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Post by sportsrancho on Jul 1, 2017 15:29:52 GMT -5
finance.yahoo.com/news/mannkind-renegotiates-near-term-maturities-132658060.html?.tsrc=applewfMichael Castagna, MannKind’s Chief Executive Officer commented, “The extension of the July 2017 principal payment to Deerfield and the amendment of the Facility Agreement affords us flexibility and time to explore additional measures to strengthen our financial position. Just as with the Mann Group and its recently announced capital infusion, we appreciate the cooperation and support of Deerfield at this exciting time for MannKind.”
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Post by anderson on Jul 1, 2017 18:58:09 GMT -5
I had thought the requirement was that they need to file but that it's quarterly so even if they did sell we won't know about it till a while after the fact. That is correct. It is reflected in their next quarterly filing. If they held a controlling interest they would need to file immediately but they are a long way from that! ibkb.interactivebrokers.com/node/2654Amendment Requirements for 13G Filers Qualified institutional investors, including investment advisors registered with the SEC or a state, must amend their Schedule 13G within 10 days after the end of the first time their "beneficial ownership" exceeds 10% of the class of equity securities at month end. After that, qualified institutional investors must amend their Schedule 13G within 10 days from when their "beneficial ownership" increases or decreases by more than 5% of the class of securities over the amount held at the previous month end. Qualified institutional investors must also file a Schedule 13D within 10 calendar days after they cease being eligible to file a Schedule 13G rather than a Schedule 13D. In addition, passive investors beneficially owning less than 20% of an equity security must amend their Schedule 13G promptly, within two business days, after acquiring beneficial ownership of more than 10% of the class of equity securities, and after that, within two business days of increasing or decreasing their ownership by more than 5%. You must also file an annual amendment to the 13G if there have been any changes - immaterial or material - to your filed 13G. This must be done within 45 days of year end. You do not need to file an amendment if there have been no changes to the information filed or if the only change is to the percentage of securities owned resulting solely from a change in the number of shares outstanding.
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Post by rockstarrick on Jul 1, 2017 19:21:23 GMT -5
That is correct. It is reflected in their next quarterly filing. If they held a controlling interest they would need to file immediately but they are a long way from that! ibkb.interactivebrokers.com/node/2654Amendment Requirements for 13G Filers Qualified institutional investors, including investment advisors registered with the SEC or a state, must amend their Schedule 13G within 10 days after the end of the first time their "beneficial ownership" exceeds 10% of the class of equity securities at month end. After that, qualified institutional investors must amend their Schedule 13G within 10 days from when their "beneficial ownership" increases or decreases by more than 5% of the class of securities over the amount held at the previous month end. Qualified institutional investors must also file a Schedule 13D within 10 calendar days after they cease being eligible to file a Schedule 13G rather than a Schedule 13D. In addition, passive investors beneficially owning less than 20% of an equity security must amend their Schedule 13G promptly, within two business days, after acquiring beneficial ownership of more than 10% of the class of equity securities, and after that, within two business days of increasing or decreasing their ownership by more than 5%. You must also file an annual amendment to the 13G if there have been any changes - immaterial or material - to your filed 13G. This must be done within 45 days of year end. You do not need to file an amendment if there have been no changes to the information filed or if the only change is to the percentage of securities owned resulting solely from a change in the number of shares outstanding. So is this saying if Deerfield held over 5% ownership and "sold shares" they would have to file within 10 days ??
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Post by rockstarrick on Jul 1, 2017 19:28:03 GMT -5
ibkb.interactivebrokers.com/node/2654Amendment Requirements for 13G Filers Qualified institutional investors, including investment advisors registered with the SEC or a state, must amend their Schedule 13G within 10 days after the end of the first time their "beneficial ownership" exceeds 10% of the class of equity securities at month end. After that, qualified institutional investors must amend their Schedule 13G within 10 days from when their "beneficial ownership" increases or decreases by more than 5% of the class of securities over the amount held at the previous month end. Qualified institutional investors must also file a Schedule 13D within 10 calendar days after they cease being eligible to file a Schedule 13G rather than a Schedule 13D. In addition, passive investors beneficially owning less than 20% of an equity security must amend their Schedule 13G promptly, within two business days, after acquiring beneficial ownership of more than 10% of the class of equity securities, and after that, within two business days of increasing or decreasing their ownership by more than 5%. You must also file an annual amendment to the 13G if there have been any changes - immaterial or material - to your filed 13G. This must be done within 45 days of year end. You do not need to file an amendment if there have been no changes to the information filed or if the only change is to the percentage of securities owned resulting solely from a change in the number of shares outstanding. So is this saying if Deerfield held over 5% ownership and "sold shares" they would have to file within 10 days ?? I guess if they sold their entire position they would qualify for the "+ or - 5% and be required to file within 10 days ??
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Post by boytroy88 on Jul 1, 2017 21:19:57 GMT -5
So is this saying if Deerfield held over 5% ownership and "sold shares" they would have to file within 10 days ?? I guess if they sold their entire position they would qualify for the "+ or - 5% and be required to file within 10 days ?? I think this...if I'm reading it right unless they own 10% or more or change their ownership by more than 5% they won't need to file within 10 days.
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Post by agedhippie on Jul 2, 2017 19:17:06 GMT -5
I guess if they sold their entire position they would qualify for the "+ or - 5% and be required to file within 10 days ?? I think this...if I'm reading it right unless they own 10% or more or change their ownership by more than 5% they won't need to file within 10 days. They held 5.17% in April so they could sell fractionally under 5% immediately, and then the remainder in May. That way they would not need to file until the end of quarter and they could hide the transaction to protect the share price (I don't see that it's in Deerfield's interest to drive the share price down).
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Post by promann on Jul 3, 2017 5:49:23 GMT -5
finance.yahoo.com/news/mannkind-renegotiates-near-term-maturities-132658060.html?.tsrc=applewfMichael Castagna, MannKind’s Chief Executive Officer commented, “The extension of the July 2017 principal payment to Deerfield and the amendment of the Facility Agreement affords us flexibility and time to explore additional measures to strengthen our financial position. Just as with the Mann Group and its recently announced capital infusion, we appreciate the cooperation and support of Deerfield at this exciting time for MannKind.” At this exciting time for MannKind". That sounds very up beat and positive.. He has gotta know some great news is coming for MannKind.
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Post by uvula on Jul 3, 2017 7:40:21 GMT -5
What do you expect him to say? We have no idea how he feels about the current situation.
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Post by Deleted on Jul 3, 2017 10:58:42 GMT -5
What do you expect him to say? We have no idea how he feels about the current situation. No offense. But why Debbie downer?
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Post by kbrion77 on Jul 3, 2017 11:07:33 GMT -5
What do you expect him to say? We have no idea how he feels about the current situation. No offense. But why Debbie downer? Not really Debbie Downer but more of a realist response. When someone posts that Mike sounds really upbeat so that must mean great things is just bizarre. Tell me what CEO of a publicly traded corporation doesn't sound upbeat when talking about their company it is their job all day every day. People just continue to reach for anything.
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Post by traderdennis on Jul 5, 2017 8:17:10 GMT -5
I think this...if I'm reading it right unless they own 10% or more or change their ownership by more than 5% they won't need to file within 10 days. They held 5.17% in April so they could sell fractionally under 5% immediately, and then the remainder in May. That way they would not need to file until the end of quarter and they could hide the transaction to protect the share price (I don't see that it's in Deerfield's interest to drive the share price down). If Deerfield was short MNKD as a hedge before they receive their 5.17% they would never get above the threshold. The long shares would then cancel out the short.
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Post by kbrion77 on Jul 5, 2017 9:29:21 GMT -5
July off to a fantastic start. Days like this people steer clear of the message board.
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Post by chuck on Jul 5, 2017 12:00:38 GMT -5
No offense. But why Debbie downer? Not really Debbie Downer but more of a realist response. When someone posts that Mike sounds really upbeat so that must mean great things is just bizarre. Tell me what CEO of a publicly traded corporation doesn't sound upbeat when talking about their company it is their job all day every day. People just continue to reach for anything. A CFO of a large company listed on the NYSE once told me that the details of what you say don't matter as long as you are upbeat, excited and speak with confidence. That's all retail investors focus on as most lack any experience to critically assess much of what is being said (but more importantly, what isn't being talked about). So true.
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Post by thall on Jul 8, 2017 14:53:53 GMT -5
Maybe it's just me, but it seems like the modification is rather complicated. The gist is:
-- MNKD hands over 3.5 million shares to repay 5 million in debt due in 2019
-- the 10 million dollar payment is deferred until August 31
-- MNKD must get the 19.4 million from Mann Group, keep Mike castagna as CEO, and hire Greenhill to pursue other possible sources of financing
-- if MNKD does all that they can defer the debt each month until the end of October when Deerfield finally expects payment
-- MNKD must keep 10 million in cash at the end of each month until October 31; then they must also have 10 million at the end of the year
Is there a particular reason for all of that? I can understand the demand to keep 10 million cash at the end of each month so as to guarantee payment in October, but otherwise it seems like a pretty complicated way to handle a 10 million dollar debt payment. I don't recall ever seeing anything similar for any other company.
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Post by sportsrancho on Jul 8, 2017 15:33:18 GMT -5
Maybe it's just me, but it seems like the modification is rather complicated. The gist is: -- MNKD hands over 3.5 million shares to repay 5 million in debt due in 2019 -- the 10 million dollar payment is deferred until August 31 -- MNKD must get the 19.4 million from Mann Group, keep Mike castagna as CEO, and hire Greenhill to pursue other possible sources of financing -- if MNKD does all that they can defer the debt each month until the end of October when Deerfield finally expects payment -- MNKD must keep 10 million in cash at the end of each month until October 31; then they must also have 10 million at the end of the year Is there a particular reason for all of that? I can understand the demand to keep 10 million cash at the end of each month so as to guarantee payment in October, but otherwise it seems like a pretty complicated way to handle a 10 million dollar debt payment. I don't recall ever seeing anything similar for any other company. I really have no idea, but it sounds like to me they know they have funds coming. But they needed the extra in the mean time for advertising or another project? Strategic Planning IMO / Mike will lay out the plan when he's ready. I don't think he is to concerted about the ups and downs of the pps.
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