X-Message-Number: 6501
Date: 12 Jul 96 02:13:13 EDT
From: Paul Wakfer <>
Subject: Prometheus - Reply to Carlos Mondragon
In Cryonet #6470 Carlos wrote:
> The enthusiasm for this idea is heartening.
Yes, the incredible initial support is what has made me very hopeful that the
Prometheus Project *really will* come to fruition.
>and I will give serious consideration to increasing that commitment.
Your initial pledge is very welcome and appreciated, but the magnitude of the
project requires that we need many larger pledges also. I do not believe that
I can get 1000 cryonicists to make $1000 pledges.
> What is needed for success is not only the idea and the money, but also
>a reasonable plan and the ability to competently execute that plan. I look
>forward to seeing Paul's draft of the business and scientific plans. Here
>are some of the issues which need to be addressed:
And *I* look forward to having your help, Carlos, in formulating the
business plan, as you have already begun to do through the ideas presented in
your message.
My personal goal for the start of execution of the Prometheus Project is
the beginning of 1998.
I am expecting the company plans to be produced by the following method
over the course of the next year and one-half:
1) The team of scientists who will be directing the project (some, hands on,
and some, only as advisors) will be recruited. (This has been happening
from the beginning.)
2) This team of scientists will formulate a rough scientific plan including
estimates of man-power, equipment needed and milestone timetables.
3) A team of business operations advisors will also be recruited. As the
scientific plans are drafted, they will look at the administrative and
operational requirements of these plans and estimate their cost, informing
the scientists of the ramifications of *their* plans upon these more
practical parameters and its relationship to the available project
funding.
4) These to last processes will be iterated, with drafts also being published
on the pledger list for their comments. By the time the pledge total for
the necessary Project funding has been reached, both the scientific and
business plans should be in pretty good shape and the pledgers should be
very familiar with them. During this process it is possible that the
Project funding goal may be modified up or down somewhat.
5) In addition, by this time the executive team of the project will have been
selected.
6) This incremental and circular method should allow the formation of the
corporation, the signing of Share Purchase Agreements by the pledgers to
indicate their approval of the plans, and the actual start-up of the
Project execution to proceed quite smoothly.
> The most critical part of the scientific plan is recruitment of
>personnel. R&D companies usually *begin* with the commitment of people who
>will be doing the work (ours is a unique situation in that the eventual
>customers want the product badly enough to attempt a reversal of the usual
>process).
Yes. You are very perceptive here. The major difference between the
Prometheus Project and a standard biotech R&D venture is its *motive*. While
we will try to structure the project so that as much profit as possible can
will be made by Prometheus investors, and indeed I believe that in the longer
term the shareholders in this venture stand to make *enormous* financial
gains, monetary gain is not the *primary* motive of the Project. The
Prometheus Project is one of the very few undertakings *ever*, which has as
its primary purpose a goal which is *more important* to a large number of
people than the making of money and the acquisition of material goods and
personal services. That purpose is nothing less than the primary purpose of
life, TO STAY ALIVE! That is why we *can* do things differently from normal
and still expect to succeed. The long-term profit potential of this venture
is why we *must*.
>Though this isn't my area of expertise, I would assume that at a minimum, we
>need a cryobiologist and a biochemist, very probably under the direction of
>a physiologist.
We will also need one or more neuroscientists if we are to "convincingly
demonstrate" the restoration of memory and other mental attributes. I believe
that which *kind* of scientist should lead the project is less important than
that he or she is respected by the others and listens to the advice of others
in their area of expertise.
> Since most of the investors in this project will not be
>experts in these fields, it seems essential that the people recruited have
>strong verifyable credentials;
We certainly plan that all the principal scientists will be fully
credentialed.
> and it would be prudent to have a couple of
>cryonicists whose scientific judgment we all trust on the board of the
>company.
Except for the founding board, election of corporate board members is
strictly under the purview of the shareholders. I believe that our pledgers
turned shareholders will exercise good judgement in this respect.
> There will also be a need for a business manager who can also act
>as a financial comptroller. The availability of key personnel will also
>affect location and costs.
I would agree that the business manager will need to be chosen by the
founding board in order to start things going effectively. But again even the
founding board which will be part of the business plan must be approved by
the pledger/share purchasers.
> Though the parameters which Paul set for accepting pledges were quite
>reasonable as a baseline, it would seem prudent to accept both front-end and
>back-end loaded pledges. This is because the burn rate may be greater
>initally, and as time passes, some pledges may default before the full ten
>years.
Front-end loaded pledges leading to lump-sum and up-front shares purchases
were made part of the pledging parameters the same day that you wrote the
above. I do not believe that back-end loading will be as necessary, since all
pledges will become legally enforceable Share Purchase Agreements before the
start of Project execution and this should severely limit pledge defaulting.
In addition, I believe that the milestones and other progress published
during the course of the project will make additional share sales possible if
they are necessary. I have also modified the pledge parameters to allow
pledgers to buy shares additional to their pledge at the same initial price
during the 10 years of the project.
> The representations made by Paul on the net should be incorporated into
>the offering memorandum, in particular those pertaining to equal
>availability to all potential customers to the fruits of the research.
There is no question but that these and more will be so enshrined.
> As the Prometheus idea develops into a plausible plan, I will also add
>to my own financial commitment by urging investment by freinds more affluent
>than myself.
That's great! It is my hope that many others will do the same.
Thanks again Carlos, for your pledge and your advice.
-- Paul --
!!!!! REVERSIBLE BRAIN CRYOPRESERVATION *CAN* BE ACHIEVED IN 10 YEARS !!!!!
Paul Wakfer email: Voice/Fax: Pager:
US: 1220 E Washington St #24, Colton, CA 92324 909-481-4433 800-805-2870
Canada: 238 Davenport Rd #240, Toronto, ON M5R 1J6 416-968-6291 416-446-9461
(currently in Canada)
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