NJ Insurer Wins Auction for Universal

Mar 1, 2013

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.