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Hundreds bid in auction to liquidate Universal Health Care Group

ST. PETERSBURG — Hundreds of bidders participated both online and in person at Universal Health Care's headquarters as auctioneer Eric Rubin began to liquidate the property of the former insurer.

The St. Petersburg Medicare insurer wound up in bankruptcy court last winter after state regulators deemed Universal nearly insolvent and accused executives of financial mismanagement — including fraud and diversion of funds.

Thousands of items are up for bid in the two-day auction at 100 Central Ave. in St. Petersburg. Proceeds will help pay Universal's creditors, owed more than $50 million.

All the artwork in the building, including custom artwork, hand-blown glass plates and sculptures and an enormous portrait of Gandhi will be auctioned when the event continues on Wednesday at 10 a.m. The preview begins at 9 a.m.

Hundreds bid in auction to liquidate Universal Health Care Group 09/24/13 [Last modified: Tuesday, September 24, 2013 5:36pm]
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