SEC to investigate Adelphia debt

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Washington – The Securities and Exchange Commission has launched an inquiry into the off-balance sheet debt of Coudersport, Pa.-based cable provider Adelphia Communications Corp.
  Specifically, the regulator is examining the company’s $2.3 billion in off-balance sheet debt and has asked for clarifications and related documentation. The company said it is cooperating with the investigation.
  The SEC inquiry comes on the heels of a Wall Street Journal story which reported that Adelphia may have understated its exposure to the off-balance sheet debt by as much as $400 million.
  The debt centers around co-borrowing agreements to members of the Rigas family, founders of Adelphia, who subsequently used the proceeds to acquire more shares of the company.

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