Adelphia draws winning bid of $42.75 million for security business at auction

By Ellen Chang

Houston, Jan. 26 - Adelphia Communications Corp.'s Starpoint LP security business will be sold for $42.75 million to Devcon Security Services Corp., according to a notice filed Tuesday with the U.S. Bankruptcy Court Southern District of New York.

Devcon was the winning bidder at an auction for Starpoint, which owns Cable Sentry Corp., Coral Security Inc. and Westview Security Inc.

Devcon's bid is $4.55 million over the stalking horse bid of $38.2 million, offered by Innova Security Solutions LLC.

Devcon will pay Innova the break-up fee of $1.15 million and reimburse $250,000 of expenses.

The hearing to approve the sale is scheduled for Jan. 28.

Adelphia filed for bankruptcy on June 25, 2002. Its Chapter 11 case number is 02-41729.

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