Former Century Communications Corp. chairman Leonard Tow threatened to sue
Adelphia Communications Corp. to secure board seats in the company.
In a letter to new Adelphia CEO Erkie Kailbourne, 12 percent-shareholder Tow
said the company had decided that his request for three board seats was a low
priority with the myriad financial missiles facing the MSO.
But Tow demanded that the company follow through by Friday at 5 p.m. (EST) or
'We will assume that Adelphia and the Rigas family will not comply with their
contractual obligations and we will pursue all appropriate remedies.'
When he sold Century to Adelphia in 1999, Tow secured an agreement to get
three seats on Adelphia's board if he wanted. He asked for the seats Monday.
'The immediate actions necessary to restore market confidence must be of the
highest priority,' Tow said. 'Only with strong, independent and credible
leadership can the company hope to address the market