Adelphia vice president of finance resigns

COUDERSPORT, Pa. - Adelphia Communications Corp.&#39;s vice president of finance has resigned, the cable-television company announced Sunday, days after two members of the founding family resigned. <br> <br> James R. Brown&#39;s resignation, which comes after 18 years of service to Adelphia, is effective immediately, the company said. <br> <br> Adelphia founder John J. Rigas, company chairman and chief executive officer, and his son, Timothy, chief financial officer, both resigned last week. <br> <br> The resignations came in the wake of the company&#39;s revelation that it had failed to disclose $2.3 billion in borrowing by the Rigas family and partnerships for which the company might bear liability. <br> <br> The company also confirmed last week that the Securities and Exchange Commission was investigating, delayed filing its annual 10-K financial statement, and said it would restate three years of financial results to show $1.6 billion of the off-the-books debt as a liability. <br> <br> On Friday, the company said it is under investigation by two federal grand juries and missed $44.7 million in bond interest payments, increasing the threat of a cash crunch that could force a bankruptcy filing. <br> <br>

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