Payment processor Phoenix Payment Systems Inc. canceled its auction and declared an affiliate of North American Bancard LLC as the winner of its assets, Dow Jones Daily Bankruptcy Review reported today. In a Wednesday court filing, Phoenix Payment Systems said that it didn't receive any qualified competing offers to the $50 million stalking horse, or lead, bid by the North American Bancard affiliate. The entity making the bid is EPX Acquisition Co., named that way because Phoenix Payment Systems does business as EPX. EPX said that it will ask Judge Mary F. Walrath to approve the sale at a hearing tomorrow.
