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Post by awesomo on Apr 26, 2020 9:18:12 GMT -5
The disconnect is that MannKind executives are still making upwards of $1M+ in total compensation, even with their temporary pay cut.
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Post by agedhippie on Apr 26, 2020 9:27:49 GMT -5
You are entitled to your opinion. Lawmakers cannot penalize the Company after the fact for following their own rules and guidelines. Lawmakers should have created a more precise and specific Bill the first time. You are perfectly correct that lawmakers only have themselves to blame form not being accurate. However, I expect the lawmakers to be more than capable of penalizing companies either directly or, more likely, indirectly. The optics are of greedy public companies stealing money from mom and pop businesses - politicians will happily exploit that. Repaying the loan by May 5th is the best route and gains positive PR. |
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Post by cretin11 on Apr 26, 2020 10:02:03 GMT -5
For once it’s a good thing that MNKD performance has been anemic, we are now so under the radar that any negative PR will be a relative blip on the radar screen. So few people care about MNKD that this will not adversely affect us much at all. I agree with Mango, we followed the rules to obtain the money. There are hundreds if not thousands of small businesses who tapped into that funding despite the fact that they have zero risk of “going out of business” or whatever metric of desperation you want to use.
The fiscally responsible thing is to keep the money. That would change if it becomes clear that penalties will occur, but so far that’s mere speculation on here.
It would also be fiscally responsible for the execs to not receive their huge performance bonuses, but that’s another story.
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Post by hellodolly on Apr 26, 2020 14:47:23 GMT -5
The purpose of the loans were to keep employees from being laid off and off Unemployment Insurance. In the 11th hour the Gov't relaxed the rules not the businesses. You want to complain...complain to the Gov't. Casper, while I hope you don't think I was complaining, because I'm not...I do think that MNKD has a chance to be a good neighbor. I'm pretty sure even with the spread of COVID, MNKD had planned to fund employee salaries given the burn rate calculations. While revenue might have to be adjusted, I'm not sure that expenses were going to change. I could be off, but not that far off. |
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Post by celo on Apr 26, 2020 15:08:38 GMT -5
It doesn't matter if Mannkind took the loan. The government could demand repayment by mid may, if they believe Mannkind has another option to raise funds, such as through a stock raise. The PPP was intended for small businesses that are not publicly traded and have little or no revenue streams, i. e. restaurants, barber shops and so on. I would be very surprised if the government doesn't demand the money back. But who knows, maybe Mannkind will get lucky.
I have many dental and doctor associates who were shut out of the initial round of the PPP. They do their banking with a large bank. I have other friends who got PPP funding. They bank at a small local bank. I know where I'll be doing my banking when this is over.
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Post by sportsrancho on Apr 26, 2020 20:21:29 GMT -5
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Post by buyitonsale on Apr 26, 2020 22:14:36 GMT -5
Little MNKD keeps growing stronger and stronger every year despite the big noise  |
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Post by longliner on Apr 26, 2020 22:20:50 GMT -5
It's going to be hard to stop the Mannkind train.  |
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Post by traderdennis on Apr 27, 2020 14:57:06 GMT -5
I just heard a report (KFI) the LA Lakers received 6 million in funding from the PPP program, and they will be returning funding.
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Post by mnholdem on Apr 27, 2020 15:19:19 GMT -5
223 public companies received so-called PPP loans. Just 13 public firms have said they would return the loans as of early Monday afternoon. "Some lesser-known health care and biotechnology companies are also returning their loans. Among them is Wave Life Sciences, which got $7.2 million weeks after disclosing hefty losses and telling investors it could be “many years” before it had any products ready to sell, the Associated Press reported last week."Source: nypost.com/2020/04/27/only-13-companies-have-said-they-will-return-coronavirus-loans/ |
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Post by nylefty on Apr 27, 2020 16:10:19 GMT -5
I just heard a report (KFI) the LA Lakers received 6 million in funding from the PPP program, and they will be returning funding. The Lakers don't need the money, We do. www.sportscasting.com/the-lakers-still-make-an-incredible-amount-of-money-even-when-they-have-a-bad-year/
The Lakers Still Make an Incredible Amount of Money Even When They Have a Bad Year
by Zack Willison April 27, 2020
Aside from the New York Yankees, there may not be a bigger franchise in American pro sports than the Los Angeles Lakers. Playing in the entertainment capital of the world while being one of the most successful NBA franchises has its perks for owners. Even when things aren’t going well for the Lakers, however, the team is still a money-making machine. Recently leaked financial records highlight this trend. |
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Post by brotherm1 on Apr 27, 2020 17:52:01 GMT -5
Little MNKD keeps growing stronger and stronger every year despite the big noise So does the share count |
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Post by sellhighdrinklow on Apr 27, 2020 20:22:14 GMT -5
You are entitled to your opinion. Lawmakers cannot penalize the Company after the fact for following their own rules and guidelines. Lawmakers should have created a more precise and specific Bill the first time. You are perfectly correct that lawmakers only have themselves to blame form not being accurate. However, I expect the lawmakers to be more than capable of penalizing companies either directly or, more likely, indirectly. The optics are of greedy public companies stealing money from mom and pop businesses - politicians will happily exploit that. Repaying the loan by May 5th is the best route and gains positive PR. Baloney. There wasn't enough money in the first round and that was the problem. The money was allocated to save jobs. There's a formula that 75% needs to be used for payroll. A job is a job is a job saved. There will be a 3rd round also because that's my opinion. Hippie always spins to the negative. It's just the way he works here. |
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Post by mnholdem on Apr 28, 2020 6:42:34 GMT -5
You cannot blame Castagna for taking advantage of a loophole, especially if he thought it to be “free money”.
I find it a bit unethical, albeit legal, and advocate that MannKind’s CEO return the PPP money immediately for use with small businesses that have no options of securing loans/cash to pay their workers.
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Post by mango on Apr 28, 2020 8:35:27 GMT -5
I am a little conflicted on this, but here is where I currently stand (all IMO of course)—
MannKind is not a mega conglomerate BP company. They have less than 400 employees. They qualify as a small business IMO (despite them being a public company), and are justified for the Loan.
If they give it back fine, and if they do not give it back, fine.
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