Pay By Touch founder files for bankruptcy
John Rogers, the founder of biometrics startup Pay By Touch, has filed for personal bankruptcy, the San Francisco Business Times reports. On top of that, four employees are seeking $60,000 or more in back pay from the company, and are trying to force Pay By Touch into bankruptcy to get what they're owed. Pay By Touch is not actually in bankruptcy yet, and the company could try to oppose the move in court or come to a settlement. Rogers, who has a controversial past, holds two-thirds of the company. But investors who have arranged a $163 million loan for the company are suing in a dispute over the makeup of the board. Add that credit line to the $190 million in venture capital the company has raised. With $350 million in stake, you'd think investors would be fighting over how to salvage something from this troubled company.