VC reportedly takes control of Photizo

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Meritus Ventures (Meritus), a US based venture capital fund is to repossess and sell the assets of the Photizo Group following defaults on loans and interest payments of more than $4 million (€3.4 million) leaving former employees and the owners of Lyra Research high and dry.

In a letter sent to Photizo creditors and seen by The Recycler, Meritus plans to sell the assets of Photizo on or after 18 August to Virtulytix Inc.; a new company set up by Ed Crowley and employees of Photizo.  Unsecured and junior secured creditors, including current and former employees, stand to lose more than $2 million (€1.7 million) and are trying to get an injunction filed to prevent it the repossession and sale.

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