Adelphia Communications Corp. said it is evaluating a request from three of
the largest holders of its series-B preferred stock to name two new members to
its board of directors.
The MSO said it received the request from Wexford Capital LLC, Magten Asset
Management Corp. and The Baupost Group LLC to name Wexford principal and general
counsel Arthur H. Amron and Magten managing director Talton R. Embry to its
board.
The three companies said they collectively they own a majority of the
series-B preferred stock in the company and they have the right to name two
board members.
In a prepared statement, Adelphia said it "will consider the current request
from the series-B preferred shareholders within the context of current policies
and as part of Adelphia’s overall search for new and truly independent board
members."
Adelphia -- which filed for Chapter 11 bankruptcy protection in June 2002 --
has already named five new members to its board since that filing: Adelphia
chairman and CEO William Schleyer, former Renaissance Cable executive Rod
Cornelius, former Time Warner Inc. senior vice president Philip Lochner, former
Federal Communications Commission member Susan Ness and Yale Law School dean
Anthony Kronman.
In June, Adelphia announced that four carry-over directors -- Leslie Gelber,
Pete Metros, Dennis Coyle and Erland Kailbourne -- resigned from the board.
Also in June, the MSO hired executive-search firm Spencer Stuart to identify
qualified replacements.
