PHILIPPI, W.Va. The ownership of the remaining assets of Alderson Broaddus University will be decided in an auction on January 31 after an Elkins businessman submitted a bid as the deadline fell.

Owner of Elkins-based CGP Construction, Craig Phillips, submitted a bid of $5 million and the required $10,000 deposit.

In December, Buckhannon-based DACK Investments, a real estate leasing company, placed $4.9 million.

The $5 million bid placed by Phillips now triggers an auction on January 31 at 11 a.m. in U.S. Bankruptcy Court in Clarksburg for ownership of the property.

Alderson Broaddus declared bankruptcy after the High Education Policy Committee revoked their certification to grant degrees. At the time, the university said there were between $1 million and $10 million in total assets and liabilities of between $10 million and $50 million, and they were indebted to more than 100 creditors.