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Adelphia Lenders Not Safe From Creditors Suit

Law360 (June 12, 2007, 12:00 AM EDT) -- A massive lawsuit brought by creditors and shareholders of bankrupt Adelphia Communications Corp. against 380 lenders allegedly involved in the company's disintegration will continue in court, after a bankruptcy judge refused to dismiss it on Monday.

The cable company's creditors and shareholders accuse the lenders, including 24 investment banks, of looking the other way while Adelphia's founding family looted the company of over $2 billion.

Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York threw out some of the...
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