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agreement and then sell out to another cable company.
Mr. McCarthy said often franchise agreements allow the locality to buy the equipment if a company wants to sell out or if service is discontinued.
Jospeh Price, regional manager of Adelphia, said, “The right of first refusal at fair market value and the discontinuation if service is not provided for 30 days are conditions under which we are used to operating. ”
Phil Irwin asked if the county would get any income from the franchise.
“Five percent off the top,” Mr. McCarthy said.
Mr. Irwin continued, “With the phone company burying cables, we have gotten rid of one wire in our view. In the town of Washington all these lines are distracting.”
Stonewall-Hawthom District representative Robert Anderson noted that the proposal included a copy of a “glowing letter to stockholders that doesn’t match Adelphia’s performance in the stock market. Has the stock dropped?”
Mr. Price acknowledged that the stock has dropped and explained, “The financing of cable TV has changed drastically. Adelphia is a sound cable TV operator. It has rised from 18th largest in the country to 15th, and this growth has continued in spite of the factors that make the cable business difficult.”
Jackson District representative Ellis Bingham said, “The debt drives the stock down. It is a false indication.”
“There is going to be some form of reregualtion,” Mr. Price said. “There was a recognition in 1984 that the industry was stifled, and Congress took the lid off. The industry has grown as a result of deregulation, but the climate now in Congress is to say, ‘We have accom
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