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Post by kc on Jun 23, 2019 14:30:43 GMT -5
Agree, We should've known about this a longtime ago. ✌🏻😎 At that time, Mann Group was still the dominant shareholder. When they picked MC, there was no much you could do. Now seems Mann Group already liquidated their shares (we were abandoned), individual shareholders need to work together to push this company forward. I don’t think the word is abandoned as much as it was to save some capital for their trusts. They didn’t want to lose everything in a situation they could not control.
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Post by hellodolly on Jun 23, 2019 18:31:29 GMT -5
RSR: because he and some other boardmembers have had a big bet in Jan Calls - it's pure desperation before leaving the sinking ship - and Bill and some others are attacking now in an outraegous (IMO) manner.
This is completely false and slander! I’m reporting this issue to the monitors. What was slanderous? Is he talking about you? I have no idea and still don't. What did I miss?
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Post by matt on Jun 24, 2019 7:17:25 GMT -5
At that time, Mann Group was still the dominant shareholder. When they picked MC, there was no much you could do. Now seems Mann Group already liquidated their shares (we were abandoned), individual shareholders need to work together to push this company forward. I don’t think the word is abandoned as much as it was to save some capital for their trusts. They didn’t want to lose everything in a situation they could not control. Most of the Mann Group shares were, in fact, Mann Living Trust shares. The same shares were reported twice due to the quirks of the SEC attribution rules on ownership. We don't know, and cannot know, how the trusts were structured, who the trustees are, or what the trust indenture says. If, as in typical, the trustees were an independent third party like the trust department at a bank or a law firm, the trustees are bound to follow the investment goals and objectives set forth indenture. If the trustees fail to do so, they are personally liable to trust beneficiaries for any losses incurred by the trust, so most trustees follow the indenture language down to the last comma. It is financially imprudent to concentrate investments in too few securities just as it is considered imprudent for regulated investment funds to hold more than 5% of total fund assets in a single investment. Since the Mann Living Trust is the sole remaining member of The Mann Group, the trust still has a sizable financial exposure from the $72 million in debt so even with divestiture of the shares, the trust would still be over-invested in Mannkind unless the trust has assets that exceeding $1.4 billion. Given the language typical is most living trust indentures, the trustees probably had little choice but to liquidate the shares. Dealing with Al Mann the individual was one thing, dealing with the trust is quite another. Second Sight Medical (EYES) was another one of Al Mann's companies and the holding structure was similar to that of Mannkind. The trustees have sold their EYES shares at least to the extent that the Mann entities are no longer reportable as a 5% shareholder, and possibly may have liquated the holdings in total. Expect the same to happen here eventually.
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Post by Deleted on Jun 24, 2019 8:31:09 GMT -5
If Mike and Bill want to go at it on pro boards I don’t have a problem with it, it’s not the Wall Street Journal🤣 And yes, agree with sweedee 100% ..in my estimation 75% of shareholders want to know the truth. You actually want the CEO of a company to fight with a disgruntled shareholder on a message board? That doesn't seem very productive. Actually it's very childish. Apparently Mike Castagna has written a response and the case should is closed. Time to move on.
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Post by peppy on Jun 24, 2019 8:33:35 GMT -5
Getting real, do we really live in a country that saids it has good health care and the real story is the corruption is so high, that new medications from NON Pharma's have to be caught and killed with all this evidence staring us right in the face? Ad Nauseam: AFREZZA, with follow up doses. Subq Rapid acting insulin. IF you had a child, or is this was you, what would you want? RAA's take two hours. Aged eats to the tail. Molly died at 44 years of age of a heart attack. The for profit medical system takes kick backs.
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Post by sportsrancho on Jun 24, 2019 9:36:36 GMT -5
If Mike and Bill want to go at it on pro boards I don’t have a problem with it, it’s not the Wall Street Journal🤣 And yes, agree with sweedee 100% ..in my estimation 75% of shareholders want to know the truth. You actually want the CEO of a company to fight with a disgruntled shareholder on a message board? That doesn't seem very productive. Actually it's very childish. Apparently Mike Castagna has written a response and the case should is closed. Time to move on. This is my feeling, the bottom line here is this is not about Bill, it’s not about Vdex, it’s about this management and the things that have come to light and been brought up by Bill or just some of the things that MK has talked about all along ..we need an activist to come in a make some changes. Dilution toxic deals, bonuses raises, squashing of deals and lies. And no respect from wall Street. I now realize even more why MK was calling for their heads in a sense. Change is good I hope we get some.
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Post by rtmd on Jun 24, 2019 10:00:00 GMT -5
You actually want the CEO of a company to fight with a disgruntled shareholder on a message board? That doesn't seem very productive. Actually it's very childish. Apparently Mike Castagna has written a response and the case should is closed. Time to move on. This is my feeling, the bottom line here is this is not about Bill, it’s not about Vdex, it’s about this management and the things that have come to light and been brought up by Bill or just some of the things that MK has talked about all along ..we need an activist to come in a make some changes. Dilution toxic deals, bonuses raises, squashing of deals and lies. And no respect from wall Street. I now realize even more why MK was calling for their heads in a sense. Change is good I hope we get some. Careful what you wish for. Activists' success doesn't always translate into higher stock prices. Witness Gannett's stock price since Carl Icahn forced changes there: carlicahn.com/carl-icahn-on-gannett-agreement/
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Post by kc on Jun 24, 2019 11:05:08 GMT -5
activist investor would be a good thing today. Offer to buy everything for $3.00 and put all of us out of our misery.
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Post by prcgorman2 on Jun 24, 2019 12:30:06 GMT -5
You actually want the CEO of a company to fight with a disgruntled shareholder on a message board? That doesn't seem very productive. Actually it's very childish. Apparently Mike Castagna has written a response and the case should is closed. Time to move on. This is my feeling, the bottom line here is this is not about Bill, it’s not about Vdex, it’s about this management and the things that have come to light and been brought up by Bill or just some of the things that MK has talked about all along ..we need an activist to come in a make some changes. Dilution toxic deals, bonuses raises, squashing of deals and lies. And no respect from wall Street. I now realize even more why MK was calling for their heads in a sense. Change is good I hope we get some. Mike trash talked Matt, and now Bill is trash talking Mike. In the first case it was awful, but in the second case it's OK?
As for needing activists and changing Mannkind management, I look at where we were in Jan 2017, and I look at where we are now. Some might want to say that any success since then was because of Matt, but that's not believable, just as saying all success since then is because of Mike. I think THE TRUTH is that it's damnably hard (and/or expensive) to be successful selling Afrezza, and there is no magic, there is no silver bullet.
Mike wasn't on the scene when the black box label was applied. Mike wasn't on the scene when Sanofi backstabbed. Folks say Matt P did a great job of getting $50M cash and debt forgiven. I think an activist getting shareholders (not MNKD) to sue Sanofi might have been more successful. Don't know, but $750M in unpaid milestones, and complete sandbagging (and denegrating) Afrezza might easily have been worth more than what Matt P got. I'm not judging because I wasn't there to listen to the lawyers and negotiate the divorce, but I'm also not going to glibly agree that Matt P did the best that was possible.
I think Matt P was a good CFO but when Mike got promoted I was glad for the change, and I've been happy with the results. Apparently the Board of Directors and the major stockholders agree with my sentiments because THEY are the ones who made that change, and THEY are the ones that agreed to the raises, bonuses, and stock options.
The "December massacre" is a red herring and a farce. Look at the charts for 4Q 2018 and tell me how any CEO would know that the market would stop it's downward trend in 2019?
So to me, what I see is a trash-talking businessman with an agenda for a business proposal that doesn't look particularly good. If VDEX was going gangbusters, maybe, but 25 scripts a MONTH from 2 clinics (or if it is 6 clinics - that's even worse). And an equal number or prescriptions given away? Even if there was some hyperbole in those numbers, come on, who are we kidding? There is little value at best and negative value in that business model. Retention? I'm supposed to believe that all of the other Afrezza prescriptions that are being written and all of the diabetes educators, endos, and Primary Care physicians, and most importantly, Persons With Diabetes, cannot possible do what VDEX has done? Only VDEX knows the dark arcane secrets behind successfully titrating Afrezza? Only VDEX can lead us to profitability?
I cannot imagine what could persuade me a trash-talking video-making CEO of a tiny clinic company that we don't know is profitable and don't know who are the investors that established it, or the ones who are promising boatloads of money if they can get Mannkind to agree to a deal which is grossly favorable to them, and with an agenda to materially change the management of the company whose shares I can and do own, and who has already been eroding goodwill and destroying investor faith, is the savior of the value of my shares.
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Post by mytakeonit on Jun 24, 2019 12:36:35 GMT -5
No thanks ... I can buy all the shares I want for $1.11 or less today.
But, that's mytakeonit
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Post by uvula on Jun 24, 2019 12:51:08 GMT -5
I just want all of these threads to be preserved. Either 1 side is lying, the other side is lying, or both sides are lying.
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Post by tingtongtung on Jun 24, 2019 13:15:17 GMT -5
Didn't read for a day, thinking this is over.. I'm not in anyone's camp. I invested here pre-approval because of the technology, and have been holding since then. (I did sell a lot to generate real losses, as my cost basis was too high.)
I was surprised when MattP was unceremoniously dumped for no reason, and was against that move. But, I thought it was a pure health reason (multiple eye operations). If its MC, that is bad. I have no problem when inexperienced people are promoted, and learn on the job (I was one among them, although I'm not any CxO. I was put in a higher place right out of school, and learned a lot and did well. But, I never back-stabbed anyone. But, this is not about me.).
In the same vein, the whole Vdex situation is horrible. Vdex has not answered a lot of questions, and *CANNOT* ask for what they are asking purely on trust/faith (we call it vaporware!). They have made MNKD management and BoD look like completely idiots.
With MC's reputation completely tarnished, how could MNKD hold any talks/negotiations with potential partners (especially international)? Holy ****, I hate this whole thing. The drug seems to be completely mismanaged by all. If MC really did all those things, what was the BoD doing? I guess the analysts will issue "sell" rating, attributing to the company's lack of trust. May be UTHR will try to take adv of MNKD (if it helps UTHR shareholders, UTHR has every right to do that)?
And, what's the possible motive for the Deerfield debt to be pushed back? Will MNKD go for BK, and start afresh? I hope not.
IMHO: MNKD seems to be in OK financial shape that can make it last for at least a year? It would be best for MNKD BoD to start an investigation, remove MC if he did what's been attributed to him, cut ties with Vdex (enough of the non-sense), and cut the burn rate severely, and start afresh. I hope they dont do BK, but raise some debt (even toxic with Deerfield as Spencer suggested), and do what they are doing now, but without all this distracting drama..
All this is self-inflicted. We (share holders), the diabetes patients and Al, *DO NOT* deserve this.
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Post by wgreystone on Jun 24, 2019 13:17:25 GMT -5
activist investor would be a good thing today. Offer to buy everything for $3.00 and put all of us out of our misery. I guess $3 will only make a few out of misery.
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Post by wgreystone on Jun 24, 2019 13:23:05 GMT -5
This is my feeling, the bottom line here is this is not about Bill, it’s not about Vdex, it’s about this management and the things that have come to light and been brought up by Bill or just some of the things that MK has talked about all along ..we need an activist to come in a make some changes. Dilution toxic deals, bonuses raises, squashing of deals and lies. And no respect from wall Street. I now realize even more why MK was calling for their heads in a sense. Change is good I hope we get some. Mike trash talked Matt, and now Bill is trash talking Mike. In the first case it was awful, but in the second case it's OK?
As for needing activists and changing Mannkind management, I look at where we were in Jan 2017, and I look at where we are now. Some might want to say that any success since then was because of Matt, but that's not believable, just as saying all success since then is because of Mike. I think THE TRUTH is that it's damnably hard (and/or expensive) to be successful selling Afrezza, and there is no magic, there is no silver bullet.
Mike wasn't on the scene when the black box label was applied. Mike wasn't on the scene when Sanofi backstabbed. Folks say Matt P did a great job of getting $50M cash and debt forgiven. I think an activist getting shareholders (not MNKD) to sue Sanofi might have been more successful. Don't know, but $750M in unpaid milestones, and complete sandbagging (and denegrating) Afrezza might easily have been worth more than what Matt P got. I'm not judging because I wasn't there to listen to the lawyers and negotiate the divorce, but I'm also not going to glibly agree that Matt P did the best that was possible.
I think Matt P was a good CFO but when Mike got promoted I was glad for the change, and I've been happy with the results. Apparently the Board of Directors and the major stockholders agree with my sentiments because THEY are the ones who made that change, and THEY are the ones that agreed to the raises, bonuses, and stock options.
The "December massacre" is a red herring and a farce. Look at the charts for 4Q 2018 and tell me how any CEO would know that the market would stop it's downward trend in 2019?
So to me, what I see is a trash-talking businessman with an agenda for a business proposal that doesn't look particularly good. If VDEX was going gangbusters, maybe, but 25 scripts a MONTH from 2 clinics (or if it is 6 clinics - that's even worse). And an equal number or prescriptions given away? Even if there was some hyperbole in those numbers, come on, who are we kidding? There is little value at best and negative value in that business model. Retention? I'm supposed to believe that all of the other Afrezza prescriptions that are being written and all of the diabetes educators, endos, and Primary Care physicians, and most importantly, Persons With Diabetes, cannot possible do what VDEX has done? Only VDEX knows the dark arcane secrets behind successfully titrating Afrezza? Only VDEX can lead us to profitability?
I cannot imagine what could persuade me a trash-talking video-making CEO of a tiny clinic company that we don't know is profitable and don't know who are the investors that established it, or the ones who are promising boatloads of money if they can get Mannkind to agree to a deal which is grossly favorable to them, and with an agenda to materially change the management of the company whose shares I can and do own, and who has already been eroding goodwill and destroying investor faith, is the savior of the value of my shares.
If Mike trash talked Matt, then what Bill said is just revealing the truth. Vdex is a customer of Mannkind. They offered to help promoting Afrezza. If Mike believes the deal is not good for Mannkind, he should list the reasons, not just dismissed them with the claim that Vdex had less than 25 scripts per month. How many clinics prescribed more than 25 scripts per month anyway?
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Post by mnkdfann on Jun 24, 2019 13:26:57 GMT -5
I think Matt P was a good CFO but when Mike got promoted I was glad for the change, and I've been happy with the results. Apparently the Board of Directors and the major stockholders agree with my sentiments because THEY are the ones who made that change, and THEY are the ones that agreed to the raises, bonuses, and stock options. I've been browsing old threads, and came across this one from when MC was appointed CEO. As a courtesy, I include the link below: mnkd.proboards.com/thread/7957/mannkind-provides-update-senior-managementI found it interesting and a couple of things said take on new meaning now, but YMMV.
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