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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.

Originally founded in December 2006 as an independent grassroots publication dedicated to coverage of health issues in Florida, Health News Florida was acquired by WUSF Public Media in September 2012.