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Post by benyiju on Feb 26, 2016 3:15:21 GMT -5
The world lost a great inventor and philanthropist yesterday, but Al Mann's death will also have important material consequences for MannKind Corp. Some of the issues at play include:
How will his massive stake in MNKD be settled? Have there been similar situations with other companies that might offer guidance?
Is this the end of the 'Al Mann Backstop'? Could the Mann Group loan guarantee be in jeopardy?
Is there a chance Al has 'gifted' MNKD in some way in his will?
How will his death affect MNKD share price? Short term? Long term?
What am I missing?
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Post by sf1981 on Feb 26, 2016 4:04:07 GMT -5
The world lost a great inventor and philanthropist yesterday, but Al Mann's death will also have important material consequences for MannKind Corp. Some of the issues at play include: How will his massive stake in MNKD be settled? Have there been similar situations with other companies that might offer guidance? Is this the end of the 'Al Mann Backstop'? Could the Mann Group loan guarantee be in jeopardy? Is there a chance Al has 'gifted' MNKD in some way in his will? How will his death affect MNKD share price? Short term? Long term? What am I missing? I think Al's "backstop" had been long gone. The fact MNKD had to go to TASE last year showed us clearly that Al wasn't willing or able to put up more money. I do not think this has any material impact at this stage. |
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Post by mnholdem on Feb 26, 2016 7:55:56 GMT -5
The world lost a great inventor and philanthropist yesterday, but Al Mann's death will also have important material consequences for MannKind Corp. Some of the issues at play include: How will his massive stake in MNKD be settled? Have there been similar situations with other companies that might offer guidance? Is this the end of the 'Al Mann Backstop'? Could the Mann Group loan guarantee be in jeopardy? Is there a chance Al has 'gifted' MNKD in some way in his will? How will his death affect MNKD share price? Short term? Long term? What am I missing? It appears that you've looked under every rock, but haven't found anything (IMO) that has material consequence for the company. The vast majority of Al's shares will go to the Alfred Mann Foundation. Doomsday prognosticates will likely predict that Al's shares will be sold on the open market, driving down the share price, but a more realistic view is that AMF will carry on Al's mission. I expect that AMF will do what Al would have done and hold their shares until the company is sold someday. You may have missed that Brian Mann sits on AMF's Board of Directors, which also includes Robert Greenberg, M.D., Ph.D who is President/CEO of Second Sight, Medical Products, Inc. and who is Chairman of the Board of Trustees of AMF and long time friend Richard Waugh, Jr. Former Chief Financial Officer of Northrop Grumman Corporation. I'm not certain who the remaining board member, Mimi Danihel, is but I highly doubt that this group would take actions that would jeopardize the legacy of a great friend and mentor.
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Post by peppy on Feb 26, 2016 8:04:51 GMT -5
Status quo until April 5th.
MNKD will be bought out there after.
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Post by matt on Feb 26, 2016 8:20:01 GMT -5
What happens to the shares depends on how specific he was in his will. If, as the poster above says, most of the shares go to the foundation then it is up to the trustees, but it is not as easy as "Brian Mann sits on the board". Trustees have a fiduciary obligation to the trust and, indirectly, to the beneficiaries of the trust, and well as an obligation to follow the instructions of the grantor. If Al, as grantor, instructed the trust to hold the shares come hell or high water then that is what they will do. If he did not leave an explicit instruction to that effect, the trustees will be advised by the lawyers that concentration in a few securities is financially imprudent and that they must diversify the investment portfolio. That means selling some shares.
As for the Mann group financial commitments, I don't see that his death changes anything. Contracts that are valid during life remain valid after death and become an obligation of the estate. To the extent MNKD has room left on the credit line, it should still be there. Depending on how the estate is structured and how much time it spends in court, it may be difficult to obtain more credit from the same source in the near term.
Financial concerns aside, when a founder who has been the guiding light and moral compass of an enterprise passes away the company is never quite the same. Al was a great innovator that believed in what he was doing, and he put his own money where his mouth was. Those kinds of men are few and far between and the world is a little worse off today with his passing.
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Post by mnkdfann on Feb 26, 2016 8:46:49 GMT -5
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Post by me on Feb 26, 2016 9:45:38 GMT -5
The world lost a great inventor and philanthropist yesterday, but Al Mann's death will also have important material consequences for MannKind Corp. Some of the issues at play include: How will his massive stake in MNKD be settled? Have there been similar situations with other companies that might offer guidance? Is this the end of the 'Al Mann Backstop'? Could the Mann Group loan guarantee be in jeopardy? Is there a chance Al has 'gifted' MNKD in some way in his will? How will his death affect MNKD share price? Short term? Long term? What am I missing?If your perspective is that of only an investor, then nothing. If, however, your perspective includes admiration and awe for the significant contributions to patients, institutions and science that such a polymath has delivered, then I'd say your post is bereft of all meaning. |
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Post by tchalaa on Feb 26, 2016 11:25:23 GMT -5
Filing Date: 11/9/2015 Form Type: 10-Q Page 43 Our Executive Chairman and principal stockholder may be able to heavily influence our direction and policies as a result of his ownership of our common stock, and his interests may be adverse to the interests of our other stockholders. After his death, his stock will be left to his funding foundations for distribution to various charities, and we cannot assure you of the manner in which those entities will manage their holdings.* At September 30, 2015, Alfred E. Mann, our Executive Chairman and principal stockholder, beneficially owned approximately 37.2% of our outstanding shares of capital stock. By virtue of his holdings, Mr. Mann may be able to heavily influence elections of directors, our management and our affairs and prevent corporate transactions such as mergers, consolidations or the sale of all or substantially all of our assets that may be favorable from our standpoint or that of our other stockholders or cause a transaction that we or our other stockholders may view as unfavorable. Subject to compliance with United States federal and state securities laws, Mr. Mann is free to sell the shares of our stock he holds at any time. Upon his death, we have been advised by Mr. Mann that his shares of our capital stock will be left to the Alfred E. Mann Medical Research Organization (“AEMMRO”), and AEM Foundation for Biomedical Engineering (“AEMFBE”), not-for-profit medical research foundations that serve as funding organizations for Mr. Mann’s various charities, including the Alfred Mann Foundation (“AMF”), and the Alfred Mann Institutes at the University of Southern California, the Technion-Israel Institute of Technology, and Purdue University, and that may serve as funding organizations for any other charities that he may establish. The AEMMRO is a membership foundation consisting of nine members, including Mr. Mann, his wife, three of his children and Dr. Joseph Schulman, the chief scientist of the AEMFBE. The AEMFBE is a membership foundation consisting of five members, including Mr. Mann, his wife, and the same three of his children. Although we understand that the members of AEMMRO and AEMFBE have been advised of Mr. Mann’s objectives for these foundations, once Mr. Mann’s shares of our capital stock become the property of the foundations, we cannot assure you as to how those shares will be distributed or how they will be voted. secfilings.nasdaq.com/filingFrameset.asp?FileName=0001193125-15-370935.txt&FilePath=\2015\11\09\&CoName=MANNKIND+CORP&FormType=10-Q&RcvdDate=11%2F9%2F2015&pdf= |
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Post by mindovermatter on Feb 26, 2016 11:38:03 GMT -5
The world lost a great inventor and philanthropist yesterday, but Al Mann's death will also have important material consequences for MannKind Corp. Some of the issues at play include: How will his massive stake in MNKD be settled? Have there been similar situations with other companies that might offer guidance? Is this the end of the 'Al Mann Backstop'? Could the Mann Group loan guarantee be in jeopardy? Is there a chance Al has 'gifted' MNKD in some way in his will? How will his death affect MNKD share price? Short term? Long term? What am I missing? Who knows. Wasn't Al difficult to deal with? Maybe this sad event makes it easier for certain deals to move forward. Time will tell. |
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Post by liane on Feb 26, 2016 12:13:17 GMT -5
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Post by orlon on Feb 26, 2016 12:57:52 GMT -5
Al Mann and Antonin Scalia have something in common...their bodies are still warm yet the conversation immediately turns to dollars and sense and politics. I guess this is who we have become as a nation.
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Post by mindovermatter on Feb 26, 2016 13:37:05 GMT -5
At least my head isn't in the sand! |
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Post by 4allthemarbles on Feb 26, 2016 13:40:32 GMT -5
For the record, I believe anyone who is a member here can post/ start a thread. You are also entitled to your opinion.
My opinion is that this thread is to soon and quite honestly, don't be so dam selfish. The world lost a great man yesterday and some here only care about the dollar and cents of it. If that's your only thought at this time, fine, so be it. Dr. Mann is going to heaven. You know where you can go.
I have no respect for this thread.
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Post by mindovermatter on Feb 26, 2016 13:50:01 GMT -5
For the record, I believe anyone who is a member here can post/ start a thread. You are also entitled to your opinion. My opinion is that this thread is to soon and quite honestly, don't be so dam selfish. The world lost a great man yesterday and some here only care about the dollar and cents of it. If that's your only thought at this time, fine, so be it. Dr. Mann is going to heaven. You know where you can go. I have no respect for this thread. Al was a very tough business man. He understood hard work, risk and sacrifice. His passing is sad but not unexpected. I don't believe he would want his team to take their eye off the ball even with the news of his death. Al understood business waits for no one, not even him. I realize these sentiments won't be understood by many on here but I know Al would based on people who worked with him. Same is true for Steve jobs and any other demanding and brilliant business icon. |
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Post by monger on Feb 26, 2016 14:45:28 GMT -5
At least my head isn't in the sand! I won't comment on where your head is, or whether or not there's any sunshine there (!), but I have to say you have an excellent avatar for this stock! Yep, nothing to see here, please disperse! LOL! Stuff has been blowing up and the building is on fire, but you know, maybe in a few more months we'll be looking better. Al Mann's passing was pretty sad, even though I didn't know him. I just feel he made a lot of great contributions, and his involvement was what got me in this stock in the first place, and I think he'll be missed by many. Not making fun of your avatar BTW--that's pretty much how I see this, too. Long of course. Too far in the hole to sell now and just get a buck back when there is still hopium. |
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