Adelphia Communications Corp. chief financial officer Tim Rigas resigned
Thursday, one day after the ailing company's founder, John Rigas, quit as
chairman and CEO.
The future of several other Rigas family members working at the company is
Wall Street executives said Adelphia missed one of two interest payments that
were due Wednesday, missing a $23 million payment on one series of bonds while
making a $3 million payment on another series.
A company spokeswoman could not be reached Thursday.
Replacement CEO Erkie Kailbourne, a Buffalo, N.Y.-based retired banking
executive, said in a prepared statement that a special committee of Adelphia's
board will conduct 'a full and thorough investigation into a number of issues,
including ones regarding transactions between the company and certain entities
controlled by the Rigas family.'