Buffalo, NY – Buffalo Mayor Anthony Masiello is requesting a meeting with top officials of the beleaguered Adelphia Communications as soon as possible.
The mayor wants to discuss the company's future and how it relates to Buffalo. Adelphia has announced plans to build an office building downtown. Masiello says he is willing to travel to Adelphia's headquarters in Coudersport Pennsylvania for a meeting.
Adelphia announced Sunday that James R. Brown has resigned from his job as vice president of finance. His resignation, which comes after 18 years of service to Adelphia, is effective immediately.
Adelphia founder John J. Rigas, company chairman and chief executive officer, and his son, Timothy, chief financial officer, both resigned last week.
The resignations came in the wake of the company's revelation that it had failed to disclose $2.3 billion in borrowing by the Rigas family and partnerships for which the company might bear liability.
There's been no trading in Adelphia stock since last Wednesday. There's no word yet if trading will resume this week. Adelphia officials appeared at a NASDAQ hearing last Thursday where they discussed the company's financial troubles.