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SEC Launches Formal Probe of Adelphia

By Eileen Buckley

Buffalo, NY – The Securities and Exchange Commission is opening a formal probe into Adelphia Communications accounting. The SEC had been conducting an "informal" investigation to this point.

The cable company Tuesday missed a deadline in filing its annual report, as it continues to review $2.3 billion in off-the-books debt through Rigas family partnerships.

Adelphia says it will file the report as soon as it can.

Buffalo Common Council members want assurances from Adelphia Communications for its planned multi-million dollar operations center on the city's waterfront.

Lawmakers approved two resolutions Tuesday. One of them asks Adelphia and CEO John Rigas to attend an April 24th community development committee meeting. Council president James Pitts says he specifically wants John Rigas to attend to find out what impact Adelphia's fiscal troubles will have on the city.

"We're going to sit down and work with Adelphia to make sure the cable system we have in the city is the best that it can be," Pitts said. "Even if there is a take-over or a merger, we have to be involved in that. We're getting prepared to deal with that as well."

The Council also adopted a resolution calling on Adelphia to provide the city with a written update on the "state of Adelphia" and the new operation center for Buffalo.