According to a report by The Longmont Times-Call some 60 employees of holographic storage developer InPhase received their final paychecks on Tuesday, after working for nearly a year on "minimum wage for salaried employees". The company has apparently shut down, but one of the company's main investors insists InPhase will be back after a reorganization.
Bart Stuck, a founder of California-based venture capital company Signal Lake who said he helped in the formation of InPhase, acknowledged that employees picked up final paychecks but insisted he would help the company work through its financial difficulties.
But employees and internal e-mails tell a different story.
“We were expecting it for a long time, so it wasn’t a big surprise,” an engineer, who asked not to be identified, told the Times-Call Wednesday.