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Post by mango on Apr 2, 2020 8:48:24 GMT -5
MannKind Management asking for raises, bonuses and/or any other form of increased compensation based on mediocre performance results, a depressed stock price, and during a time of global economic meltdowns is indicative of selfishness and foolishness.
If you are a MannKind Shareholder who is disappointed in MannKind Management for proposing any of the above, especially during this time of grand economic meltdown where every dollar counts—then I urge you to join me and let's make our collective voice heard.
We need to form a template letter to pass around for all to use to email the MannKind BoD and IR and all and any other emails we can. We should also prepare to entertain other avenues of outreach to better help our voices be heard.
Together, we can be heard. Together, we will be heard.
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Post by matt on Apr 2, 2020 9:21:37 GMT -5
It's a little murky but that should be somewhere between 5 and 20x PE. There are lots of variables that depend on things like the roll out of Tre-T and how royalties are melded with Afrezza sales to affect the bottom line. It's not unheard of to see a fairly fast-growing biotech stock at 40x PE, especially if they have a few in their pipeline. Especially a pipeline of orphan drugs. Thing is, I can see a path for Afrezza sales alone to be $200 Mil. in 2022. Indeed high-growth biotechs can deliver huge PE multiples, especially depending on the attractiveness of the pipeline. However, it is important to differentiate pipelines of novel, proprietary drugs that may be in the pipeline from those of generic drugs, albeit with a new formulation, and drugs that are owned by a third party. Whenever a proprietary drug is reformulated into a new delivery system, the majority of the economic spoils always go to the owner of the active pharmaceutical ingredient and a minor portion goes to the company supplying the drug delivery system. Under those criteria, the value of the MNKD pipeline will be positive but modest relative to the industry. Having a pipeline of truly novel pharmaceuticals would change the story significantly, but MNKD is not really set-up to do serious drug discovery and they don't have the balance sheet to support that kind of effort. The one opportunity that MNKD does have at this juncture is that it has a NASDAQ listed stock with a fairly loyal following. As COVID-19 continues to hammer the financial markets, funding for many microcap and venture funded companies is going to dry up and the projects in those companies will go looking for a new home. There may be some truly novel new drugs other there, whether suitable for inhalation or otherwise, that MNKD might be able to acquire in stock-for-stock acquisitions. When the financial markets get tough, never underestimate the value of a NASDAQ public listing; that asset may be worth more to MNKD shareholders than all the technology the company has developed to date.
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Post by barnstormer on Apr 2, 2020 9:45:47 GMT -5
Mike has only one deal where he scored cash from a partner and that was with UTHR (Al's friend Martine). Immix Biopharma, his new partner is a private company with no money and no experience with anything CV 19 related yet they will have to spend big money to devlope a drug in a highly speculative and now crowded CV-19 market. The offering is the only hope either of them have right now for R&D. The share price is in deep NASDAQ non compliance territory now with another possible RS on our horizon. An RS before the shares are granted would be a fiasco and an RS after the shares are granted and a quick short raid would also be a fiasco. Mike got us in this mess and it's time for him to show us his way out of this mess or give us his key to the executive wash room.
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Post by longliner on Apr 2, 2020 10:30:23 GMT -5
My 2 cent. This filing I expected . Lets Go! It will last to CFBE.
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Post by boca1girl on Apr 2, 2020 11:14:20 GMT -5
Mike has only one deal where he scored cash from a partner and that was with UTHR (Al's friend Martine). Immix Biopharma, his new partner is a private company with no money and no experience with anything CV 19 related yet they will have to spend big money to devlope a drug in a highly speculative and now crowded CV-19 market. The offering is the only hope either of them have right now for R&D. The share price is in deep NASDAQ non compliance territory now with another possible RS on our horizon. An RS before the shares are granted would be a fiasco and an RS after the shares are granted and a quick short raid would also be a fiasco. Mike got us in this mess and it's time for him to show us his way out of this mess or give us his key to the executive wash room. Currently trading at $0.96 is not “ in deep NASDAQ non compliance territory now”.
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Post by awesomo on Apr 2, 2020 11:20:51 GMT -5
I still can’t get over the fact that they rated themselves extra credit in certain categories. Why even bother having a structure at all if you’re going to pull this kind of shenanigans. It’s like a student failing math and science but still has a 4.0 GPA because they got an A++++++++ in P.E.
It tells me all I need to know about this current BoD and this management team. Absolutely no accountability and shameless.
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Post by mnkdfann on Apr 2, 2020 11:22:35 GMT -5
I still can’t get over the fact that they rated themselves extra credit in certain categories. Why even bother having a structure at all if you’re going to pull this kind of shenanigans. It’s like a student failing math and science but still has a 4.0 GPA because they got an A++++++++ in P.E. It tells me all I need to know about this current BoD and this management team. Absolutely no accountability and shameless. Did the use these or similar metrics in prior years? If so, did they ever assign such extra credit then?
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Post by mango on Apr 2, 2020 11:28:17 GMT -5
I still can’t get over the fact that they rated themselves extra credit in certain categories. Why even bother having a structure at all if you’re going to pull this kind of shenanigans. It’s like a student failing math and science but still has a 4.0 GPA because they got an A++++++++ in P.E. It tells me all I need to know about this current BoD and this management team. Absolutely no accountability and shameless. Question now becomes...is there any legal recourse we may can pursue. Maybe some ethical violations. I'm not attorney so I really do not know, but it appears to me they are walking on a thin line with this "scoring system" that coincidentally gave them extra credit without great detailed explanations—all the while concurrently delivering mediocre performance results and maintaining a depressed share price that has inhibited a return on investment for MannKind Shareholders.
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Post by awesomo on Apr 2, 2020 11:28:35 GMT -5
I still can’t get over the fact that they rated themselves extra credit in certain categories. Why even bother having a structure at all if you’re going to pull this kind of shenanigans. It’s like a student failing math and science but still has a 4.0 GPA because they got an A++++++++ in P.E. It tells me all I need to know about this current BoD and this management team. Absolutely no accountability and shameless. Did the use these or similar metrics in prior years? If so, did they ever assign such extra credit then? This is their 14K from 2019... investors.mannkindcorp.com/node/16246/htmlI don't see any ratings based breakdown for their incentives.
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Post by morfu on Apr 2, 2020 11:30:31 GMT -5
Mike has only one deal where he scored cash from a partner and that was with UTHR (Al's friend Martine). Immix Biopharma, his new partner is a private company with no money and no experience with anything CV 19 related yet they will have to spend big money to devlope a drug in a highly speculative and now crowded CV-19 market. The offering is the only hope either of them have right now for R&D. The share price is in deep NASDAQ non compliance territory now with another possible RS on our horizon. An RS before the shares are granted would be a fiasco and an RS after the shares are granted and a quick short raid would also be a fiasco. Mike got us in this mess and it's time for him to show us his way out of this mess or give us his key to the executive wash room. Currently trading at $0.96 is not “ in deep NASDAQ non compliance territory now”. Well, we might not be deep in yet, but given the Corona crisis and such most economic numbers will get worse over the next weeks. The timing and amount of this dilution is most unfortunate!
Here is another thought: Selling the company out little by little is a very easy form of managing, however the management surely does not deserve a bonus for taking it easy
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Post by awesomo on Apr 2, 2020 11:32:07 GMT -5
I still can’t get over the fact that they rated themselves extra credit in certain categories. Why even bother having a structure at all if you’re going to pull this kind of shenanigans. It’s like a student failing math and science but still has a 4.0 GPA because they got an A++++++++ in P.E. It tells me all I need to know about this current BoD and this management team. Absolutely no accountability and shameless. Question now becomes...is there any legal recourse we may can pursue. Maybe some ethical violations. I'm not attorney so I really do not know, but it appears to me they are walking on a thin line with this "scoring system" that coincidentally gave them extra credit without great detailed explanations—all the while concurrently delivering mediocre performance results and maintaining a depressed share price that has inhibited a return on investment for MannKind Shareholders. Well, there could be grounds for a class-action lawsuit and I'm sure bloodthirsty firms would be more than happy to pursue it given the "popularity" of MannKind trading. In the end, mostly every class-action lawsuit just benefits the lawyers themselves even if the case is won and shareholders lose out anyways because of the negative stigma/press from the lawsuit.
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Post by mango on Apr 2, 2020 11:37:24 GMT -5
Question now becomes...is there any legal recourse we may can pursue. Maybe some ethical violations. I'm not attorney so I really do not know, but it appears to me they are walking on a thin line with this "scoring system" that coincidentally gave them extra credit without great detailed explanations—all the while concurrently delivering mediocre performance results and maintaining a depressed share price that has inhibited a return on investment for MannKind Shareholders. Well, there could be grounds for a class-action lawsuit and I'm sure bloodthirsty firms would be more than happy to pursue it given the "popularity" of MannKind trading. In the end, mostly every class-action lawsuit just benefits the lawyers themselves even if the case is won and shareholders lose out anyways because of the negative stigma/press from the lawsuit. I wasn't really thinking along the lines of class action, but more so outside legal counsel looking at the situation for possible violations and/or illegalities that can be used to put pressure on the situation to force our hand at changing things around. Like preventing management from taking increased comps etc. I don't know, if anyone has any suggestions now is the time.
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Post by goyocafe on Apr 2, 2020 11:41:18 GMT -5
Question now becomes...is there any legal recourse we may can pursue. Maybe some ethical violations. I'm not attorney so I really do not know, but it appears to me they are walking on a thin line with this "scoring system" that coincidentally gave them extra credit without great detailed explanations—all the while concurrently delivering mediocre performance results and maintaining a depressed share price that has inhibited a return on investment for MannKind Shareholders. Well, there could be grounds for a class-action lawsuit and I'm sure bloodthirsty firms would be more than happy to pursue it given the "popularity" of MannKind trading. In the end, mostly every class-action lawsuit just benefits the lawyers themselves even if the case is won and shareholders lose out anyways because of the negative stigma/press from the lawsuit. If the suit was for “specific performance” with regards to limiting compensation and bonuses, that might work. A monetary penalty serves no one and would accelerate the company’s demise. Any law firm will want to be paid and that is only going to hurt us all. I thought that’s what a proxy is for, but we’ve been through this exercise with regards to BOD members and look where that got us.
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Post by mango on Apr 2, 2020 11:44:39 GMT -5
Well, there could be grounds for a class-action lawsuit and I'm sure bloodthirsty firms would be more than happy to pursue it given the "popularity" of MannKind trading. In the end, mostly every class-action lawsuit just benefits the lawyers themselves even if the case is won and shareholders lose out anyways because of the negative stigma/press from the lawsuit. If the suit was for “specific performance” with regards to limiting compensation and bonuses, that might work. A monetary penalty serves no one and would accelerate the company’s demise. Any law firm will want to be paid and that is only going to hurt us all. I thought that’s what a proxy is for, but we’ve been through this exercise with regards to BOD members and look where that got us. Yeah, I wouldn't want to pursue anything that will literally harm the company and screw shareholders out of a chance for a ROI. But, I would be behind something that made management think twice about taking their increased comps during an economic crisis and when the PPS has been depressed for years and taking no consideration for shareholders financial wellbeing. They need some real pressure on them.
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Post by awesomo on Apr 2, 2020 11:59:50 GMT -5
HFM has put some pressure on them, but as long as they have the board in their back pockets, any outside shareholder movement is completely dead on arrival. Common shareholders have no recourse, and now we can’t even go to the ASM and at least vent frustrations in person.
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