The auction has drawn interest from a wide spectrum of prospective buyers, including a strong international response
Coudersport, PA (PRWEB) September 20, 2007
With less than 30 days until the bid deadline, prospective buyers are racing to take advantage of the opportunity to purchase Adelphia Communications' former corporate headquarters at just a fraction of its estimated value.
LFC Online, in conjunction with the Grubb & Ellis Company, has been selected by Adelphia to sell their former headquarters building, along with several other properties around the country, in a "must sell," accelerated online auction marketing campaign. In a previous online auction for Adelphia, LFC successfully sold over 60 properties located in 17 states throughout the United States.
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. The surrounding community offers a ready supply of top notch human capital to meet staffing needs for any company looking to extend and strengthen their business involvement in Pennsylvania.
"The auction has drawn interest from a wide spectrum of prospective buyers, including a strong international response," states Bill Lange, President of the LFC Group of Companies. "Investors, entrepreneurs and even local universities and colleges have already registered for this online auction."
With the bid deadline of October 11, 2007 just around the corner, potential buyers are urged to visit http://www.LFC.com/695R3 and register to bid in this "must sell" auction.
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 $2 billion. http://www.LFC.com
Grubb & Ellis Company (NYSE: GBE) Grubb & Ellis Company is one of the world's leading full-service commercial real estate organizations, providing a complete range of transaction, management and consulting services. By leveraging local expertise with their global reach, Grubb & Ellis offers innovative, customized solutions and seamless service to owners, corporate occupants and investors throughout the globe. For more information, visit the Company's Web site at http://www.grubb-ellis.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 http://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.
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