Any hope now? What's going to happen next with ABIZ ? The selling pressure seems to be ending ...
Thanks for your thoughts about the news item below and the general outlook for ABIZ now.
Piotr
Monday January 14, 3:26 pm Eastern Time
Press Release
SOURCE: Adelphia Communications Corporation
Adelphia Completes Distribution of Common Stock Of Adelphia Business
Solutions and Provides Information On Conversion Price Adjustments for
Adelphia's Convertible Securities
COUDERSPORT, Pa., Jan. 14 /PRNewswire-FirstCall/ -- Adelphia Communications Corporation (Nasdaq: ADLAC - news;
``Adelphia'') announced today that its distribution (the ``Spin-off'') to its common stockholders of all of the shares of common
stock of Adelphia Business Solutions, Inc. (Nasdaq: ABIZ - news; ``ABIZ'') owned by Adelphia had been completed. After
5:00 p.m. on January 11, 2002 (the payment date), each holder of Adelphia Class A and Class B common stock of record as of
5:00 p.m. Eastern time on January 8, 2002 (the record date) received 0.498096194 of a share of ABIZ common stock per share
of Adelphia common stock. Holders of Adelphia Class A common stock received Class A common stock of ABIZ in the
Spin-off. Holders of Adelphia Class B common stock received Class B common stock of ABIZ in the Spin-off.
Adelphia distributed a total of approximately 92,986,175 Class A shares of ABIZ to Adelphia's Class A holders and
12,479,982 Class B shares of ABIZ to Adelphia's Class B holders. On January 8, 2002, Adelphia had approximately
186,683,167 Class A shares and 25,055,365 Class B shares of Adelphia common stock outstanding. As a result of the Spin-off,
members of the John J. Rigas family hold a majority of the total voting power of ABIZ common stock.
Adelphia has mailed an information statement regarding the Spin-off to Adelphia common stockholders of record as of 5:00
p.m. Eastern time on the record date. Adelphia has also filed the information statement on a Form 8-K with the Securities and
Exchange Commission, which is available to the public over the Internet at the SEC's web site (http://www.sec.gov) or the
Company's web site (www.adelphia.com).
Adelphia has completed the calculations regarding possible adjustments, due to the Spin-off, to the conversion prices of three
of its convertible securities. The conversion price adjustment calculated for the Spin-off is less than 1% for each of the
following securities of Adelphia:
3.25% Convertible Subordinated Notes due 2021 (CUSIP No. 006848 BH 7),
6% Convertible Subordinated Notes due 2006 (CUSIP No. 006848 BG 9) and
5-1/2% Series D Convertible Preferred Stock (CUSIP No. 006848 40 2).
As a result, in accordance with their terms, no adjustment will be made currently to the conversion price for these securities; the applicable adjustment will
be carried forward and taken into account in any future adjustment. The conversion rate adjustment, if any, for Adelphia's 7.5% Series E Mandatory
Convertible Preferred Stock (CUSIP No. 006848 50 1) will not be calculable until after the market close on January 25, 2002 in accordance with its terms.
Adelphia Communications Corporation, with headquarters in Coudersport, Pennsylvania, is the sixth largest cable television company in the country.
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