market

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This was the third buyer who attempted to buy the four-year-oldopulent building--constructed out of brick, marble, granite andbronze--after the company placed the building for sale with onlinebidding company LFC Group at a minimum bid of $1 million. On Nov.1, 2007, after a 20-day bidding war, a bidder claimed the prizewith its offer of $3.4 million. However it was unable to procurefinancing, so the bidder defaulted. A second buyer from NorthernIreland also offered $3.4 million, but that deal fizzled out aswell. The building went back on the block in February, with aminimum bid of $3 million. A third and final buyer won the buildingat $3.6 million this week.

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Adelphia filed for Chapter 11 bankruptcy protection afterdisclosing off-balance-sheet debt in excess of $2 billion. Twofounders and officers, John and Timothy Rigas, were among the highprofile success prosecutions of CEOs in the early 2000s. TimeWarner Cable and Comcast have since acquired much of Adelphia'scommunications business.

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While the sale of its headquarters is a fitting end for thecompany, the transaction also spotlights the growing use ofonlineauctions for commercial real estate. In a unrelatedinterview with GlobeSt.com Kelly Lovegrove, as director ofoperations at the LFC Group of Cos. noted that as the credit crunchintensifies, more firms are turning to the Internet for greaterexposure to buyers as they seek to dispose of their assets.

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