Start-up Pay by Touch on the brink of bankruptcy
The company raked in more than $300 million from hedge funds, venture capitalists and wealthy individuals including L.A. billionaire Ron Burkle. But five years down the road, San Francisco-based Pay by Touch is teetering on the brink of bankruptcy as it prepares to install fingerprint scanners at major retailers.
The company's 600 employees have been getting paid intermittently for months, according to a court-appointed custodian put in charge of Pay by Touch last month. And four employees filed papers to push Pay by Touch into insolvency. (read full story at: latimes.com)
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Start-up Pay by Touch on the brink of bankruptcy
The company raked in more than $300 million from hedge funds, venture capitalists and wealthy individuals including L.A. billionaire Ron Burkle. But five years down the road, San Francisco-based Pay by Touch is teetering on the brink of bankruptcy as it prepares to install fingerprint scanners at major retailers.
The company's 600 employees have been getting paid intermittently for months, according to a court-appointed custodian put in charge of Pay by Touch last month. And four employees filed papers to push Pay by Touch into insolvency. (read full story at: latimes.com)
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