Carole Cadwalladr went in search of the top bidders.

"We're not particularly invested in the regulation, we're mostly focused on how can we be the top bidder," he says.

And many of the top bidders in the latest auction are still scrambling for money.

Other top bidders are expected to try the same thing.

One month later the top bidder will be notified and awarded the record.

Several top bidders were techies, for whom wine country has become a favored hangout.

Next Wave was top bidder for only two licenses in the second round.

In a statement on Tuesday, he called the recommendation "a photo finish between the two top bidders."

But it does not simply place the top bidder first.

Even so, Boras promises, with crossed heart, that only 30 percent of his clients go to the top bidders.