By Christmas 1970, PTFA had failed to secure the necessary financing, and the Farnsworths had sold all their own ITT stock and cashed in Philo's life insurance policy to maintain organizational stability. The underwriter had failed to provide the financial backing that was to have supported the organization during its critical first year. The banks called in all outstanding loans, repossession notices were placed on anything not previously sold, and the Internal Revenue Service put a lock on the laboratory door until delinquent taxes were paid. In January 1971, PTFA disbanded. Farnsworth had begun abusing alcohol in his later years, and as a result became seriously ill with pneumonia, and died on March 11, 1971.