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Post by agedhippie on Jan 5, 2024 9:12:16 GMT -5
Maybe insiders are prohibited from buying right now. If they have anything material to announce at the JPM conference, then they can't legally front-run the news. TBH if I was Mike (or any company officer) I wouldn't trade ahead of the conference. In all likelihood it wouldn't be illegal, but it's better to avoid the risk of frivolous lawsuits claiming that it was. |
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Post by BD on Jan 5, 2024 9:31:16 GMT -5
Insider buying and selling is a very interesting topic. My belief is it would be very hard to prove the impact of insider selling on share price, since many insiders never really "sell," rather they use their shares as collateral for loans. This is especially the case with larger companies with proven track records. Unfortunately, MC and other MNKD insiders have to sell as no banker, public or private, is likely to take MNKD shares as collateral on a person loan, without charging an arm and a leg. I have known senior executives who have borrowed millions of dollars from private bankers, securing the loan using their stock and even sometimes RSUs as collateral, and it never gets reported in an SEC filing as it is simply considered a person loan. The loan is generally an interest only loan and the banker gets their principal back at the end of the term. Until the loan is paid off, the shares generally sit frozen in an escrow account under the shareholders name. It is a very interesting and completely legal way to get around reporting insider sales. The insider avoids capital gains or income tax which they would pay were they to have sold the shares. The big bonus is they still benefit from future appreciation in the stock. It also allows senior executives to avoid scrutiny and the appearance of "not supporting or having faith in" their company due to stock sales. If you are looking for examples of insider buying not predicting the future, simply go back to 2008/2009 time frame when LodgeNet senior executives gobbled up shares on the public market during the great recession, only to see the company file bankruptcy a couple of years later. Same could be said for Charter Communications and many of the DSL provider's insiders in the late 1990s and early 2000s. Heck I won't even point out the hopium of the .com era. Often times insiders, senior executives included, are to close to the story to see the reality. This is especially true at the VP and sometime the SVP level in larger organizations. They see the numbers, they see the market, they think they see the economic trends, and then something they didn't know, didn't have complete access to, comes up and bites them. Think of all the insiders at Merrill Lynch or Lehman Brothers who thought they knew, and bought, who thought "no way can we go out of business." This all kinda reminds me of what happened to a couple of top GMCR execs (I even knew one of them personally, he actually had his wife come out into the audience during an annual meeting and make contact with me based on my activity on my GMCR ProBoard at the time...) when they pledged their GMCR shares as collateral for personal loans and then the stock tanked... it was not a pretty picture. |
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Post by cretin11 on Jan 5, 2024 10:36:57 GMT -5
Ah, the GMCR days, what a ride that was…
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Post by mymann on Jan 5, 2024 12:23:06 GMT -5
If Mike sells the remaining 9% royalty for 1 billion, we'll have lots of cash to give handsome bonuses to the BOD and management.
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Post by peppy on Jan 5, 2024 12:54:36 GMT -5
If Mike sells the remaining 9% royalty for 1 billion, we'll have lots of cash to give handsome bonuses to the BOD and management. good point..... let the good times roll. |
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Post by centralcoastinvestor on Jan 5, 2024 13:21:13 GMT -5
If Mike sells the remaining 9% royalty for 1 billion, we'll have lots of cash to give handsome bonuses to the BOD and management. Do you ever have anything positive to post? |
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Post by BD on Jan 5, 2024 13:29:55 GMT -5
If Mike sells the remaining 9% royalty for 1 billion, we'll have lots of cash to give handsome bonuses to the BOD and management. Do you ever have anything positive to post? For the record, I don’t have much positive to post, either. |
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Post by mymann on Jan 5, 2024 13:32:44 GMT -5
Having some cash in the bank will keep the 400,000,000 shares from tapped by managment to pay for their bonuses for awhile. That's a positive isn't it?
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Post by hellodolly on Jan 5, 2024 13:34:02 GMT -5
If Mike sells the remaining 9% royalty for 1 billion, we'll have lots of cash to give handsome bonuses to the BOD and management. Do you ever have anything positive to post? Theres always one in the group who complains about compensation regardless of the SP. Go check out the MSFT boards. |
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Post by prcgorman2 on Jan 5, 2024 14:22:05 GMT -5
If Mike sells the remaining 9% royalty for 1 billion, we'll have lots of cash to give handsome bonuses to the BOD and management. Check your math. If 1% is worth $150M (or $200M) than 9% would be worth $1.45B or $1.8B.
It's actually not a horrible suggestion, including the bonuses, but I like how they chose to do the cash raise and how they're using it where it earns more interest than the interest due on the convertible bonds the cash is intended to retire.
The money isn't required for operations, and the renegotiation of the Amphastar agreement to significantly reduce operational expenses makes it even less of a concern.
At this point, MNKD is properly capitalized to manage on-going pipeline development, clinical studies, manufacturing capacity enhancements, and retire the MidCap and Mann Group debt instruments at the same time. In fact, I think this means MannKind now also has the option to use the additional savings on expense and increased interest income to eliminate the debt more quickly or keep the cash as profit.
Basically, it's an excellent financial situation, and puts the focus on the key catalysts for growth which are an expanded indication for IPF for Tyvaso DPI (UTHR's managing with FDA), Clofazamine Phase 2/3, Pediatric trials, etc., for Afrezza, and Nintedanib.
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Post by mymann on Jan 5, 2024 15:06:33 GMT -5
Mnkd sp $3.63 last Friday close. Great news, 200 million in cash for 1% of royalty. Sp this Friday close shows market don't care about canablizing your own arm to save the body. Same market value no matter how you chop it up.
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Post by hopingandwilling on Jan 5, 2024 15:10:42 GMT -5
In this debate about insiders selling their MNKD shares, the biggest seller was Al Mann and his estate, where it appears they dumped all of their shares.
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Post by centralcoastinvestor on Jan 5, 2024 15:13:01 GMT -5
In this debate about insiders selling their MNKD shares, the biggest seller was Al Mann and his estate, where it appears they dumped all of their shares. After Al Mann passed away. |
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Post by cretin11 on Jan 5, 2024 15:17:10 GMT -5
Mnkd sp $3.63 last Friday close. Great news, 200 million in cash for 1% of royalty. Sp this Friday close shows market don't care about canablizing your own arm to save the body. Same market value no matter how you chop it up. MNKD is known for making brilliant moves that don’t help our share price. But you are correct there should now be enough in the coffers for bonus time. Curious to see what the bonus formula will be this time around. |
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Post by peppy on Jan 5, 2024 15:23:58 GMT -5
In this debate about insiders selling their MNKD shares, the biggest seller was Al Mann and his estate, where it appears they dumped all of their shares. wrote, Page 5 Show share BALANCE, JUNE 30, 2023 268,235k. 323,770k is the fully diluted value if all the debit is converted to shares(the ones with conversion options....ie senior notes and mann group). you can see that 362000 share were sold through the ATM this quarter. 13000 to Mann group to pay interest,3.2 million for stock options and RSU 266000 employee stock purchase plan, and 36000 for Issuance of common stock from market price stock purchase plan whatever that is. to total of 4 million dilution this quarter. |
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