Two wireless operators shared a similar business plan. One is preparing for a lucrative IPO, the other has gone bankrupt and is selling off assets.

Bad news first. Amp'd Mobile is planning to shut down its service Tuesday. The company, which rented Verizon's wireless network to pursue a content-driven business plan aimed at young adults, entered bankruptcy protection last month after Verizon demanded a $56 million payment Amp'd didn't have. Amp'd will also begin auctioning off its assets, having failed to find a buyer or debtor-in-possession financing.

Exactly what happens to existing Amp'd customers is up in the air. The company has informed all subscribers about the situation via text message alerts and has posted a rather ambiguous FAQ page to its Web site. Looks like it's up to customers to find another carrier that supports the same technology as Amp's phones-meaning Verizon or Sprint for the most part.

There was some discussion earlier in the saga of Amp'd transitioning to a mobile content production firm. But in the most recent court filings, it seems the company's content assets are also up for sale along with the subscriber base to the highest bidder.

Meanwhile, Virgin Mobile USA, which rents airtime from Sprint, remains the only lasting MVNO success story to date. The company has spent the summer preparing for an IPO. Initially set to raise $100 million, Virgin has raised the IPO limit to $506 million, which would result in $332.6 million in net proceeds after expenses.

Most of the proceeds will be used to pay off debt and pay Sprint its portion of limited liability company interests.