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Adelphia Communications Corporation, named after the Greek word "brothers", was the fifth largest cable company in the United States before filing for bankruptcy in 2002 because of internal corruption. Adelphia was founded in 1952 within the town of Coudersport, Pennsylvania. The headquarters for the company was moved to Greenwood Village, Colorado shortly after filing for bankruptcy. The majority of Adelphia's revenue-generating assets were officially acquired by Time Warner Cable and Comcast on July 31, 2006. Currently, LFC [1], an internet-based real estate marketing firm, is auctioning the remaining Adelphia real estate assets. As a result of this acquisition, Adelphia no longer exists as a cable provider. Adelphia's long-distance telephone business with 110,000 customers in 27 states (telephone & long-distance services) was sold to Pioneer Telephone for about $1.2 million.[1] Had the 110,000 telephone customers been shut off versus being sold to Pioneer Telephone, those customers would have more than likely left Adelphia cable and high speed internet services. The potential financial damage to the creditors of Adelphia was over $150 million dollars. Although the purchase price by Pioneer Telephone was relatively small ($1.2 million) the transaction was very significant. Upon divesting its cable assets, Adelphia retained a skeleton crew of 275 employees to handle remaining bankruptcy issues. [2] It still exists as a corporate entity, continuing largely to settle ongoing financial obligations and litigation claims, as well as to consummate settlements with the SEC and the U.S. Attorney. It plans to sell most of its remaining real estate assets via a large Internet property auction. [2]
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