Verizon wins heated OKC bankruptcy auction for Stelera assets

After 69 bids, Verizon tops AT&T to buy wireless spectrum rights for $32.2 million.
by Brianna Bailey Modified: October 14, 2013 at 8:06 pm •  Published: October 15, 2013
Advertisement
;

With a $32.2-million bid, Verizon Wireless was the winner of a bankruptcy auction Monday for some of the assets of failed Oklahoma City-based Stelera Wireless.

Verizon and rival bidder AT&T vied for 18 Federal Communications Commission licenses for 3G and 4G wireless spectrum rights in Colorado, New Mexico, Kansas and Texas.

Bidding started at $19 million for the licenses, with AT&T and Verizon tossing out 69 competing bids over the course of the roughly two-hour auction Monday morning at an Oklahoma City law office.

During one particularly heated 28-minute portion of the auction, AT&T and Verizon bid against each other 52 times at $200,000 intervals, said Oklahoma City attorney Clay Christensen, who represents the debtor Stelera and also served as auctioneer.

“Nobody envisioned the numbers getting this high,” Christensen said.

Oklahoma City-based Stelera was founded in 2006 by former Dobson Communications Corp. President Ed Evans.

>>Read: Wireless company targets rural areas (Published July 30, 2008)

>>Read: Made in Oklahoma: Stelera Wireless (Published April 1, 2008)

| |

by Brianna Bailey
Business Writer
Brianna Bailey has lived in Idaho, Germany and Southern California, but Oklahoma is her adopted home. She has a bachelor's degree in Journalism from the Univerisity of Oklahoma and has worked at several newspapers in Oklahoma and Southern...
+ show more

Advertisement


Nobody envisioned the numbers getting this high.”

Clay

Christensen,
Oklahoma City attorney

Trending Now



AROUND THE WEB

  1. 1
    Mayor Who Fired Lesbian Police Chief Caught On Tape In Homophobic Tirade
  2. 2
    NBA commissioner wants to raise age limit to 20
  3. 3
    Dream guitars I wouldn't mind calling my own (34 Photos)
  4. 4
    Glen Campbell Moved to Health Care Facility
  5. 5
    Why the U.S. government is 'trolling' terrorists on social media - CNN.com
+ show more