Adelphia's Former Headquarters Building Finally Sold: Third Time's a Charm for Coudersport's "Taj Mahal"

Business Wire, April 8, 2008

NEWPORT BEACH, Calif. -- After two online auctions, two defaulted buyers, and an alleged embezzlement involving the FBI and the Boston District Attorney's Office, the LFC Group of Companies has successfully sold Adelphia Communications Corporation's former headquarters building via their innovative online auction process. Located in Coudersport, Pennsylvania, local residents have referred to the massive, ornate structure as the town's "Taj Mahal" since its completion in 2002, and more recently deemed it "jinxed" and "cursed" because of its controversial past.

The building's beginnings unfolded amid corporate scandal. Before the opulent headquarters-made of brick, marble, granite and bronze-was even open for business, John Rigas, Adelphia's CEO, and his son Tim were indicted for corporate fraud. In 2002, Adelphia, once the nation's fifth largest cable company, filed for Chapter 11 bankruptcy-and the so called "Rigas curse" began. In June of 2007, the Rigases were convicted and sent to federal prison. The deserted headquarters building became a symbol of a fallen empire and, that same summer, after attempting to sell the property for more than three years with no success, Adelphia selected the LFC Group of Companies, a California-based online real estate auction marketing firm, to auction the palatial building. The building was posted on LFC's auction website LFC Online (www.LFC.com/715R5) with a minimum bid of $1 million. Previously, in February of 2007, LFC had successfully sold more than 60 of Adelphia's real estate assets scattered across the country, from small residential properties to large land parcels and everything in between, as part of the corporation's official Plan of Reorganization.

On November 1, 2007, after a 20-day bidding war, a winning bidder was announced with a high bid of $3.4 million. But when the winning bidder was unable to come up with the money to close the deal, he defaulted on the purchase. LFC was bombarded with backup offers, and a second buyer came out of the woodwork. A businessman from Northern Ireland entered into an agreement to purchase the property for $3.4 million and wired the funds required for the deposit, and later the additional funds to pay the remaining balance, to an attorney in the Boston area. Allegedly, according to several reports by the press citing court documents, the funds changed hands several times and much of it was later found by the FBI, in cash, concealed in brown paper and plastic bags on a private jet bound to leave the country for Venezuela.

After losing his chance to purchase the Adelphia building, the Irish buyer became the second to default and the building was put back up on the auction block in early February, at a minimum bid of $3 million. The second online auction campaign to sell the Adelphia headquarters building was much more accelerated than the first. After a week-long campaign and an additional week of day-to-day bidding in "Last Call," the building found its third and final buyer at $3.6 million.

"Nobody could've anticipated the turbulence this sale encountered, but ultimately, I don't believe that the building would've sold any other way," comments Bill Lange, president of the LFC Group of Companies. "Our specialized online auction-marketing process delivered global exposure of the property and a convenient vehicle for buyers to participate. We are proud of our accomplishment and thank Adelphia for their support. It has been an interesting journey."

Nevertheless, after all of the drama surrounding the sale of the Adelphia building, which is deserving of a made-for-TV movie, the LFC Group of Companies is finally breaking open the bottle of champagne that has been patiently chilling in the fridge for the last six months.

LFC Group of Companies For more than 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.