Extract: "There were 12 participants including Amazon and several other portfolio applicants with deep pockets. Two players dropped out early, when the price was less than 2 million, the remaining 10 stayed in the fight until the price was above $5m and over half the applicants were still bidding when the TLD reached $12.5m. Four participants were left when the TLD reached $20m. Since, even if this auction had been held in private, a winning bid of $25m would only have meant proceeds of around $2m per applicant the argument about withholding funds from competitors doesn't carry much weight in this case. Also, there are mechanisms to delay proceeds from private transactions reaching losing applicants".