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Post by babaoriley on Jul 7, 2014 9:58:59 GMT -5
"this felt like an ideal time to suggest reading Affrezzamiracles post again I hope no one gets mad at me for the suggestion " Well, Lynn, I don't know about anyone else, but I'm positively livid at that suggestion! LOL!
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Post by mannmade on Jul 7, 2014 10:01:26 GMT -5
And to watch the adcom video of diabetics testifying to the impact Afrezza has on their health and lifestyle... Again sorry for the rant...
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Post by garrett on Jul 7, 2014 10:15:51 GMT -5
With all due respect, I could care less if Matt is handing his 10b5-1 sale appropriately. To me an insider sale is a sale nevertheless and when an insider like Matt sells 20% of his holding when a partnership is supposedly a few weeks away that tells me something.
Since I continuously sell option premium in Mannkind, this is something that helps with strategy. To those who have purchased stock (or options) for the long haul this conjecture really does not matter. Mandkind will eventually partner and be a great success.
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Post by mannmade on Jul 7, 2014 10:57:33 GMT -5
You are most certainly entitled to your opinion and i don't want to disrespect it... I just don't think an insider sale such a this says anything one way or the other... Now if Al sold 50% of his shares I would say that meant something...
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Post by babaoriley on Jul 7, 2014 11:54:54 GMT -5
garrett, if he had contractually obligated himself to sell those shares months ago, would that change your view?
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Post by nemzter on Jul 7, 2014 12:43:58 GMT -5
Did everyone forget about those lovely RSUs/options that were granted to management last year? Matt has plenty of shares left to sell and will be meeting his milestones. RSUs(1) - 150,000 Options(2) - 450,000 (1) The shares subject to the RSUs will vest upon MannKind Corporation’s achievement of specified regulatory and business development milestones related to AFREZZA. (2) The shares subject to the stock options will vest upon MannKind Corporation’s achievement of specified regulatory and business development milestones related to AFREZZA. Each stock option shall have an exercise price per share of $6.85, which is equal to the closing sale price of our common stock on the Nasdaq Global Market on May 23, 2013. The expiration date of the stock options is May 22, 2023. yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=9328129-820-10743&type=sect&TabIndex=2&companyid=126000&ppu=%252fdefault.aspx%253fcik%253d899460
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Post by garrett on Jul 7, 2014 12:49:21 GMT -5
garrett, if he had contractually obligated himself to sell those shares months ago, would that change your view? No, because he still could have canceled the sell order if a partnership deal was a few weeks away. Again, these private agreements are only intended to be used in litigation as an "affirmative defense" and the other party to this agreement (i.e. the broker) certainly is not going to compel the insider to complete the transaction(s). While many view these transactions as unchanged planned sales for which the law had intended them to be, I share the point of view that they indicated an insider trading on non-public information.
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Post by BD on Jul 7, 2014 13:00:17 GMT -5
garrett, there's a Catch-22 situation with respect to Matt having the freedom to cancel the sell order... if he cancels it due to an impending partnership announcement and he ends up selling at a much higher price, that's essentially "insider non-trading"; even if not making a trade doesn't technically violate the insider-trading rules, it leaves a foul odor and reflects negatively on the integrity of management. Much better, IMO, to let the planned sales go through and miss out on some of the spoils, but avoid any appearance of impropriety.
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Post by babaoriley on Jul 7, 2014 13:07:28 GMT -5
garrett, what you are suggesting is a loophole large enough to drive mannmade's limousine through. Not that those do not exist in our country of laws, but I just think you are incorrect in your conclusion; I realize I'm not going to change your view on this, so I'm just writing this for others' eyes.
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Post by mannmade on Jul 7, 2014 13:23:40 GMT -5
Thank you BD for your note as that was my point about appearances... I was a complaince lawyer for 8 years with a major television network and believe me, appearances count more than the letter of the law sometimes... And i would rather dwell on what we do know on this board. Am not interested in speculating on insider trading like this that at best gives the short some coverage for a few pennies. The bears/shorts will always find something... So would rather look at what we do know and that is the science... And this is what I believe in... the rest to me is just noise... Besides the shorts know their days in control are "shortening..." And with that we have knowledge to make our own decisions and profits... The real questions now should be 1.) Partnership date, 2.) who is the partner 3.) what does the deal look like 4.) when does afrezzsa reach the shelf, 5.) when do we get first full q of sales figures. This is really all that matters to me as an investor... And where the rumor and speculation should be directed imho...
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Post by babaoriley on Jul 7, 2014 13:35:23 GMT -5
Written by a lawyer from a very prestigious law firm regarding 10b5-1 plans. Basically, supports the argument that any move made by an insider to alter the plan at a time when the insider was aware of material, non-public information would eliminate the availability of the affirmative defense afforded by a 10b5-1 plan. Also, gives a lot of info about those plans, such that it should persuade most that Matt's dealings are quite legal and unremarkable. media.mofo.com/files/Uploads/Images/FAQ10b51.pdf
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Post by mannmade on Jul 7, 2014 13:43:17 GMT -5
Thanks Baba... with your research I personally consider this case closed. Can we get a ruling from BD or Liane to seal this thread...?
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Post by liane on Jul 7, 2014 13:46:21 GMT -5
Thanks Baba... with your research I personally consider this case closed. Can we get a ruling from BD or Liane to seal this thread...? Consider it done.
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