The Orlando Sentinel reports that Sequiam Corporation has declared bankruptcy and is attempting to fend off an attempted takeover. The Orlando-based maker of biometric fingerprint identification devices cited accumulated losses of more than $30.5 million, existing debt of more than $10.5 million and assets of $2.57 million, in its filing for Chapter 11 reorganization last week. Sequiam blamed its ills largely on its lead financier – New York-based Biometric Investors LLC – which Sequiam accused of defaulting on promised financing. However, Biometrics Investors has announced plans to become the lead financier of Sequiam’s rival, bioMETRX. The move would involve the takeover of Sequiam, according to Biometric Investors, which cited its $8.5 million secured investment in Sequiam’s assets.
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