Adelphia Witness Calls $149M Stock Buyback A Ripoff

Law360, New York (May 1, 2012, 5:24 PM EDT) -- An expert witness for an Adelphia Communications Corp. trust took the stand Tuesday in the company's bid to recover $149 million it paid FPL Group Inc. to buy back stock before going bankrupt, insisting that the stock was worthless at the time.

Israel Shaked, an economics professor whom Adelphia retained to help determine whether it received reasonably equivalent value in exchange for its transfer of the $149 million to FPL on Jan. 28, 1999, for the repurchase of its securities, described a company that was severely...
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