RespireRx Pharmaceuticals Inc (RSPI)

[haysaw]

A little color on a bleak situation:

Since late 2012, the Company's business activities have been reduced to minimal levels, and the prior management of the Company, which was removed on March 22, 2013, had retained bankruptcy counsel to assist it in considering whether to file for Chapter 7 liquidation...

New management has determined that the Company has accounts payable and accrued liabilities in excess of $2 million that are delinquent, as well as a note payable to Samyang Optics Co., Ltd. ("Samyang") in the principal amount of approximately $400,000... the Company had discussed terminating its license agreement with the Regents of the University of California...The license fees owed by the Company under the agreement were not paid and the license was terminated by the University on April 15, 2013. The Company is currently in discussions with the University regarding the amount of the fees owed by the Company under the license agreement and a possible settlement of that amount. The Company does not expect to be able to pay its liabilities and fund its business activities going forward without raising additional capital...

The Company has received notice that it has been sued in the Superior Court of California by its former landlord, PPC Irvine Center Investment, LLC. The complaint was filed on March 28, 2013 and seeks, among other things, $57,534.97 in past due rent and reasonable attorney fees, and the notice indicates that eviction is possible. The Company no longer operates at this address.

There are deadbeat Dads, and there are deadbeat leaders. We've been had by the latter.