After its original buyer defaults, the LFC Group of Companies puts Adelphia Communications' former corporate headquarters building back on the auction block, giving interested buyers another opportunity to purchase this 'crown jewel' for a fraction of its estimated value.
Newport Beach, CA (PRWEB) February 6, 2008 -- After all of the buzz and excitement surrounding the online auction of Adelphia Communications Corporation's former headquarters, the class A office building is back on the 'virtual' auction block.
Although having sold and closed over 60 other properties in Adelphia's real estate portfolio, the LFC Group of Companies is auctioning this 'crown jewel,' once again, on its website LFC Online (www.LFC.com/715R3), as the original winning bidder/buyer has defaulted. The minimum bid for the property is $3 million, just a fraction of the $30 million value recorded on a recent appraisal document, ordered by the previous buyer.**
Built in 2002, this striking 72,000-square-foot, three-story office building is complete with a fully-finished basement and 80,000 square feet of paved parking space. Its polished granite exterior is complimented by bronzed windows, a stunning concrete and granite stairway with decorative wrought iron railings and two massive granite pillars inviting guests to experience the corporate opulence within. At night, wall-wash and ground-recessed lighting illuminate the ornate exterior brickwork. The interior of the building boasts brass, bronze, granite, maple wood and parquet flooring and custom woodwork, including raised panel doors and wainscot, throughout. Just off of Route 6 connecting Coudersport to eastern and western Pennsylvania, the state-of-the-art building is fully-networked to house over 275 employees.
"It's quite an ironic story actually," comments Jack Ukropina, Senior Auction Manager. "After bidding closed the first time around, we had numerous investors and other interested buyers step forward with offers. They came to realize what a steal this property was and wanted to buy it, but by then, it was too late. Now their wish has come true. These prospective buyers have another chance, but they better move quickly as the bid deadline is approaching," continues Ukropina.
With the bid deadline of February 14, 2008 about a week away, interested parties are urged to visit www.LFC.com/715R3 as soon as possible to register to bid, and ensure they have ample time to conduct their due diligence and schedule an appointment to view the property, if desired. This building must sell this time around, so don't miss your last chance to own this 'remaining icon of Adelphia's empire' for a fraction of its appraised replacement value.
LFC Group of Companies -- For over 30 years, the LFC Group of Companies has served numerous Fortune 500 companies, real estate developers, investors, financial institutions and government agencies by auction marketing thousands of commercial, industrial, land and residential properties with an aggregate value well in excess of $5 billion. www.LFC.com
Adelphia Communications Corporation -- The Effective Date of the Plan occurred on February 13, 2007. Adelphia Communications Corporation continues under the management of Quest Turnaround Advisors, LLC, its Plan Administrator, to liquidate its assets and administer its plan of reorganization. Prior to the sale of substantially all of the consolidated assets of Adelphia Communications Corporation and its subsidiaries to Time Warner NY Cable LLC and Comcast Corporation on July 31, 2006, Adelphia Communications Corporation was the fifth largest cable television company in the country. It served customers in 31 states and offered analog and digital video services, high-speed Internet access and other advanced services over its broadband networks.
Cautionary Statement Regarding Forward-Looking Statements -- This press release includes forward-looking statements. All statements regarding the Company's and its subsidiaries' and affiliates' expected sources and uses of cash, income tax positions, indemnification obligations related to the Sale Transaction with TW NY and Comcast, settlements with the Securities and Exchange Commission (the "SEC") and the United States Attorney's Office for the Southern District of New York (the "U.S. Attorney") and future course of the administration of the Plan, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will" and other similar expressions, are forward- looking statements. Such forward-looking statements are inherently uncertain, and readers must recognize that actual results may differ materially from the Company's expectations. The Company does not undertake a duty to update such forward-looking statements. Factors that may cause actual results to differ materially from those in the forward-looking statements include the potential costs and impacts of the transactions and obligations associated with the Sale Transaction with TW NY and Comcast, whether all of the transactions contemplated by the settlements with the SEC and the U.S. Attorney are consummated, the Company's administration of the Plan, the tax effects of various aspects of the Plan, results of litigation against the Company, results and impacts of the sale of the Company's assets and those discussed under Item 1A, "Risk Factors," in the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2006 and in the Company's Second Disclosure Statement Supplement, filed with the Bankruptcy Court on October 16, 2006, which is currently available in the important documents section of the Company's website at www.adelphiarestructuring.com. Information contained on the Company's Internet website is not incorporated by reference into this press release. Many of these factors are outside of the Company's control.
**The appraisal and the information contained therein are provided for informational purposes only. The property owner and the LFC Group of Companies are not responsible for the accuracy of the appraisal, the information contained therein or the conclusion as to valuation. Interested parties are highly advised to conduct their own independent evaluation of the property.
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