In a shareholders' conference call yesterday, Pay By Touch CFO Robert Sigler told investors the company plans to raise $150 million in 2008. This after Pay By Touch management has already burned through over $300 million since its founding and cost some 250 jobs just this fall. Tell you what, I hope Sigler and returning COO Eula Adams find their investors. Beause whoever they are, maybe I can find something to sell them, too. (Photo of the Brooklyn Bridge by absolutwade)

Eula Adams, who's returned to trouble payments company Pay By Touch as its COO, said during a conference call for investors today that at least two independent investigations into alleged illegal acts by officers of the company came up empty:

Failing biometrics company Pay By Touch has shed 250 employees in the last "couple months," COO Eula Adams said on a call for shareholders today. Of that 250, Adams said new management "took out" 90 employees in the last couple of weeks. The cuts came to "non-core" Pay By Touch initiatives in "healthcare, online, government," Adams said.

Failed biometrics payments firm Pay By Touch has filed voluntarily for Chapter 11 bankruptcy and will sell subsidiaries ATM Direct and CardSystems, employees learned during an all-hands on Friday. During the meeting, Pay By Touch COO Eula Adams asked employees to remain positive. Then he virtually assured that wouldn't happen by explaining the company's payroll situation.

A tipster tells us Gary Hawkins, "the originator and moving force for SmartShop, Pay By Touch's only successful product, has been let go." This, our source says, "would indicate that Eula Adams and company have no interest in continuing the business, but plan to close it down and sell it off." This follows news that court-appointed consultant Tom Lumsden had secured a $9 million loan in order to catch up on missed payrolls, and layoffs were to be announced this week.

Pay By Touch CEO John Rogers is definitely out of the troubled San Francisco biometrics company, an employee tipster tells us. But the new boss, COO Eula Adams, may not be all that better. "From an employee perspective, in regard to stock options, Adams may be worse than Rogers, as hard as that may be to believe," he writes. He explains this sentiment in a long email. Here's the short version.

Pay By Touch, the biometric payments firm run into the ground by cocaine addict and convicted felon CEO John Rogers, will announce layoffs "immediately after the Thanksgiving holiday," a tipster tells us. Who among Pay By Touch's 700-plus employees can expect their sudden parole?