Adelphia Shareholders Lose Bid for Directors

A bankruptcy judge in Manhattan approved an effort by Adelphia Communications Corp. to block preferred shareholders from adding their own directors to the board.

The shareholders are barred until a later hearing on the matter, U.S. Bankruptcy Judge Robert Gerber ruled.

Adelphia had asked Gerber to block preferred shareholders from trying to expand the company’s nine-member board by as many as six directors before it emerges from bankruptcy protection. The Greenwood Village, Colo.-based company argued that an increase in directors would interfere with reorganization plans.

From Bloomberg News