In order for bpowerd to function correctly your inittab must contain the lines

pf::powerfail:/etc/rc.d/init.d/bpowerfail start
pn::powerfailnow:/etc/rc.d/init.d/bpowerfail now
pr:12345:powerokwait:/etc/rc.d/init.d/bpowerfail stop

these call the shutdown function when a powerfail state is encountered.
Please remove any other powerfail, powerfailnow, or powerokwait lines from
inittab and insert these.  Then run 'kill -1 1' to make sure the changes take
affect.

You also must either make a symlink from /dev/ups to the device file that the
UPS control cable is on (/dev/ttyS?) or change /etc/sysconfig/power to point
to the device file instead of /dev/ups.