Goldman Removes Adelphia Communications from 'Recommended List'

Analyst Richard Greenfield is concerned that the company's problems may go beyond current disclosures

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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