EX-ADELPHIA HEADQUARTERS BACK UP FOR BID
Buyer defaults; new bid standing at $3.1 million

Adelphia's former corporate offices in downtown Coudersport are back on the auction block, after the winner of an earlier round of bidding conducted through the internet defaulted.

The massive structure and grounds along South Main Street are being offered for sale by the same online auction company for a minimum bid of $3 million. As of press time, the high bid was $3.1 million.

That figure is far below the estimated $30 million that was spent on the property by the bankrupt Adelphia Communications Corp. in 2002.

Details are available on the internet at LFC.com. Auctioneer LFC Group of Companies has set a bid deadline of Feb. 14.

Although having sold and closed over 60 other properties in Adelphia's real estate portfolio, the LFC put the property back online when the original winning bidder/buyer, a Los Angeles real estate company, defaulted.

Numerous potential buyers were interested in the property. Several, including a Watsontown company eying the building for a transportation logistics headquarters, toured the property.

It's located in a Keystone Opportunity Improvement Zone, established by the state with the cooperation of Coudersport Borough, Coudersport Area School District and the Potter County Commissioners. KOIZ properties are exempt from real estate taxes.

Adelphia has made annual payments to those three taxing bodies in lieu of taxes under a signed agreement.

The LFC sales pitch is as follows:

"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 complemented 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."

Jack Ukropina, Senior Auction Manager at LFC, said, "After bidding closed the first time around, we had numerous investors and other interested buyers step forward with offers, but by then, it was too late. Now, these prospective buyers have another chance… This building must sell this time around, (probably) for a fraction of its appraised replacement value."

Adelphia continues under the management of Quest Turnaround Advisors, a bankruptcy plan administrator, to liquidate its assets. Almost all of Adelphia's assets were sold to Time Warner and Comcast in July 2006.