Despite the huge drop in its stock price over the past year, debt-laden MSO
Adelphia Communications Corp. sold $1.5 billion worth of shares: 40 million
common shares at $25.50 each, 50 percent less than the price one year ago and 6
percent below Monday's closing price.
The company sold another $500 million worth of convertible preferred
Including another equity sale this past fall, Adelphia has raised $2.5
billion in recent months.
The company is burdened with problems at its Adelphia Business Solutions
telephone unit. Adelphia spun the unit off to shareholders Monday, but it has
guaranteed $500 million of the ailing unit's debt.
Adelphia's controlling shareholder, the Rigas family, has typically been
loath to sell equity, particularly in a down market.