$150M Adelphia Stock Fight Belongs In District Court: FPL

Law360, New York (September 30, 2011, 6:29 PM EDT) -- A district judge should hear Adelphia Communications Corp. creditors' claim that energy holding company FPL Group Inc. owes them $150 million connected with a prebankruptcy stock sale, FPL said Wednesday in a New York court filing.

The Adelphia Recovery Trust, a entity set up to recover money for Adelphia creditors, is currently litigating claims in bankruptcy court that FPL should return $150 million it made from letting Adelphia buy back its own stock in 1999. Adelphia went bankrupt two years later after an accounting scandal implicated...
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