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I hope that you are correct and that "things" are turning around. Management taking more cash out sickens me. We are by no means out of the woods yet. They have no cause to pat themselves on thier backs. We are on the pink sheets and have very little wiggle room. They put us here, they should dig us out. The fact that they are most concerned about the short term pay is concerning. Build value and then get compensated! They climbed up to the top of a 50 story building, hung over the edge and now want to be paid because they didn't jump? They put us here and by the way we are still on the 45th floor and it is windy out here.
Iggs
Varney
Nice, there goes the first $100k. I am sure that you also had a few nice meals on the company. Way to go guys Improving the share price as always. We will be sure to look out for the stock option grants.
Do you remember your words back in September? "30-45 days"
Do you remember when you were the number 2 guy and a six foot box made its way to the FDA?
Do you remember when you told us when the SA trial would be finished?
Do you remember life off of the pink sheets?
Do you think that you have delivered?
Hey Varney, it isn't enough that the shareholders pay your mortgage. This is a joke! Here is an idea, why don't you guys deliver and build value for the shareholders?
We are now a 20 cent pink sheet stock and our CEO is putting a cash pay-out in his pocket on top of a big salary?
Does this make sense to you?
Form 8-K for CORTEX PHARMACEUTICALS INC/DE/
--------------------------------------------------------------------------------
22-Apr-2010
Change in Directors or Principal Officers, Financial Statements an
Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 19, 2010, Cortex Pharmaceuticals, Inc. (the "Company") awarded performance bonuses of $30,000 each to its President and Chief Executive Officer, Mark A. Varney, Ph.D., its Vice President and Chief Financial Officer, Maria S. Messinger and its Vice President of Preclinical Development, Steven A. Johnson, Ph.D.
The determination of the bonuses was approved by the Compensation Committee of the Board of Directors and was based upon an evaluation of the performance of each officer, and the Company, relative to the general performance criteria previously established by the Compensation Committee. The performance criteria included, but were not limited to, securing additional capital resources and completing a strategic transaction for the Company's AMPAKINE? technology.
Varney
More of the same: From lastest SEC filing. What scum.
(2) The approval (recommended by the Board of Directors) of an amendment to the Company’s 2006 Stock Incentive Plan to increase the number of shares of common stock thereunder by 2,500,000 shares (Proposal 2);
what makes you think that I didn't sell some?
Varney Report Card: 3 weeks since the "big deal"
Still trading on the pink sheets
Stock up a couple of pennies struggling to hold .20
No news
Don't you think that it is a bit strange that the company releases the news regarding the BVF deal and the stock languishes and can not hold .20? What do you think is causing that? (Conspiracy theories regarding the korean warrants aside. That is nonsense.)
Could it be that management sold the only value to BVF to perpeutate their paychecks? Wouldn't this mean that management sold the value and kept the money? Wouldn't that mean that the only thing left is a financing after management puts some spin on the story at some point in the future?
Do you think that the managment team is above that? What have they done in the past to make you think that they would not do this? ie: take warrants, keep unnecessary people on payroll, allow negotiations to drag on, raise money on horrible terms. This looks like a shell game to me.
What do you think happens next? How much do you think that it will cost?
Not arguing here, hope that you prove me wrong!
Iggs
Joke= how much you have lost on this one.
Funny, I didn't see an order for 500k shares. put an order out there that doesn't need to fill 1k at a time. Come on alertmeipp 500k or 2X that in one order!
ok- how about we end the discussion, put out one limit order to buy at .195 on Monday . Do you think that price is going to hold if I try to sell 500k + shares by selling to 1k orders? Come on guys, step up with the order on Monday and the argument is over.
There wasn't a bid of enough size for me to sell a boat load of shares. Do you think I want to sell it all the way down to .07 again? Put a bid out for 500k shares at .195 (IN THE SAME ORDER) on Monday and see what happens.
ok, Put 500k on the buy at a limit (.195) and see if it fills. Try me.
doubt it. In fact, I doubt that there is much of a market at all for this stock. I assume the MMs are trading between eachother with the suckers buying the raffle tickets for the prize that was already given to management. I have seen this game many times before and I think that it is a shame. Don't fall in love with a story or the stock. Look at what management has done in the past.
way to many. .195 sounds good. We are going lower than that today.
Neuro:
"Which is why the back story regarding the Merck-held rights for schizophrenia (and for depression, less importantly for the moment), and whether Cortex can regain them, is very much worth keeping an eye on. Not that there will be any comment during the process itself; it falls under the partnering 'cone of silence.'
Questions:
What makes you think that Merck would do this? And what do you think this will cost? Where will they (CORX) get the money? Any thoughts on why the market is placing such a low value on this stock? Does NI have an opinion on what happens from here?
This stock is going to drift back down to pennies in my opinion, until that last death spiral financing that is.
Iggs
Sure, we have a shot. Management does, they are getting paid. The shareholders, however, do not. Just one too many: REG D financings, missed deadlines, changes of strategy, long periods of silence. Even with ok news, nothing. $10MM is nothing. This company is going to spend it within months with nothing to show. Can anyone tell me why Roger is on the payroll?
Question: look at page 47 of the most recent 10k. Let me know what other company raised money on such horrible terms in 2009 and paid the executives these types of salaries. Varney /Stoll duo was just shy of $1 million. It is disgusting. Compensation should be based on performance, something there was little of in 2009. PERFORM! That $10MM is going to be pissed away on salaries and missed milestones AGAIN! The fact that Varney took money from the company to pay his mortgage after this fiasco is more distasteful than words can express.
Why is it that the company gets a deal done and there is no interest and/or volume? Is it because this management team has failed so many times that there is little faith in the company and its management? Does anyone have any idea how long the $10MM will carry this mangement team before they fail to deliver again? What do you think the plan is here? Spend a bunch of money to get Sleep Apnea results that are mixed and a long shot on ADHD?
Cheers!
Iggs
You wait for the SA trial, I will wait for them to fold up the tents and go home. We will se what comes first. (The start of the trial was off schedule to begin with. Results were pushed off twice as I recall. I think the "fall" was the 2nd revised target.) Today is March 12th.
Question for you? How long does it take to get a deal done?
If there was a buyer/partner/whatever a deal would have been done. Do you guys ask a girl to dance before or after last call? Just checking...lol
Iggs
SA results? Do you think that there is enough cash to get us out 12 months? Aren't they still enrolling? Come on corwatcher, you are smarter than that!
You don't think they are in a corner again? Tell me this, how long is the cash going to last? (I thought you were smarter!)
Do you know of another business that exists by raising capital without operations? (THAT SA TRIAL IS ALMOST A YEAR OVERDUE! DID YOU FORGET!)
Iggs
Higher? When? After the next pipe/loan financing? These guys have painted themselves into a corner again. March 12th and counting. What the heck is going on here? Maybe forensics will yield our FDA letter.
Iggs
182 days is approx. 4 X's 45 days. Where is the "big deal"? I bet that it is only in Varney's mind. I wouldn't be surprised to see Varney on a late night infomercial with Kevin Trudeau. What a horrible ride this has been. They are going to continue to do these horrible financings until Varney is managing a korean company. These guys are just bad news. I used to think that they were just incompetent, now I think that all of their actions are suspect. In a way, it is very sad. They really should be ashamed.
Iggs
That is the problem. I don't think that it is clear to COR management either.
The company has been working on this deal for over a year with nothing to show but pipes, borrowed funds and dilution. What makes any of you think that the management team is going to get something done. We are 1/3 of the way thru March.
Iggs
Another week down. Another week with no news. Another week of bumbling and fumbling. Another financing around the corner. Nice job Mark, Roger & Maria!
What a pathetic mess this management team has created!
Iggs
Questions:
Where is the deal that was promised in 30-45 days back in September 2009. It is March 2010!
Where are the SA results that were promised many months ago?
Why so much spin, expense and focus on RD ? (Nothing came to be)
Why does the company change its compounds and focus to spin a new story line every 6-12 months?
Does anything on the planet move slower than COR?
Will the management team participate in the FOX remake of Keystone Cops? (A silent movie featuring a silent management team)
What has management been doing for the past 18 months? (I would guess entering into multiple financings at incrementaly worse terms with the sole purpose of perpetuating their paychecks)
How many highly compensated CORTEX senior managers does it take to get a deal done? (Hey Varney, this one looks great on your resume!)
Why am I, along with other shareholders, paying money for: an incompetent CEO, mortgage payment for same incompetent CEO, a CFO that led us to a delisting, high priced CMO when there is nothing going on and an ex-CEO that helped get us into this mess?
Can any of the COR fans get Varney to articulate a plan that doesn't include a 2% probability deal? (Like the romantic kiss: If it was going to happen, it would have.)
I, unfortunately, do not think there is anything left.
Does anyone even know if they are showing up for work these days? We are a far cry away from 30-45 days! It looks more and more like the partner was a ploy to kick things down the road a bit. What the heck is going on in corville? Does anyone have a moral compass?
Iggs
Does anyone have a guess regarding what the heck is going on here? 12 days to March and NOTHING!!!
Iggs
These guys really know how to perpetuate their own paychecks! Talk about destruction of value. The Korean financing just proves that they have burned all of the usual bridges.
This elusive RD deal is comical. Did anyone ever get confirmation that it is an RD deal? Maybe it is more than that?
Most could have planned a lunar landing in as much time.
Iggs
A short inventory:
-We are half way through February and no deal, no SA news and no press release or presentation from the company.
-We are on the pink sheets with anemic volume.
-We are still overpaying a bloated management team that can not execute. (Is Roger Stoll still drawing a paycheck?)
-We are once again running out of cash.
Please let me know if I am wrong, but this, unfortunately, looks like the case. Has anyone heard anything positive regarding this company?
Iggs
shareholders would have been better off if they shut the doors and let the IP go to the highest bidder. This is criminal.
Iggs
Are you joking? Goodbye Cortex...
Don't be silly: If Varney had a stamp collection to sell, he would have sold it to the company at a premium and paid R&R a fee to put the deal together.
What is the point? Can you tell me what $1MM (about 2 months) buys that the past two years didn't buy? Whatever value this company retains, if any, should be sold to the highest bidder. The fact that we are sitting here debating how they are going raise 1 million dollars is nuts!
Iggs
Multiple consecutive years of lies, missed deadlines, toxic pipes, poor management and extreme strategy shifts and your "worry" is that R&R "is playing games?" It is like a shipwrecked crew cursing the monkeys that ate the coconuts on the island. How do you think that the "S.S. Incompetence" ended up on the island, captain? "This is taking too long" is laughable.
Iggs
They couldn't make a deal with the lights on - cash on hand- 18 - 24 mos. of time. How do you think that they are going to get it done now? How many people does it take to close a deal? How many people do you think they needed to pay over the last year? This thing has been nothing more than a shell game! Management has done nothing but spin yarns to raise money to pay themselves. There is no deal. If they do pull something off it will be a sale under the disguise of a "short term" debt financing. F'n grifters.
Hey Varney- Why did the co. pay your mortgage after you let go of all of the worker bees? Why is Stoll still being paid? What does a CORX executive do all day long? Why did you play chicken all the way to the edge of the cliff? Why did you guys load up on options pushing the SP further down to hell? Why does the compensation com. continue to pay you guys for zero performance? Where are the multiple interested parties? Where are the irons kept? Isn't your job to maximize shareholder wealth? Why did you waste so much money with nothing to show? Did you or Stoll ever attend business school? Why did you get back in bed with R&R after they tried to run you out of business? Does that seem to be in the best interest of the shareholders? Why doesn't anyone follow this stock? Why has the company refused to address these issues?
Iggs
maybe one of those many "interested parties" or "irons in the fire" was an iron or entity that is going to own this co. for next to nothing. I do not know how Varney and Stoll sleep at night. I assume that they are both atheists.
Iggs
Hey Varney, are you still taking advantage of the cafeteria plan? Another way to ask the same question: Are the shareholders still paying for your meals in addition to paying your large salary and your personal mortgage? Don't you think that you owe the shareholders something for allowing this idiotic mess to continue?
Iggs
Does anyone talk to MV? What kind of BS spin is coming out of the company now? Are they going to liquidate or not? Is anyone interested? We all know that they are 99.9999% done. What gives? Is MV sticking his head in the sand until the lights go out at 15231 Barranca Parkway? What a debacle! Hey Varney- 103 days and counting! What BS!
Iggs
Regarding "Negotiating in good faith:" A business man would protect our company and our capital. Faith wouldn't enter into the equation!
What is MV going to say? "I strung you along for the shares. The other party and I had a deal that would once again enrich me at your expense but they are having internal problems pulling the trigger. In due time, I will stick the knife in your back."
The show is over gents. We are just waiting for the lights to turn on. When the lights are flipped on we will see just what a filthy movie theater we have all been sitting in... Hey Messinger, is that a gucci handbag? Roger, slide your oxygen tank over old boy Mark is going to light a fag and blow us all to hell.
Iggs
agreed- MV needed the deal as a ploy to get the shares. (The 30-45 day window brought the doubters on board. After all, you would have to be insane to guarantee something like that!) Once in a while you cross paths with a person without a soul. That, I am afraid, is what we are dealing with here.
Management deserves to be bedding down with the likes of R&R. Piros, Varney, Stoll and Messinger will continue to pass STD's to eachother, while the shareholder pays for the doctor.
It is over....
Iggs