Pay By Touch founder files for bankruptcy - Valleywag Comments

Pay By Touch founder files for bankruptcy

Nicholas Carlson — Mon, 12 Nov 2007 14:53:30 PST

@SFJT: This I need to hear about. Shoot me an email?

Nicholas Carlson

Pay By Touch founder files for bankruptcy

SFJT — Mon, 12 Nov 2007 09:27:52 PST

Also, the employees suing to get paid is a ploy by JR to get control of the company back.

That may be, but I know many, many people who have been stiffed by the company. Pay By Touch is also being sued for wrongful termination by a former SVP as well as by the ex-head of HR (who was ousted to make way for Rogers mother).

SFJT

Pay By Touch founder files for bankruptcy

fatbastard — Sun, 11 Nov 2007 11:44:05 PST

$190 million? The real total is more like $400 million. Also, most of their funding was raised from hedge funds who wanted nothing to do with running the company or following it. This was during the cheap money, liquidity bubble of recent years where the mantra was, "I don't care what your business model is and I don't want a board seat. Just show me where you fall in a risk matrix and possible exit strategies."

For some odd reason, they want their money back now. Redemption time is a bitch aint it boys?

Also, the employees suing to get paid is a ploy by JR to get control of the company back. The employees are his family or their cronies. His mother is/was the head of HR...one reason why nobody at the company spoke out against him and his hijinx.

fatbastard