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adelphi hq northern pa sheldon good foreclosed american metro bank auction closed bid john timothy rigas klek development
A long-storied HQ building in far-flung Northern PA is about to get a new owner, and perhaps another shot at life. Real estate auction house Sheldon Good & Co has the former HQ for the infamous Adelphi Communications for sale in a sealed bid auction Oct. 6, according to its website. The nearly 81k SF office in Coudersport is being sold by American Metro Bank after it foreclosed upon the property from Klek Development earlier this year, according to reports. Officials with Sheldon Good did not return phone calls seeking comment. Adelphi collapsed into bankruptcy in 2002 amidst scandal after it revealed it hid more than $2B in debt in off-balance sheet transactions. It's founder John Rigas and his son Timothy Rigas are still serving prison time. Here's hoping the next owner—and tenant—has a much better story to tell.
Related Topics: Sheldon Good, Northern PA