quote:

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Originally posted by clay1999:
"The future is an opaque mirror. Anyone who tries to look into it sees nothing but the dim outlines of an old and worried face."
.... the future is an unknown....
Clay

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CLAY,

MADE ME LAUGH--

GUYS THE COMPANY IS BANKRUPT--WHEN THE BANKRUPTCY IS SETTLED YOUR SHARES WILL BE WORTHLESS. THUS THE Q AT THE END OF THE SYMBOL.

This might interest you. Good luck.

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Adelphia shareholders seen left out of revamp plan
4:46 p.m. 01/28/2004 Provided by

By Dane Hamilton and Michael Learmonth

NEW YORK, Jan 28 (Reuters) - Adelphia Communications Corp. (ADELQ <http://activequote.fidelity.com/rtrnews/stocks_main_nn.phtml?in_page=snapshot.phtml&in_ticker=ADELQ> ), the cable company that declared bankruptcy under a cloud of federal fraud allegations against its founder, plans to file a reorganization plan soon that gives nothing to shareholders, company executives said.

The plan, expected to be submitted to bankruptcy court before the end of March, is a precursor for the No. 5 U.S. cable operator emerging from Chapter 11 bankruptcy protection by swapping much of its $18 billion in debt for new equity, the executives told Reuters.

William Schleyer, Adelphia chief executive, also said the company, when it comes out of bankruptcy, is likely to buy cable systems in coming months and years, contrary to speculation by analysts and investors that it plans major asset sales as part of its reorganization.

"We will have a very healthy balance sheet when we come out," Schleyer told Reuters, adding that the only assets for sale are stakes in a radio station and cable systems outside the United States.

While it is typical for stockholders to see their shares become worthless in a bankruptcy, Adelphia's Chapter 11 filing is unusual in that an "official" committee of equity holders was appointed following the filing. As such, members might expect to gain some recovery under any reorganization plan.

And Adelphia's stock, while delisted from Nasdaq, continues to trade on the over-the-counter market, indicating that some shareholders see the stock as having post-bankruptcy value.

Efforts to reach representatives of the equity committee were unsuccessful on Wednesday.

The equity committee was formed after Adelphia filed for bankruptcy but still appeared to be solvent, said Vanessa Wittman, chief financial officer.

Later, an extensive forensic accounting investigation revealed that the company was actually insolvent at the time of filing, meaning there aren't enough assets to give a recovery to all creditors, much less stockholders.

"We're not obligated to give any value to equity," Wittman said. "It's hard to imagine that you can go through the whole capital structure and provide a recovery to all comers."

Wittman also said professional fees -- those for lawyers, bankers, accountants and other high-priced talent -- are costing the company $9 million to $18 million a month, highlighting the costs of a bankruptcy filing.

The management committee is considering a name change for the company, which would likely take effect after the trial of founding Rigas family members ends to avoid being associated with the company's old problems.

When Schleyer's team took over in January 2003, Adelphia lagged badly behind its industry peers with only 70 percent of its network able to handle advanced services like high-speed data and telephony. At the end of 2003, Adelphia's system was 88 percent upgraded and the company expects the upgrade to be 98 percent complete by the end of 2004.

Adelphia is seeking $8 billion in exit financing and has started discussions with Deutsche Bank, but numerous other banks are also competing.

Adelphia's bonds were the hottest-performing asset in the cable and satellite television sector last year, posting a gain of 147 percent, according to investment bank UBS, which rates the bonds a

"buy."

"I think the company is positioned to emerge with a simplified capital structure and growth prospects at industry-leading levels," UBS analyst Aryeh Bourkoff said. "The company could prove to be an attractive acquisition target at a compelling price." Bourkoff said a "compelling" price would be $4,000 per subscriber, which would value Adelphia at about $22 billion.

Schleyer said he's reorganizing the company to operate it, not sell it. He said he would consider an offer that benefited shareholders but it would have to be for the whole company, not individual systems.