I found an article that was more optimistic in the Connecticut Post:
Adelphia selling 4 state cable systems
Bankrupt Adelphia Communications Corp. on Wednesday launched efforts to sell its cable systems, including four in Connecticut.
Adelphia announced plans to sell off all or part of its business in April. Wednesday, the Greenwood Village, Colo.-based company said potential buyers can bid on any or all of seven clusters of cable systems, including one that encompasses Western New York and Connecticut.
In addition to Adelphia/Lyme and Adelphia/Norwich, which are the cable franchises for 12 municipalities in eastern Connecticut, Adelphia owns a 75 percent share of Tele-Media Cable/Waterbury and Tele-Media Cable/Seymour, which operates in Ansonia, Beacon Falls, Bethany, Derby, Oxford, Naugatuck, Seymour and Shelton."The Tele-Media systems are included for sale in these clusters, said Adelphia spokeswoman Erica Stull.
The company formed the clusters, said Stull, based on "geography and the ability of that group of systems to operate as a single functioning group.
Adelphia, she said, is working on a two-track process. Its reorganization plan, announced in February, called for the company to either emerge from Chapter 11 bankruptcy protection as an independent or to be sold.
Adelphia filed bankruptcy two years ago. Its founder, John W. Rigas, and others were accused of looting the company and cheating investors out of billions of dollars.
Rigas and his son, Timothy, later were convicted of conspiracy, bank fraud and securities fraud. Another Rigas son, Michael, was acquitted of conspiracy charges but the case ended in a mistrial with jurors deadlocked on 17 counts against him. A fourth executive was found not guilty of conspiracy and securities fraud.
Stull said the results of the bidding, which Adelphia expects to be done by the end of the year, will determine which course the company takes.
"Our obligation is to get the greatest value for the bankruptcy constituents, said Stull, who expects the company to announce a decision early in 2005.
"We've had quite a few inquiries and expressions of interest, said Stull, who would not speculate on which companies are likely bidders.
However, one industry analyst believes Comcast and TimeWarner are on the short list, with Charter Communications also a possibility.
Comcast operates 10 Connecticut franchises serving 58 municipalities, including New Haven, Bethel and Ridgefield. Charter's two state franchises serve 37 municipalities, including Monroe, Newtown and Trumbull.
For a company like Comcast, said the analyst, it would be very cost-effective to operate geographically contiguous footprints.
When asked if Cablevision - with three state franchises serving 24 cities and towns, including Litchfield and lower Fairfield counties, as well as Bridgeport, Fairfield, Milford, Orange, Stratford and part of Woodbridge - is a possible buyer, the analyst said the company has a lot on its plate already, due to its own restructuring.
Neither Comcast nor Cablevision responded to messages asking for comment.
However, Beverly Levy, a spokeswoman for communications company SBC's New Haven office, said, "SBC won't comment on speculation, when asked if her company might be interested.
Securities and Exchange Commission regulations prohibit companies from commenting on mergers and acquisitions, whether the company has plans or not.
The industry analyst said he's heard the figure of $17 billion thrown around in talks about Adelphia's sale, but Stull said the company has no idea how much it can get for the clusters.
"That's what this [sale process] is designed to discover, she said.http://www.connpost.com/Stories/0,14...search=filter#