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Post by mango on Apr 2, 2020 12:16:06 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. Last year's ASM was also conveniently located in an expensive city that was in the far corner of the country. I couldn't afford to make that trip, and definitely could not sell any shares to pay for it since the PPS was about as low as it is now. Pathetic. |
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Post by mango on Apr 2, 2020 12:23:45 GMT -5
Whiskey queen on ST mentioned making a petition.
"@mango3 What about a petition? Even though it won’t mean anything to them literally, figuratively it would let management and BOD know we are beyond unhappy."
I think this would be an excellent thing to do in addition to the letter we are going to make. Anyone want to create the petition? Use change.org and it can be done simply online so people can sign it and can be delivered to BoD and Management. It needs to be respectfully done and professional.
Any takers?
I'll create it over the weekend if no one volunteers to.
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Post by mnkdfann on Apr 2, 2020 12:31:49 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. I wonder if it is remotely possible that the members of the Compensation Committee are actually embarrassed by the points they assigned in some categories (e.g. see below), but perhaps they were legally obliged to assign them insomuch as that is what the agreed upon 'quantitative' rating structure told them to do? Perhaps they will revise this going forward. And, of course, I assume the execs have/had the option to turn down the these performance-based cash payments. Deliver cash on hand expectations
Weight of 20%
Assessed quantitatively on the basis of cash and cash equivalents plus cash available from committed financing sources at year-end that exceeded a specified percentage of total actual 2019 net cash used in operating activities.
40/20 points |
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Post by helmut8056 on Apr 2, 2020 12:45:03 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. I wonder if it is remotely possible that the members of the Compensation Committee are actually embarrassed by the points they assigned in some categories (e.g. see below), but perhaps they were legally obliged to assign them insomuch as that is what the agreed upon 'quantitative' rating structure told them to do? Perhaps they will revise this going forward. And, of course, I assume the execs have/had the option to turn down the these performance-based cash payments. Deliver cash on hand expectations
Weight of 20%
Assessed quantitatively on the basis of cash and cash equivalents plus cash available from committed financing sources at year-end that exceeded a specified percentage of total actual 2019 net cash used in operating activities.
40/20 points |
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Post by prcgorman2 on Apr 2, 2020 12:49:38 GMT -5
I am amused at all of the discussion on dilution. I (and others) predicted this. It was obvious. What would you armchair CEOs do? The company is not profitable. The tranches from MidCap aren't a clear bridge of operating capital to carry Mannkind until they are profitable, and oh yeah, their sales force just got quarantined. Another reverse split isn't out of the question, but it is unlikely I think.
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Post by awesomo on Apr 2, 2020 13:26:26 GMT -5
I am amused at all of the discussion on dilution. I (and others) predicted this. It was obvious. What would you armchair CEOs do? The company is not profitable. The tranches from MidCap aren't a clear bridge of operating capital to carry Mannkind until they are profitable, and oh yeah, their sales force just got quarantined. Another reverse split isn't out of the question, but it is unlikely I think. How do you feel about giving themselves a 93/100 for performance? Like I said, dilution is probably a necessary evil, but the fact that the management team/BoD keeps touting themselves as having done a great job is embarrassing. |
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Post by mango on Apr 2, 2020 13:28:16 GMT -5
I am amused at all of the discussion on dilution. I (and others) predicted this. It was obvious. What would you armchair CEOs do? The company is not profitable. The tranches from MidCap aren't a clear bridge of operating capital to carry Mannkind until they are profitable, and oh yeah, their sales force just got quarantined. Another reverse split isn't out of the question, but it is unlikely I think. How do you feel about giving themselves a 93/100 for performance? And seeking raises. |
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Post by mango on Apr 2, 2020 14:17:29 GMT -5
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Post by mango on Apr 2, 2020 14:25:40 GMT -5
$MNKD MannKind Shareholders have endured years of needless financial and emotional pain and suffering. Executive Management is seeking salary increases and other performance bonuses for the year 2019, during a time of grand economic meltdown and a global pandemic—all the while Shareholders continue to suffer from no ROI while Executive Management continues to reward themselves for mediocre performances and for maintaining overall subpar health of the Company. That stops today. Sign the petition. www.change.org/p/mannkind-shareholders-mannkind-shareholders-against-salary-increases-and-bonuses-for-executive-management |
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Post by nylefty on Apr 2, 2020 14:28:50 GMT -5
Fun Fact: Only eight of the nine current BOD members have been nominated to continue on the board. Henry L. Nordhoff has been dropped.
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Post by sportsrancho on Apr 2, 2020 14:46:17 GMT -5
$MNKD MannKind Shareholders have endured years of needless financial and emotional pain and suffering. Executive Management is seeking salary increases and other performance bonuses for the year 2019, during a time of grand economic meltdown and a global pandemic—all the while Shareholders continue to suffer from no ROI while Executive Management continues to reward themselves for mediocre performances and for maintaining overall subpar health of the Company. That stops today. Sign the petition. www.change.org/p/mannkind-shareholders-mannkind-shareholders-against-salary-increases-and-bonuses-for-executive-management Done👍🏻✔️ |
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Post by sweedee79 on Apr 2, 2020 15:49:15 GMT -5
Me too👍✔️ Giving themselves raises at a time when we worry if the company will have enough money to continue on and grow during a crisis that has brought the economy to it's knees.. when people all around the world are suffering..
What do shareholders have to look forward to? More empty promises.. smoke and mirrors.. a reverse split? It's a slap in the face.
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Post by mango on Apr 2, 2020 16:00:06 GMT -5
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Post by thekid2499 on Apr 2, 2020 16:06:30 GMT -5
I should have waited a little longer to sell my shares just so I could sign this. I don't know how a single shareholder would not want to sign this (other than Executive Management). |
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Post by mango on Apr 2, 2020 16:19:21 GMT -5
It makes no logical sense to seek increased compensation of any form during an economic meltdown and extreme financial uncertainty, coupled with a growing, global pandemic. But, if that wasn't enough, it also makes no logical sense to seek increased compensation for a mediocre at best performance for the year 2019. We are strapped for cash and have to acquire financial agreements with swamp creatures. It just makes no logical sense for a MannKind Shareholder to sit back, smile and act like this is acceptable. This is disrespectful behavior. This is foolish behavior. This is untrustworthy behavior. This is ludicrous behavior. Sign the petition if you agree. www.change.org/p/mannkind-shareholders-mannkind-shareholders-against-salary-increases-and-bonuses-for-executive-management |
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