The financially and morally bankrupt John Rogers remains involved with the company he founded, Pay By Touch employees learned during an all-hands meeting Friday. Though the company no longer employs the once-convicted felon and confirmed bully, Rogers will remain on the board of directors. How could this be?
Answer: In a bankruptcy, shareholders' equity disappears faster than blow up an addict's nose. But Rogers cleverly arranged matters so that he's also a creditor, giving him pull in the bankruptcy proceedings.