We got a hold of former Pay By Touch CEO John Roger's public bankruptcy filing. In the document, Rogers had to declare his remaining personal assets. And for a guy who celebrated his 40th birthday with a cake decorated "240 by 40" — celebrating the fact that he'd raised $240 million in financing for his companies by age 40 — he's doesn't have a lot to show for it. There's $1,275.68 in a Schwab account, $93.23 in a UBS account, $4,335.21 at Wells Fargo Bank, an $8,000 security deposit with his landlord, $2,000 in household goods, and $2,500 worth of clothing to his name. But no wonder, considering the monthly expenses John Rogers detailed in the filing. Spending $1,000 on clothes each month really adds up. He owes American Express a grand total of $68,272.67. And there's more, too.

According to his bankruptcy filing, Rogers spends — or hopes the bankruptcy court will believe he spends — $2,000.00 a month on electricity and heating fuel, $1,000 for water and sewer, and $1,000 for his telephone line, and yes, $1,000 for clothing.

Now, before you get to feeling self-righteous, do note that Rogers also set aside $500 per month for "charitable contributions," the very exact same amount he spends on "recreation, clubs and entertainment, newspapers, magazines, etc."

Here's the page from the filing detailing Roger's expense. Click on the image to expand.

Here's the complete filing (PDF).

10:00 AM on Wed Nov 28 2007
By Nicholas Carlson
4,076 views
5 comments

Comments

Adam Rock at 10:40 AM on 11/28/07
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Correction: That's $500 on both Transportation and Recreation, not on Charitable Contributions.

Don't give credit where none is due!
mandarin at 10:58 AM on 11/28/07
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Overspending clown...
Rick at 03:35 PM on 11/28/07
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lol, no blow in the declaration?
deep_pit at 08:47 AM on 11/29/07
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Read on in the complete document. This makes great toilet side reading. From current monthly gross wages, salary and commissions of $25,000, $15,450.72 is the net monthly (page 15). Current expenditures are $8,000 for rent or mortgage (that's more than 1/2 of net monthly income!), $2,000 for electricity and heating fuel (!), $1,000 for water and sewer, and $1,000 for telephone, $1,000 for food, $1,000 for clothing (per month?), and $1,300 for various other expenses for a total monthly expenditure of $15,300 (page 16). That means monthly take home after expenses is $15,450.72 - $15,300 = $150.72. Poor man.
Slartey at 10:15 AM on 12/14/07
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I can't believe that his monthly expenditure on "Recreation, clubs and entertainment" was only $500. Makes you wonder why he bothers to spend $1000 on clothing each month - seems a little disproportionate. I guess he must dress himself up (a lot) and get someone else to pay for him (but then he claims to stuff himself with $1000 worth of food every 30 days). Maybe he buys disposable clothes... But then again he maintains that he spends $200 on laundry a month, so that can't be it... He must have the laundromat in his own house, given his $2000/month electricity bill... But then why would have to pay for the laundry? Such conundrums...