X-Message-Number: 6523
From: 
Date: Sun, 14 Jul 1996 13:11:46 -0400
Subject: Prometheus problems

While I hesitate to post anything that might be construed as negative toward
Prometheus, or that might reduce its appeal or impair its momentum, I believe
Paul Wakfer is honest in his invitation to air possible problems and to offer
suggestions; and of course our members and readers deserve openness and
realism.

1. A couple of days ago Paul asked whether the Immortalist Society would
refuse, pending the annual meeting in September, to accept a member's
Prometheus pledge (to be  bundled with others). The answer is that, yes, we
would have to refuse until then at least--mainly because of the serious
possible legal problems arising from the connection of a 501(c)3 organization
with a for-profit corporation.

2. One potentially VERY serious problem seems to have been ignored so far on
CryoNet. If I understand it correctly, the Prometheus pledgers will be
required to make a BINDING commitment to an annual payment over ten years.
They will be sold shares, and will OWE THE MONEY, with no way out--short of
bankruptcy or hiding--unless they can find buyers for the shares, and are
allowed to sell.

Of course Paul's motivation in proposing this is understandable: he wants no
possibililty of interruption of the funding, so the prospective researchers
can be assured of a full ten years of support. However, how many
people--after thinking it over carefully, consulting spouses etc.--will want
to make a substantial, irrevocable ten year commitment? Will they not worry
about possible changes in circumstances? If a pledger (shareholder) dies,
will Prometheus sue his estate for the balance? 

In the case of a cryonics organization, would it be prudent to make a
substantial and irrevocable pledge, which would take precedence even over the
welfare of its patients if there were financial problems down the line?
Naturally I understand the potential benefits, pointed out by Paul and by
Saul Kent and others, but there are certain hard facts to face. 

The flintiest is that, to my knowledge, NO cryonics organization at present
has an ASSURED income adequate to its needs, even before Prometheus. Cryonics
Institute is getting close, but isn't there yet. We have had good, positive
cash flow in recent years, and growing assets--but mostly from unpredictable
events. We think that fairly soon we will have purely investment-generated
income that will cover all ordinary expenses; but we aren't there yet, and we
also have to consider the possibility of expenses arising that are NOT
ordinary--expenses which just might have a higher immediate priority than
Prometheus.

We will all have to give these matters further thought.

Robert Ettinger
Cryonics Institute
Immortalist Society


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