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Mr. Armstrong's idea was to upgrade cable systems to carry digital video, Internet bits and telephone calls.
The cable television industry has invested about $50 billion of investors' money over the last five years to upgrade cable networks to deliver digital services.
Mr. Hatch said Liberty needed to spend up to $3 billion to upgrade cable systems in Germany over the next three years, which could "impair stock appreciation growth".
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The buyback plan comes as Comcast has upgraded cable systems to offer more services and has reversed customer losses at the former AT&T unit.
UPC shares plunged this year on speculation the company would run out of cash before becoming profitable as it upgrades cable networks it acquired to sell digital TV, faster Internet connections and telephone services.
This year alone, Con Edison officials said, the utility has spent $483 million repairing and upgrading cable lines, transformers, substations and other components of its distribution system, all part of a five-year, $2.4 billion capital improvement project the company agreed to in 1999 after widespread criticism over the Washington Heights blackout.
"Packet cable" is supposed to cut the price of upgrading cable systems to provide phone service from $1,000 to $400 or so in two years.
Liberty also has the right to fill a dozen or more channels on AT&T's upgraded cable systems-access potentially worth billions.
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