Even closer to the brink is Momenta International Inc, the Mountain View, California pioneer of pen-driven portable computing, which according to the Wall Street Journal has laid off most of its remaining 50 employees. The paper quotes venture capitalist Fred Nazem, principal owner of the company, saying that barring a last-minute infusion of funds from new investors, the company would file for either Chapter 11 protection from its creditors or Chapter 7 liquidation. Former Apple Computer Inc executive Delbert Yocam became chief executive of Momenta earlier this year, when the company was already in trouble because of software glitches now said to be fixed, and slow sales of the computer despite heavy advertising and rave reviews in the press. But he left in May after less than two months when the principal backers declined to put in more money and talked instead of scaling back the company. Since then, a deal with new investors has fallen through.
