Phipps-Stipe Abstract Companies To Be Sold

The Oklahoman's Tony Thornton reports from McAlester today that two abstract companies owned by Steve Phipps' wife and former Senator Gene Stipe will be sold to resolve the lawsuit Stipe filed against Phipps two years ago.

Phipps and Stipe have been targets of a federal investigation that thus far has resulted in Phipps' guilty plea to conspiracy; he admitted paying kickbacks to three former legislators as part of a scheme to funnel state funds into entities he owned. Former Rep. Mike Mass also has entered a guilty plea to charges in the probe.

Latimer County Abstract Company in Wilburton and Stigler Abstact Company will be sold to the highest bidder in a January auction. Two-thirds of Meurer Abstract Company in Pawnee also will be sold. Proceeds will go to Stipe, along with $800,000 from Phipps' wife, Brenda, to whom Phipps transferred ownership before entering his guilty plea.

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