Inc. chairman Paul Allen to sell about
450,000 subscribers in Los Angeles -- as well as another 550,000 customers in
Georgia, South Carolina and North Carolina -- for between $3.5 billion and $4
billion. Those reports said Adelphia was working toward hammering out a deal by
'Such a sale would strip the company of its ability to conduct an orderly and
profitable disposition of the remainder of the company's cable assets when and
if it is necessary,' Tow wrote in the letter to Adelphia chairman and acting CEO