Lender’s Liability Reach May Be Clarified in Adelphia Recovery TrustDecember/January 2011 – Articles ABI Journal
Adelphia Communications Corp. may be a blast from the past for most readers since it has been going on for more than eight years. It seems like ages ago that the collapse of the cable giant was gripping news as the financial fraud underlying the collapse was unraveled. However, on Sept. 22, 2010, the Adelphia Recovery Trust (ART) announced it reached agreement in principle to settle its claims against Adelphia’s pre-petition lenders and investment banks in the suit titled Adelphia Recovery Trust v. Bank of America NA, et al., No. 05 CIV 9050 (S.D.N.Y.) (bank litigation) for $175 million.