Tuesday, March 04, 2008

The Buffalo News: Business: Adelphia headquarters building sells for $3.6 million

The Buffalo News: Business: Adelphia headquarters building sells for $3.6 million:
"The former Adelphia Communications headquarters building in Coudersport, Pa., has been sold via Internet auction for the second time in five months.

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."
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.

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."

1 comment:

Financy Reagan said...

Coincidence...I think not! This story is eerily similar to that of famed pugilist and long time media fodder Mike Tyson! However, the two stories differ in that instead of an affinity for lavish buildings like the Adelphia boys, our hero "Iron Mike" had a soft spot in his sinister heart for the endangered white tiger. These massive alabaster cats accounted for nearly $8,000 dollars a week of Mike's $400,000 a month lifestyle...talk about a knockout