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Post by sayhey24 on Jul 21, 2023 11:35:33 GMT -5
So, you think Mike sold all that stock to pay his tax bill? I though maybe he bought an oceanfront beach house and put the rest in Vanguard's S&P 500 fund. It seems to be part of Mike's pay plan. If I couldn't see with my own eyes, that afrezza is superior blood glucose control..... however we can see. No longer is the type 1 diabetic working blind. Afrezza peak action in 35 mins, gone in 90 mins for a 4 unit dose. However the gate keepers do not want to let their subq users go. They like the rebates.... for their coffers. "Passed by Congress on January 31, 1865, and ratified on December 6, 1865, the 13th Amendment abolished slavery in the United States." Yes but lets be realistic. Mike has struggled for years trying to figure out how to sell afrezza. Finally we have the kids study for T1s, the India Study for T2s and the hope he kept his eye on Medicare 2024 for $35 afrezza without pre auths. Who know maybe he will also tell us next call they have the afrezza/glp1 pilot study started. With all this now coming together he has to turn that foundation into sales in 2024. So far we have seen the V-Go sales results in 2023 and they are not good. He has until year-end to make V-Go breakeven and that looks to me to be a tall hill to climb. It also amazes me that Delaware did not ratify the 13 amendment until 1901 yet Virginia did in 1865.
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Post by prcgorman2 on Jul 21, 2023 11:44:47 GMT -5
Legit observation. Hopefully not, but anyone claiming to have a definitive answer to this should probably be viewed with skepticism. We are not privy to all the relevant info. In fairness you can be reasonably sure what is happening here. Senior management is paid partly in stock and partly in cash. When RSUs vest the IRS view this as salary and broker handling the issuing will ask how you want to pay the tax. Your options are; pay cash and get all the stock, or sell the equivalent of the tax bill and keep the rest. People almost invariably take the second option since the first option doesn't make sense unless the float is highly restricted which is not the case for the virtually all listed companies. (There is a weird corner case where you can prepay the IRS for the entire grant up front and then receive the RSUs without further tax, but there are some nasty gotchas with that one so it's very rare to use it) I am not at all skeptical of agedhippie's informative post.
It might also be it resonates with me because I have been partially compensated with RSUs and also had to make those same choices. I've never, ever, paid the taxes in cash so that I could keep all of the granted stock. Instead, a portion of the RSUs were sold to pay the taxes, and the remaining shares were deposited in into my personal account.
What was nice about my situation was I rarely had to sit on the shares in my personal account. There were a few times I was prevented from selling by "blackout" periods because of insider information. The MNKD executive management will have likely experienced more "blackout" periods of having to sit on their stock and the restrictions can (or do) extend to buying as well (which those who complain about not enough buying should keep in mind).
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Post by peppy on Jul 21, 2023 11:45:39 GMT -5
MNKD volume at the half day of trade on this options expiry. Volume: 525,079 shares.
$4.47 1.71% +0.075
UTHR $246.39 0.84% +2.05
NASDAQ is negative now.
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Post by cretin11 on Jul 21, 2023 12:05:26 GMT -5
In fairness you can be reasonably sure what is happening here. Senior management is paid partly in stock and partly in cash. When RSUs vest the IRS view this as salary and broker handling the issuing will ask how you want to pay the tax. Your options are; pay cash and get all the stock, or sell the equivalent of the tax bill and keep the rest. People almost invariably take the second option since the first option doesn't make sense unless the float is highly restricted which is not the case for the virtually all listed companies. (There is a weird corner case where you can prepay the IRS for the entire grant up front and then receive the RSUs without further tax, but there are some nasty gotchas with that one so it's very rare to use it) So, you think Mike sold all that stock to pay his tax bill? I though maybe he bought an oceanfront beach house and put the rest in Vanguard's S&P 500 fund. Aged's response would be correct in most cases, but Mike sold way more shares than needed to cover the tax obligation for the RSUs. So whether it's an oceanfront beach house, diversifying his investments to lessen his concentration in MNKD, or whatever reason, it's his choice what to do with his shares. He's entitled to cash out as many as he wants (just as anyone is entitled to speculate on implications).
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Post by peppy on Jul 21, 2023 15:28:08 GMT -5
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Post by agedhippie on Jul 21, 2023 15:46:24 GMT -5
So, you think Mike sold all that stock to pay his tax bill? I though maybe he bought an oceanfront beach house and put the rest in Vanguard's S&P 500 fund. Check it against his stock vests.
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Post by mymann on Jul 21, 2023 18:03:08 GMT -5
I don't mind Mike selling his shares given to him as part of the CEO compensation. Every one has right to do what ever want with their shares. I don't like the reasons given for it. Tax reasons, the amount of shares sold for tax purposes shows he must be making a killing working for mnkd.
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Post by sayhey24 on Jul 21, 2023 18:09:32 GMT -5
So, you think Mike sold all that stock to pay his tax bill? I though maybe he bought an oceanfront beach house and put the rest in Vanguard's S&P 500 fund. Check it against his stock vests. 7/3 sold 10k 6/1 sold 10k 5/25 bought 345k 5/27 sold 75k 5/26 sold 75k 5/22 bought 1M 5/22 sold 500k 5/23 sold 130k In this select set he bought 1.345M and sold 700k shares. IDK but I think he bought the beach house. Maybe he didn't have much after the $2.8M beach house to put in Vanguards 500 fund but I don't think he needed $2.8M to pay a tax bill.
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Post by mytakeonit on Jul 21, 2023 18:14:30 GMT -5
Ahhh ... the tally sold looks more like 800k shares. Or are my fingers tangled together?
But, that's myaccountantingtakeonit
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Post by sayhey24 on Jul 22, 2023 7:37:17 GMT -5
Ahhh ... the tally sold looks more like 800k shares. Or are my fingers tangled together? But, that's myaccountantingtakeonit You are correct which would add another $400k in the mix. Maybe he did have some left over for Vanguards 500 fund or a bigger beach house.
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Post by MnkdWASmyRtrmntPlan on Jul 22, 2023 13:00:55 GMT -5
Check it against his stock vests. 7/3 sold 10k 6/1 sold 10k 5/25 bought 345k 5/27 sold 75k 5/26 sold 75k 5/22 bought 1M 5/22 sold 500k 5/23 sold 130k In this select set he bought 1.345M and sold 700k shares. IDK but I think he bought the beach house. Maybe he didn't have much after the $2.8M beach house to put in Vanguards 500 fund but I don't think he needed $2.8M to pay a tax bill.
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Post by MnkdWASmyRtrmntPlan on Jul 22, 2023 13:11:19 GMT -5
Check it against his stock vests. 7/3 sold 10k 6/1 sold 10k 5/25 bought 345k 5/27 sold 75k 5/26 sold 75k 5/22 bought 1M 5/22 sold 500k 5/23 sold 130k In this select set he bought 1.345M and sold 700k shares. IDK but I think he bought the beach house. Maybe he didn't have much after the $2.8M beach house to put in Vanguards 500 fund but I don't think he needed $2.8M to pay a tax bill. Yes, I just happened to notice that last week and I have been meaning to point that out in this thread. That 1-million shares purchase shocked me. I didn't know he made that purchase. I take back anything I might have said bad about him for selling so many shares because he has bought more than he sold. I say "might have" because I really don't even remember what I said about him (memory is an awful thing to lose), but I know that I "thought" badly of him for it. Anyway, I'm back in your corner with you now, Mike. Go get 'um! Keep fighting the good fight!
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Post by mytakeonit on Jul 22, 2023 14:19:59 GMT -5
It's illegal to sell more shares than you bought ... well that's what the IRS told me.
But, that's mytakeonit
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Post by sayhey24 on Jul 22, 2023 15:25:31 GMT -5
7/3 sold 10k 6/1 sold 10k 5/25 bought 345k 5/27 sold 75k 5/26 sold 75k 5/22 bought 1M 5/22 sold 500k 5/23 sold 130k In this select set he bought 1.345M and sold 700k shares. IDK but I think he bought the beach house. Maybe he didn't have much after the $2.8M beach house to put in Vanguards 500 fund but I don't think he needed $2.8M to pay a tax bill. Yes, I just happened to notice that last week and I have been meaning to point that out in this thread. That 1-million shares purchase shocked me. I didn't know he made that purchase. I take back anything I might have said bad about him for selling so many shares because he has bought more than he sold. I say "might have" because I really don't even remember what I said about him (memory is an awful thing to lose), but I know that I "thought" badly of him for it. Anyway, I'm back in your corner with you now, Mike. Go get 'um! Keep fighting the good fight! I think if we take a closer look he probably had options which needed to be exercised and that is why he needed the $3.2M. Maybe the average exercise price was around $3.20 I do think if he had figured out how to sell afrezza he would not have needed to sell so much. If the pps was $32 he would only had to sell 100k shares and if he did sell 800k at that point he would have had $22.4M left over for the beach house. Now that would buy a fine house.
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Post by awesomo on Jul 22, 2023 23:37:25 GMT -5
7/3 sold 10k 6/1 sold 10k 5/25 bought 345k 5/27 sold 75k 5/26 sold 75k 5/22 bought 1M 5/22 sold 500k 5/23 sold 130k In this select set he bought 1.345M and sold 700k shares. IDK but I think he bought the beach house. Maybe he didn't have much after the $2.8M beach house to put in Vanguards 500 fund but I don't think he needed $2.8M to pay a tax bill. Yes, I just happened to notice that last week and I have been meaning to point that out in this thread. That 1-million shares purchase shocked me. I didn't know he made that purchase. I take back anything I might have said bad about him for selling so many shares because he has bought more than he sold. I say "might have" because I really don't even remember what I said about him (memory is an awful thing to lose), but I know that I "thought" badly of him for it. Anyway, I'm back in your corner with you now, Mike. Go get 'um! Keep fighting the good fight! Mike didn’t buy those 1M shares. They were granted to him as restricted stock units because of his “amazing” performance review. secfilings.nasdaq.com/filingFrameset.asp?FilingID=16681117&RcvdDate=05/22/2023&CoName=MANNKIND%20CORP&FormType=4&View=htmlA previously reported restricted stock unit award granted on August 27, 2020 vested on May 22, 2023 upon the achievement of performance objectives established by MannKind's compensation committee at the time of the approval of the award. Specifically, (i) the closing price of MannKind's common stock on May 22, 2023 was not less than the closing price on August 27, 2020 and (ii) the percentile ranking of MannKind's total shareholder return (TSR) over the period from August 27, 2020 to May 22, 2023 relative to the TSR of the Russell 3000 Pharmaceutical & Biotechnology Index over the same period was greater than the 90th percentile. As a result, the performance objective was achieved at 300% of target, resulting in a total share delivery of 1,500,000 shares.
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