Tow Threatens to Sue Adelphia - TheStreet

The new chairman and CEO of

Adelphia Communications


has a lot on his to-do list. Appointing new board members proposed by an angry shareholder isn't one of them.

Erland "Erkie" Kailbourne,

named CEO of the debt-soaked cable television operator Wednesday morning, told major shareholder Leonard Tow on Wednesday that Adelphia's board hadn't yet considered his request to add him and two business associates as directors on the company's board, according to a letter released by Tow Wednesday night.

Tow, who says that a 1999 agreement gives him and his family the right to add three members to the board, told Kailbourne in his letter that if Adelphia didn't contact him by Friday night to work out the details of seating him and the other prospective board members, Tow would "pursue all appropriate remedies."

Tow's letter sets the stage for further complications in the saga at Adelphia, which in the course of a few weeks has surprised shareholders with potential obligations, failed to file financial reports on time and seen its stock tank. If Tow gets his way, Adelphia will be headed by a board in which the Rigas family controlling the company sits in the minority for the first time. If Tow doesn't, a legal battle seems likely to ensue.

An Adelphia spokeswoman didn't respond to a message left with the company.

Adelphia's shares, which were suspended by


on Wednesday pending additional information from the company, closed at $5.70 Tuesday.