More Clarity on the Verified Identity Shutdown
We've received a bit more info on last month's shutdown of Verified Identity Pass, operator of the "Clear" system that allowed members to pass quickly through airport security. The company said on June 22 that had been "unable to negotiate an agreement with its senior creditor to continue operations." peHUB has now learned that the senior creditor was Morgan Stanley, with Verified Identity owing approximately $33 million. A loose confederation of investors is kicking the company's tires a bit, and considering whether to make an offer. But there are two big impediments to a potential deal. First, Verified Identity founder and ex-CEO Steven Brill has sued the company over what he refers to as a salary dispute (the records are sealed). Second, there is a requirement that Verified Identity must erase its user database by
