A behind-the-scenes battle that has been raging for several days between Leonard Tow, the largest shareholder of Adelphia Communications outside the Rigas family, and the company's board culminated in an angry exchange of letters yesterday between Mr. Tow and Adelphia's interim chief executive.

Here's more background on the latest at Adelphia, which secretly loaned $3.1 billion to the Rigas family. There is a fight for the top in the midst of the Nasdaq delisting, and the key players have strongly opposing views about how to solve the problems. One way or another, it looks like Paul Allen is going to walk away with a lot of assets at a bargain-basement price.