ANALYSIS-Allen's Charter Comms may run afoul of lawsuits

* Charter bankruptcy plan could be delayed by debtor suit

* Charter and Paul Allen being sued for fraud by fund

By Yinka Adegoke

NEW YORK, April 1 (Reuters) - Charter Communications' CHTR.O bankruptcy process could be derailed by lawsuits claiming loan agreement violations.

Charter, the cable TV operator controlled by Microsoft (MSFT.O) co-founder Paul Allen, filed for bankruptcy last week, buckling under the weight of $21.7 billion in debt. [nN27544168]

Now, the once acquisitive cable firm is being sued by JPMorgan (JPM.N), on behalf of itself and other holders of $8.5 billion in senior debt, saying the cable company defaulted on debt because of a change of control.

Four sources familiar with Charter's reorganization talks told Reuters that JPMorgan's suit could delay or even derail the bankruptcy process.

Under Charter's proposed restructuring plan, Allen will keep a 35 percent controlling, voting stake in Charter but his equity stake would be reduced to 7 percent. As of Dec. 31, 2008, Allen had had a 91 percent controlling stake through his Class B common stock, and a 49 percent common equity stake.