NJ Insurer Wins Auction for Universal
Care Point Insurance Co., based in New Jersey, won a bankruptcy auction for Universal Health Care Group in St. Petersburg, pending approval by state authorities. Care Point's bid was $33.25 million, all cash, according to Harley Riedel, Universal's bankruptcy attorney.
A company controlled by Dr. Kiran Patel actually offered more money -- $36.5 million -- but it would have been paid over time.
More details are provided in this report by Tampa Bay Business Journal.