Pay By Touch to go under outside control until legal issues resolved
Pay By Touch, the venture and hedge fund-backed company that offers a way to let people pay at stores through fingerprint identification, has been facing a slew of problems. Now, it is being put under court-appointed, outside control, VentureWire reports (sub required), citing Delaware court documents.
Its investors are worried about management issues: The company is facing an involuntary petition under Chapter 11 bankruptcy protection, filed by former employees who say they haven’t been paid. Its… Continue Reading
Pay By Touch in trouble, founder filing for bankruptcy
(This story has been updated with company response, and a copy of a leaked memo from an investor alarmed about mismanagement at the company)
Pay By Touch’s founder John Rogers had big dreams of changing the way people paid for things.
He raised hundreds of millions two years ago from investors, and promised he would let poeple pay with their fingerprint in stores across the nation.
But now Rogers is filing for personal bankruptcy, and there’s question the… Continue Reading