Former Century Communications Corp. chairman and large Adelphia
Communications Corp. shareholder Leonard Tow asserted an apparent right Monday
to name three directors to Adelphia's board of directors.
Tow; his wife, Claire; and various Tow family trusts collectively own more
than 12 percent of Adelphia stock by virtue of selling MSO Century to Adelphia
three years ago.
As part of that sale, Tow said, he had the right to be represented on
Adelphia's board as long as he maintained a 10 percent stake in the company.
On Monday, he wrote to Adelphia's board, asking that he and longtime
associates Scott Schneider and Rudy Graf be named Adelphia directors 'on an
'Since the end of March, my family's investment in Adelphia has lost
approximately 70 percent of its value,' Tow said in the letter. 'I am deeply
concerned that the value of our investment could be further eroded.'
An Adelphia spokesman could not be reached for comment at deadline. Adelphia
currently has nine directors.
Tow has waged a behind-the-scenes campaign to oust current Adelphia
management -- headed by chairman and CEO John Rigas and his three sons, who are
also key executives -- since Adelphia disclosed borrowings by the Rigases that
could lead to the MSO's assumption of debt that had been assigned to Rigas
Schneider was chief financial officer at Century and Graf was chief operating
officer at Centennial Cellular Corp., a sister company.