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Goldman Removes Adelphia Communications from 'Recommended List'

Goldman removed Adelphia Communications (ADLAC) from its recommended list and shares now are not rated.

Analyst Richard Greenfield says he has not received any further public disclosure surrounding the company's co-borrowing arrangement with Highland Holdings. He notes without this information, he finds it impossible to support any rating on Adelphia. He continues to believe even in a reasonable worst case scenario (assuming Adelphia's problems are limited to existing disclosures), the 42% decline since March 27 appears overdone, however, his fear (fueled by slow public response by management) remains: That the company's problems may go beyond current disclosures.

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