Judge Orders Companies Be Sold To Settle Dispute

Wednesday, October 31st 2007, 7:00 am
By: News On 6

McALESTER, Okla. (AP) -- A Pittsburg County judge says two of former Senator Gene Stipe's abstract companies must be sold to settle a lawsuit with former business partner Steve Phipps.

The judge says Latimer County Abstract Company in Wilburton and Stigler Abstract Company will be sold to the highest bidder in an auction scheduled for January.

Also to be sold is two-thirds of Meurer Abstract Company in Pawnee.

The money will go to Stipe and to Phipps' wife Brenda who owns her husband's share of the companies and Brenda Phipps will retain ownership of three other abstract companies in Idabel, Antlers and Hugo.

The companies have also been part of an FBI investigation into alleged political corruption.