published Sunday, August 26th, 2012

Engineer counts on invention to revolutionize manufacturing, restore his finances

Stephen G. Olita
Stephen G. Olita
Photo by The Commercial Appeal /Chattanooga Times Free Press.

Stephen G. Olita is an award-winning electrical engineer who ran a stable, $10 million-a-year business, drew a $500,000 salary, took private jets on Hawaiian vacations, and owned a 10,000-square-foot home on a 22-acre Collierville estate worth millions.

The hardworking grad of Christian Brothers High, Christian Brothers University and the University of Memphis risked and lost it all.

"Personally, I'm in the toilet (financially)," he said last week. "My family's in the toilet. The bankruptcy's pending."

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