Bidding for Adelphia

Two firms, Time Warner and Comcast, are making a joint bid on Adelphia Communications, the fifth largest cable operation in the United States. After filing chapter eleven bankruptcy in 2002, the founder John Rigas is being sentenced in February for fraud. The operations were split into seven geographical groups for bidding. They chose to auction the company because they feel they are only worth seventeen billion and they don't think they will get any more than that. Companies may bid on some or all, but Adelphia does not guarantee that they will sell any at all. I feel that it is good that Adelphia is auctioning itself off. They were in financial trouble especially since the owner was arrested for fraud. Hopefully if another company buys Adelphia they will be able to keep the company alive, raise sales and boost the economy.