What will Verizon do with a Lost iPhone?

What would Verizon do if someone were to try activating my Lost iPhone 5? I have reported it on the lost/stolen list.

I had gone in with a friend who tried activating her phone, and all they did was say "This phone is on the last/stolen list, do you have another one we can try?" That's literally all they did.

I can't use Find My iPhone, the phone is Deactivated, and there's a Passcode, so it can't be tracked or anything. But, can Verizon let me know if there's a hit on the VIN or something? Anything that can be done, Apple said they can't track it either after Deactivation?

Thanks in Advanced!

Added (1). The Serial Number, not VIN, sorry.

They will not do anything. This post is taken from a cell phone forum:

"So yesterday i was in my backyard and found a droid X with a cracked screen… I just tried to do the right thing and took it into Verizon to try and find the owner and they looked up the number and told me that the guy already got it replaced and that i can keep it! They tried to activate it but the phone was reported lost/stolen (i'm sure as part of him getting his replacement) so i can't activate it… A place in town said they can fix the screen for $120… But i don't wanna spend that if i can't do anything with the phone… What can i do with it besides hook onto Wi-Fi? Is there an way to attach a new ESN number from a different phone?"