RespireRx Pharmaceuticals Inc (fka RSPI)

[gershfinance]

Concept for the Board to consider....

Cortex should be able to get a deal done at some point in the near future. Per Neuro's comments, perhaps not as quickly as we'd like, but I would assume that even under the worst set of circumstances, they could close on something by June. That leaves the company with a cash shortfall of $3 million or so. A $3 million PIPE would dilute us by at least 6+ million shares (or more than 12%). Perhaps a handful of shareholders could post cash to guarantee a loan to Cortex, wheras we could become senior secured lenders, effectively guaranteeing Cortex's debt of up to $3 million, in exchange for warrants (I'm guessing 30-50% warrant coverage is about market). Cortex gets its insurance and an extra 3 months, participating investors get some upside, and all investors get less diluted. Any takers? 6 folks at $500k each?