"The former Adelphia Communications headquarters building in Coudersport, Pa., has been sold via Internet auction for the second time in five months.That they are getting only pennies on the dollar is not surprising. Indeed, it is often the case. It will be interesting to see what goes in the building that is located so far from any major city or employment center.
The lavishly built, five-year-old building received a high bid of $3.6 million in the online real estate auction. LFC Group of Companies, the California auction firm handling the sale, anticipates finalizing the sale this week....The four-story Adelphia building cost nearly $30 million to construct, and is considered the jewel of now-defunct cable television empire’s real estate portfolio."
Coincidentally (or not lol), today also the Supreme Court rejected an appeal that was intended to allow the Rigases another trial.
From the Denver Business Journal.
"The U.S. Supreme Court refused Monday to hear an appeal by John Rigas... and his son Timothy of their fraud convictions.
The elder Rigas has been sentenced to 15 years in prison. Timothy Rigas, who was Adelphia's executive vice president and CFO, is serving 20 years."