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IN BRIEF Entertainment

Son-in-Law of Adelphia Founder Resigns Post

June 12, 2002|Bloomberg News

Adelphia Communications Corp., the cash-strapped cable-television provider whose accounting is being investigated by U.S. regulators, said Peter Venetis resigned as director.

A special committee of the board had urged him to step down last month, Adelphia said in a statement. Venetis is the son-in-law of company founder John Rigas, who resigned as chairman and chief executive in May. Rigas' sons, Timothy, Michael and James, also have quit the board.

Adelphia, in default on more than $7 billion in bank debt and delisted from the Nasdaq Stock Market, is on the brink of filing for Chapter 11 bankruptcy protection, investors have said. Adelphia shares have plunged more than 99% since the company revealed in March that it had guaranteed billions in loans to Rigas family partnerships that weren't included on the balance sheet.

The Coudersport, Pa.-based company restated two years of results Monday and said it had fired auditor Deloitte & Touche. Its Century Communications unit sought Chapter 11 protection from creditors, a move that may precede a bankruptcy filing by the parent, analysts said.

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