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Post by sportsrancho on Dec 30, 2018 9:35:27 GMT -5
In the big picture...Afrezza sales are climbing. The TS pipeline is improving. The balance sheet has improved. Debt is reduced. SOC, juvenile approvals and international deals are moving forward. Focusing on a company in the Caymans buying in or MNKD execs not buying in is not on my radar of importance as those are personal decisions that don't have any impact on the company's progress. That said, I do want to hear Mike's reasoning for the stock sale. I've not yet lost faith in Mike and am certainly willing to hear what he has to say next Friday. GL Akemp beside the progress being made by the company let us also objectively say as shareholders, company owner, it is just not acceptable that after 7 years of continuously share value erosion everythingis fine. This regardless of the management team every time there is a light indicating share value increase, they always find the way to EXTINGUISH it. Currently we have lost more than 97% share value and less than 3% away to simply wipe out the preapproval shareholders. I acknowledge the company restructuring done by Mike just as the 100% share dilution after a bitter 5:1 reverse split nowhere we are back to $1. I won't let my very hard earned wealth vanish like that because of bad decision being made. We had an external sales force, an internal one and even a mixed one with NO considerable revenue. We need a co-promotion partner to scale up and cut better deal because this December 19, 2018 deal was criminal. Who is accountable. Why the hurry after saying no dilution needed and no need of money. My vote as a shareholder: NO SHARE INCREASE 100% agree! No more shares! And thank you Mango, I believe that you are correct about the trips and the compensation and I can’t even keep up with what’s going on on Twitter right now!
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Post by sportsrancho on Dec 30, 2018 9:47:53 GMT -5
MK..I said Mulligan, but that was just to say I wouldn’t call for heads to roll. I sent this to IR earlier this morning (disclosure)... “PS - I will be exploring opportunities to block executive over compensation at MNKD. Share awards, options, etc. Including forfeiture of bonuses. It is something which I think Mike C. should willingly do without any pressure - given what has happened to the share price in 2018.” I encourage my followers to send messages to IR and the CEO and CFO and BOD which ask them to voluntarily act in line with my message above. It’s only fair that interests be aligned totally with the Mom and Pop shareholders who help pay management’s compensation and effectively bankroll their silly willingness to pay over the odds and leave value on the table at shareholders expense. This type of self discipline on management’s part will not effect the overall operational prospects of the company one iota, but it will serve to impose some financial discipline/accountability and make sure they feel some pain for having ruined many people’s Christmas’s and for having turned in a lousy 2018 with regards to the share price. Would also make them think twice next time around. #MNKD
Romain Dorange Romain DorangeHow come some executives such as the head of HR and VP IR get such compensations ? This would almost qualify non-ethical granted the size of the co in terms of revenue x employees on one hand; and quality of communications with shareholders on the other. Before sending wrong signals to the market it event send wrong signals to internal employees and comes with corporate governance / compensation-based performance issues, etc
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Post by sportsrancho on Dec 30, 2018 9:55:58 GMT -5
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Post by akemp3000 on Dec 30, 2018 11:03:16 GMT -5
It's important to be careful and not start a serious conflict between Mike C and retail shareholders. He holds most all of the cards and decides when and how to play them. He should probably be reminded that MNKD shareholders made him the Pharmaceutical CEO of the Year.
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Post by matt on Dec 30, 2018 11:25:11 GMT -5
I don't think MNKD C Levels will buy any more shares until shares (if ever) get well above the reverse split range. Would you? The job of management in any company is to develop an operational strategy, have it approved by the board of directors, and then to execute on that strategy to the best of their ability. If they fail to perform adequately, then it is the responsibility of the board to replace management. It is not the job of management to buy shares regardless of the performance of the company any more than it is the responsibility of shareholders to double-down on their investment if the price does not move in the direction they hoped. Managers exchange their labor for a salary and it is not for the shareholders to dictate how that salary is spent. Again, if you don't like the result of their efforts then you can sell your stock or lobby the board to hire new managers. Do not be so naïve as to look at the annual salary figure as reported in the 10-K and assume that the managers receive that amount of compensation; they don't. The figures in the 10-K and DEF-14A are computed according to rules promulgated by the SEC that only an accountant could love (I have a CPA and I still don't love them). When an executive gets options, the full value of those options is reported as income in the year granted whether or not those options are so far underwater that you need a submarine to find them. Most of the sky-high executive compensation numbers you see consist of phantom income that never turns into cash, and stock brokers do not accept phantom income for the open market purchase of shares. The truth of the matter is that most companies in the biotech / pharma space use a report that breaks down compensation for every job at a company, stratified by the size and market value of the company. A firm can either pay the going rate for a CEO, CFO, or medical director or they can expect to have their executives hired away by a competitor willing to pay more. If MNKD wants competent executives, they have to pay the market rate or do with inferior talent. None of that excuses the horrible optics of some recent actions (Hawaii trip, deeply discounted share issuance just before year end, etc.). I don't think management of MNKD does a particularly good job of expense management and some of their decisions make me scratch my head, but don't expect management to spent their personal wealth to prop up the stock price; it doesn't work that way. The reason the SEC started requiring disclosure of insider transactions years ago was to give shareholders some insight into what management thinks about the prospects of the company, and if senior managers are not buying shares in the open market then maybe that is a hint that those with perfect information know that the company still has some very steep hills to climb before things turn around.
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Post by sportsrancho on Dec 30, 2018 11:26:17 GMT -5
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Post by kimi on Dec 30, 2018 11:35:57 GMT -5
Why this impatience longs - we all know, that it would be a very hard way until break even. I' m personally deeply convinced, that the last offering was without alternative - otherwise they would not have done this! We'll hear more on Friday. I would be happy with a picure that lead us through 2019 with a better growth rate on afrezza, due to massive ads.
I remember Kostolany who said: If you have a ship (car) with motorproblems you have two choices: 1. Make no debts an try to rapair as long as you can 2. Invest in a new motor regardless debt
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Post by traderdennis on Dec 30, 2018 12:01:36 GMT -5
ST..@rooksleanne @bigcheeze WTF - Rosabel makes $500k+ and can’t return my phone call 🤬 About 3x more than an IR in this size biotech should make. She’s royalty though much like the original execs and board members all on the company dole. Top heavy company and over compensated c-levels especially after dropping shareholder value substantially through a very sloppy pre-holiday dilution. It should of been done years ago the company c level execs should take 50percent of their salary in company stock to conserve cash. Didn’t lee Iacocca take a dollar salary per year righting Chrysler back in the 80s.
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Post by bioexec25 on Dec 30, 2018 12:19:59 GMT -5
About 3x more than an IR in this size biotech should make. She’s royalty though much like the original execs and board members all on the company dole. Top heavy company and over compensated c-levels especially after dropping shareholder value substantially through a very sloppy pre-holiday dilution. It should of been done years ago the company c level execs should take 50percent of their salary in company stock to conserve cash. Didn’t lee Iacocca take a dollar salary per year righting Chrysler back in the 80s. This corporate bloat disproportional to results creeps in over time when you essentially have the same BoD since Al. This BoD also seems not to be oversight and shareholder oriented to say the least. It is time for some new c-level mgmt oversight imo but I believe this needs to be done carefully.
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Post by agedhippie on Dec 30, 2018 12:34:52 GMT -5
About 3x more than an IR in this size biotech should make. She’s royalty though much like the original execs and board members all on the company dole. Top heavy company and over compensated c-levels especially after dropping shareholder value substantially through a very sloppy pre-holiday dilution. It should of been done years ago the company c level execs should take 50percent of their salary in company stock to conserve cash. Didn’t lee Iacocca take a dollar salary per year righting Chrysler back in the 80s. Amazon pays part of your salary in cash and part in restricted stock units (RSUs) that are issued at the market price at the start of the year and vest at the end of the year. There is a hard limit on the cash component of around $175k so anything anyone earns over that is paid in RSUs. People are highly incentivized to make sure the stock does well. Ask what the target share price should be for the year end and issue half management's salary as RSUs based on that target (maybe give them a 10% uplift in shares). That will discourage dilution
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Post by ilovekauai on Dec 30, 2018 13:04:09 GMT -5
I doubt that the CC will be the format you all seem to want for in-depth questions. It's just not gonna happen. Management holds all the cards on the length of that call and can end it anytime they want. I understand your frustration, but don't understand why now, and not when the r/s happened? I guess many of you had warrants back then and were unaffected, and this time around some here took a big hit too? (like I did back then?). Whatever. Fact is we're all stuck, all in this together, and I'm still hopeful this ship will get turned around. Happy New Year.
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Post by sportsrancho on Dec 30, 2018 13:25:14 GMT -5
I doubt that the CC will be the format you all seem to want for in-depth questions. It's just not gonna happen. Management holds all the cards on the length of that call and can end it anytime they want. I understand your frustration, but don't understand why now, and not when the r/s happened? I guess many of you had warrants back then and were unaffected, and this time around some here took a big hit too? (like I did back then?). Whatever. Fact is we're all stuck, all in this together, and I'm still hopeful this ship will get turned around. Happy New Year. Happy New Year:-) Not sure if what you mean by warrants are call options, yes the reverse stock split killed all the options,we took a huge hit as did everyone..remember I said to sell shares before the reverse split and buy back when the stock lost half its value. As they seem to do after RS. In my opinion we didn’t have any choice then because it was better than being delisted..this time it seems we had a choice. I think everybody’s voicing their concerns now because like you suggest they probably won’t be much time for questions on the call. GL all!
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Post by markado on Dec 30, 2018 13:28:15 GMT -5
Completely agree with all comments regarding restructuring executive compensation to include a large portion of RSUs or the like. The only way it changes what they earn, downwardly, is if they underperform; and, it provides ongoing incentive for aligning priorities, effort, capital, toward long term SP value.
If they believe in themselves and their respective and collective ability to deliver, there should be no problem.
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Post by longliner on Dec 30, 2018 15:32:07 GMT -5
Constantly, I buy constantly. (With what little I have to buy with). And yes, I expect Management to do the same or quit. I watched the Oklahoma Alabama game tonight (great game), however I doubt that at any time Nick Saban thought to himself "hey maybe I should take a job coaching at USC ", love to have him (no offense to Clay Helton intended, he is what the school needed), but my point is if shares were available in Alabama football Nick Saban would have started buying the day he took the head coaching job because he knew what he could do! I expect the same from the management of any company I own. I hope it works out for you and all of us longs. Until we hear something, anything about Biomm, Cipla & Tanner progress I am holding any further buys. There was no upfront money included in any of these deals so there is no incentive for these companies to show a sense of urgency toward the approval and distribution process. Any one of them would make a strong impact on revenues and share price. And let's not forget there was significant interest from UAE, but management didn't like the deal so they walked away from it. Now the stock is teetering near a buck again = delisting = reverse split territory. Been there done that. So I would suggest if you still love the stock you should look at options to mitigate your risk. GLTA Barnstormer, Thanks for the advice and I too wish us all well. I am more laser like in my investing approach than "shotgun" (when I miss, I miss big) . Happy New Year to all.
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Post by nylefty on Dec 30, 2018 20:57:01 GMT -5
I don't think MNKD C Levels will buy any more shares until shares (if ever) get well above the reverse split range. Would you? (clipped) Do not be so naïve as to look at the annual salary figure as reported in the 10-K and assume that the managers receive that amount of compensation; they don't. The figures in the 10-K and DEF-14A are computed according to rules promulgated by the SEC that only an accountant could love (I have a CPA and I still don't love them). When an executive gets options, the full value of those options is reported as income in the year granted whether or not those options are so far underwater that you need a submarine to find them. Most of the sky-high executive compensation numbers you see consist of phantom income that never turns into cash, and stock brokers do not accept phantom income for the open market purchase of shares.
The truth of the matter is that most companies in the biotech / pharma space use a report that breaks down compensation for every job at a company, stratified by the size and market value of the company. A firm can either pay the going rate for a CEO, CFO, or medical director or they can expect to have their executives hired away by a competitor willing to pay more. If MNKD wants competent executives, they have to pay the market rate or do with inferior talent. (clipped) So the HR head has NOT been making a million a year and the IR person has NOT been making half a million. So can we please stop repeating those falsehoods!
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