SAN RAMON, Calif.-U.S. Wireless Corp. filed for bankruptcy in the U.S Bankruptcy Court for the District of Delaware last week, claiming more than $22.2 million in debt with about $17.7 million in assets.
The company replaced former Chief Executive Officer Oliver Hilsenrath in May after an internal investigation revealed cash payments, stock issuances and other transactions were made without permission from the board of directors. The company was forced to restate three quarters of earnings and numerous shareholder lawsuits followed.
U.S. Wireless provided the RadioCamera network-based location technology.
