8-KLeadership Changes

CHARTER COMMUNICATIONS, INC. /MO/ 8-K Report, Executive Changes (Sep 15, 2004)

Filed September 15, 2004For Securities:CHTR

Summary

Charter Communications, Inc. (CHTR) announced on September 15, 2004, that Nancy B. Peretsman resigned from its Board of Directors, effective September 14, 2004. This resignation was a condition stipulated by the bankruptcy court to avoid potential conflicts of interest. Ms. Peretsman's role as a Managing Director at Allen & Company, LLC, which was selected to advise Adelphia Communications Corporation (operating under Chapter 11 bankruptcy), created a perceived conflict. The bankruptcy court's approval of Allen & Company's role was contingent on meeting these conditions, including Ms. Peretsman's resignation from the Charter board. Investors should note this event as a procedural step related to Adelphia's bankruptcy proceedings and its impact on corporate governance oversight at Charter.

Key Highlights

  • 1Nancy B. Peretsman resigned from Charter Communications' Board of Directors on September 14, 2004.
  • 2Ms. Peretsman is a Managing Director at Allen & Company, LLC.
  • 3Allen & Company, LLC was selected to serve as a financial advisor to Adelphia Communications Corporation.
  • 4Adelphia Communications Corporation is currently operating under Chapter 11 bankruptcy protection.
  • 5Ms. Peretsman's resignation was a condition to eliminate potential conflicts of interest, as approved by the bankruptcy court.
  • 6The bankruptcy court approved the selection of the financial advisors, subject to the fulfillment of proposed conditions, including Ms. Peretsman's resignation.
  • 7The resignation is effective as of September 14, 2004.

Frequently Asked Questions

Ms. Peretsman resigned to avoid potential conflicts of interest. Her firm, Allen & Company, LLC, was selected to advise Adelphia Communications Corporation, which is in Chapter 11 bankruptcy. The bankruptcy court required her resignation as a condition for approving Allen & Company's advisory role.

No, the filing indicates the resignation is directly related to potential conflicts of interest arising from her professional role with Adelphia Communications Corporation's bankruptcy proceedings, not due to any issues within Charter Communications itself.

The primary significance for Charter investors is the procedural step taken by Charter's board to ensure governance and avoid conflicts. While Adelphia's bankruptcy is a separate event, it necessitated this action by Charter to maintain board independence and comply with court requirements.

Nancy B. Peretsman is a Managing Director and Executive Vice President at Allen & Company, LLC, an investment bank. Her resignation was from her director position at Charter Communications.