Cable Television: Adelphia files for bankruptcy

Listing $24.4 billion in assets and $18.6 billion in debts, Adelphia Communications began operating Wednesday under bankruptcy protection after being rocked by three months of revelations of off-the-books debt, accounting problems and questionable deals by its founding family.

The nation’s sixth-largest cable television company said even those basic figures can change as it tries to regroup under Chapter 11 bankruptcy protection.

Adelphia disclosed earlier that it was revising revenue figures and subscriber totals and that its former accountant Deloitte & Touche, since replaced by PricewaterhouseCoopers, had withdrawn certification of its financial statements since March 2001.

Indictment: New charges filed against former Tyco executive

The former chief of Tyco International Ltd., charged earlier this month with evading sales taxes on pricey art, pleaded innocent Wednesday to a new indictment charging him with tampering with evidence.

“I plead not guilty,” Dennis Kozlowski, 55, said as he was arraigned in Manhattan’s State Supreme Court. Justice Michael Obus allowed him to remain free on $3 million bond and set his next court appearance for Aug. 14.

Wednesday’s 14-count superseding indictment says Kozlowski removed a bill of lading from a document file at his office in Boca Raton, Fla., after the file was requested by the Manhattan district attorney’s office.

Investigation: Stewart shares take tumble on news of widening probe

Shares of Martha Stewart Living Omnimedia Inc. tumbled nearly 24 percent Wednesday, fueled by reports that the decorating maven may be facing a wider probe of her sale of ImClone Systems Inc. shares, including possible charges of obstruction of justice and making false statements.

At the heart of the matter now is whether Stewart, who is chairwoman and chief executive of her multmedia company and sits on the board of the NYSE, misled prosecutors in explaining why she sold almost 4,000 shares on Dec. 27. That was a day before the Food and Drug Administration announced that it would not consider Erbitux, ImClone’s experimental cancer drug. Shares of ImClone subsequently plummeted.

Wall Street: Firms announce dividends

Overland Park-based financial services firm Waddell & Reed announced its board of directors has approved a quarterly dividend of 13 cents a share.

Topeka-based Westar Energy said its board of directors has agreed to pay a quarterly dividend of 30 cents per share.