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Post by lifebreath on Jun 26, 2019 10:06:59 GMT -5
I wonder how many no voters will want to change their vote once we are under one dollar and MC does a reverse split.
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Post by sportsrancho on Jun 26, 2019 10:13:51 GMT -5
I wonder how many no voters will want to change their vote once we are under one dollar and MC does a reverse split. He does that and it’s over. We all know it. Too many toxic deals have been made where they gave the shorts control. Not saying it was Mike.. it was the Board of Directors.. all of them just like matt says.
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Post by hellodolly on Jun 26, 2019 10:17:19 GMT -5
I wonder how many no voters will want to change their vote once we are under one dollar and MC does a reverse split. I wonder how many of the YES voters will change their vote if we don't go under one dollar and we don't have a reverse split? You set the bar way too easy. Would a restructured debt deal, like the one SO talked about buy us more time, getting DFLD, US Bank and Mann Group out of the way (in combination of any three), announcement of another molecule and more money from UTHR change votes.
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Post by nylefty on Jun 26, 2019 10:41:02 GMT -5
Remember that the board members are the representatives of the shareholder body, and management serves as the pleasure of the board. Management crafts a strategy, often with input from outside advisors, and then presents that to the board for their approval. If the board accepted the strategy, and management executed the operational plan to implement that strategy, then who is to blame when the results are less than what was desired? Who sets the management compensation? That would be the Compensation Committee of the board with their recommendations subject to approval by the full board. Shareholders do not get to hire or dismiss management in a public company, nor do they get to vote on salaries and bonuses. You have no idea what Mike's marching orders are from his boss, the board, or what commitments have been made behind closed doors. If the board pushed to do a big DTC campaign against the wishes of management, Mike nevertheless was obligated to sing from that particular page in the hymnal and to try to execute on the plan that was approved. If he failed was it his fault? Maybe it was, especially if he was the artist crafting the failed strategy, but we don't know if that is true or not. If you are not happy about the direction of the company or executive compensation, then it is time to get vocal with the board. That is the only way things will change. What?!! You mean that Mike isn't an absolute dictator who decides how much he and everybody else gets paid? And that Mike couldn't unilaterally decide to sell the company or declare bankruptcy? Who knew? (Sarcasm).
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Post by ktim on Jun 26, 2019 10:44:44 GMT -5
The problem is, on the current growth trajectory we could end up with another doubling of outstanding shares and then there goes that 50% of future earnings to new shareholders. I don't think there is a clear winner in my mind between those two options. If there is ever an inflection point in NRx, it would then likely be obvious choice to go it alone, but waiting for that inflection point forever may not be the wise course. how could anyone justify a 50% dilution right now? How much money would you expect from that and what for would that be used or needed? Are you trying to say that there are no other options beside dilution or partnering right now? That sounds very wrong to me, but might put you right with the management!
Not sure what you mean by justify. MNKD has ongoing cash burn. If funding doesn't come from elsewhere they have to meet the requirement by raising money in the market (assuming that is viable). I'm not trying to say there are no other options. How would I know one way or another about non public things? I usually don't imagine great things are in store that I don't know about, especially for MNKD due to my history as a shareholder... but that's me. So I'm stating a possibility of an outcome based on what we know, without factoring in assumptions about things we don't know about. You seem pretty confident that some unknown funding source is available. In that case you will not worry about dilution. Fair enough... that's one way of looking at being a MNKD shareholder. Also, please don't read any assessment of probability of the level of dilution into my statement. That is highly dependent on stock price in the future and anyone that thinks they can predict where that is going has some sort of an ego based psychiatric problem (said half jokingly).
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Post by sportsrancho on Jun 26, 2019 11:03:46 GMT -5
Seeking Alpha contributor Spencer Osborne postulated management is considering refinancing of MannKind debt that would add to total debt but give MannKind the resources to fund operations for several years; MannKind would have the cash for clinical studies and marketing of Afrezza. If this were to occur, I expect investor sentiment to turn positive ending years of share price declines. MannKind's CEO Castagna Squanders An Opportunity To End Share Price Erosion $MNKD seekingalpha.com/article/4272206
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Post by uvula on Jun 26, 2019 11:04:10 GMT -5
Hans said "and time are two assets that are on our side. So it may take six months, so it may take eight months, so it may take ten months. The fact is that every day we sell and earn revenue, we are one step closer to realizing the success of Afrezza"
Hans, do you understand the difference between revenue and profit?
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Post by ktim on Jun 26, 2019 11:17:55 GMT -5
Seeking Alpha contributor Spencer Osborne postulated management is considering refinancing of MannKind debt that would add to total debt but give MannKind the resources to fund operations for several years; MannKind would have the cash for clinical studies and marketing of Afrezza. If this were to occur, I expect investor sentiment to turn positive ending years of share price declines. MannKind's CEO Castagna Squanders An Opportunity To End Share Price Erosion $MNKD seekingalpha.com/article/4272206"If you are contemplating investing in MannKind, it should represent a small percentage of your portfolio until cash concerns are alleviated and pipeline progress is announced." Whew! Thank goodness the share price has gone down so much that it's now a small percentage of my portfolio
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Post by figglebird on Jun 26, 2019 11:52:36 GMT -5
Mike C was the first to define the hypothetical space Afrezza and TS hopefully fill - in a way that adresses the prior constraints imposed by fda standards (1:1) w sub q dedpite unequal bioavailability.
Mike was obviously also the first to expand ts in a meaningful way by taking trep t through phase 1 and ultimately to uthr, establishing the skeletal licensing model which he recently reiterated as the best way to lever our assets.
Mike C also restructured the bulk of Deerfield's debt at an sp approc 3x what it was today.
These prior achievements in my mind made the December financing an event that caught me by surprise - even though he explained it succinctly it caused some alarm, not so much in terms of the actual price point - rather the parties who acquired the shares.
All this said, replacing a CEO at anytime is a momentous event and one that is not in the best interest of a company with our current and quick ratios.
At this point, Mike has distinguished himself as the best CEO to date and I will continue to back him - his vision of the space we must capture is not subject entirely to his ability to execute but will require his ability to protect and harness ip, align efficiently and cautiously, and above all, get creative.
Mike's removal(if that were to take place now) would signify chaos and disunity - which despite this growing chasm between many shareholders and mgmt is not how I percieve mgmt's state.
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Post by mytakeonit on Jun 26, 2019 12:50:26 GMT -5
I don’t think the poll makes anybody feel good or bad. It’s just sad we have this thread. Well thanks for having this thread ... so I could sew the button back onto my shirt. But, that's mytakeonit "Time is an illusion." Mango stole that from the Twilight Zone !!!
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Post by barnstormer on Jun 26, 2019 13:27:14 GMT -5
Reality check. BP is not losing their grip. As far as progress goes our minicsule improvement doesn't even account for the new PWDs diagnosed every week that start Lantus or Novolog. I wish I could agree with you, but if BP was losing their grip, our growth would be more than what we are seein. Even quadrupling over last year is a drop in the bucket compared to new prescriptions for SNY, Lilly and Novo. We need exponential weekly growth not 20-30 new with many falling out the back. All you have to do is look at today's drop in share price and realize we aren't winning any battles. Time will run out, money will run out and investors will get screwed with another RS so they can make payroll buy selling shares. If you haven't been through one of those unpleasant engineering maneuvers stay tuned. SP slips below $1 Mike will tell you why we need to do it to save the company. I say just look in the mirror Mike.
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Post by wgreystone on Jun 26, 2019 13:48:12 GMT -5
I wonder how many no voters will want to change their vote once we are under one dollar and MC does a reverse split. He does that and it’s over. We all know it. Too many toxic deals have been made where they gave the shorts control. Not saying it was Mike.. it was the Board of Directors.. all of them just like matt says. What troubles me is that he still has no clear strategy to drive Afrezza growth. He is now betting on TreT to bring the company break even.
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Post by rockstarrick on Jun 26, 2019 13:55:57 GMT -5
Seeking Alpha contributor Spencer Osborne postulated management is considering refinancing of MannKind debt that would add to total debt but give MannKind the resources to fund operations for several years; MannKind would have the cash for clinical studies and marketing of Afrezza. If this were to occur, I expect investor sentiment to turn positive ending years of share price declines. MannKind's CEO Castagna Squanders An Opportunity To End Share Price Erosion $MNKD seekingalpha.com/article/4272206While I don't agree with everything SO writes, he isn't too far from my opinion lately. He conveniently leaves out crucial parts of the mnkd story, but his assessment of the parts he's touching on are fairly accurate. Cmon MC, recapitalize this Company and don't look back. 😎
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Post by dh4mizzou on Jun 26, 2019 14:08:24 GMT -5
I don’t think the poll makes anybody feel good or bad. It’s just sad we have this thread. Well thanks for having this thread ... so I could sew the button back onto my shirt. But, that's mytakeonit "Time is an illusion." Mango stole that from the Twilight Zone !!!
Funny. I remember hearing that line in the move "Hitchhikers Guide to the Galaxy". When Ford Prefect and Arthur were in the pub right before the earth was destroyed.
Ford said "Time is an illusion. Lunch time doubly so."
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Post by sportsrancho on Jun 26, 2019 14:15:49 GMT -5
Spencer on ST
$MNKD what I am going to say here is not a defense of MC, but rather the reality that I have been discussing for a long time. MNKD has been in a perpetual cash crunch for years. That cash crunch means you cant deliver optimal results. Example. Your car needs work...it needs brakes, transmission work, the radiator is worn, a new battery, new alternator, and the AC is not cold. You have $1,000 that you can spend. You need the brakes to pass inspection. Gotta do it. You need the alternator and battery for the car to run. Gotta do it. The tranmission, radiator, and AC gotta wait. You can buy tranny fluid, top off the radiator weekly, and roll down the windows. Heck, Fall is coming, so the AC can wait til next year. You see, even with the best intentions, you can not solve it all. You can take out a loan and get it all done, but that means it's harder to feed the family. Point is that fixing it all is not easy. Next post.... That being said, if you punt on these needed repairs, but go on a vacation to disney, pay for every cable channel, and go out to dinner thrice a week, are your priorities really where they need to be? I think shareholders can grasp why some things were kicked down the road, but find it difficult to swallow doing so whilst doing trips to Hawaii, ad campaigns, moving to a more expensive office location, sponsoring an indy car, Monaco trips. An annual meeting at a hotel instead of Danbury, etc. Next post....
A very real consideration is whether the all of this money should be invested into the car. It has a ton of miles anyway, and the problems seem to keep stacking up. Is a new car the better solution? That question needs to be addressed about Afrezza. It is no longer a new car. Is it better to trade it off, even for less value than you should get, and focus efforts into a new car? The hard part is that you still are a year away from saving enough to buy the new car. That means, even though expensive, using Uber, Lyft, and maybe even convincing your friends to give you rides for a while. At some point your friends get tired of you mooching (dilution), and they dont take your calls anymore. MC has been in a tough situation all along. Whether it could have been done better is a hot debate...next post
What we have to REALLY consider is what is the strategy GOING FORWARD. Do we get rid of the car? The driver? What would a new car look like? Is a new driver going to be able to do better? Bottom line... an outline of what path is used needs to be supplied by management AS WELL AS any potential activist investor initiative. Otherwise we are just spinning wheels as the car gets older, gets more miles on it and loses value.
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