New SEC document

[liane]

www.investors.mannkindcorp.com/phoenix.zhtml?c=147953&p=irol-SECText&TEXT=aHR0cDovL2FwaS50ZW5rd2l6YXJkLmNvbS9maWxpbmcueG1sP2lwYWdlPTkxMzY3MjMmRFNFUT0wJlNFUT0wJlNRREVTQz1TRUNUSU9OX0VOVElSRSZzdWJzaWQ9NTc%3d

Still reading through it, but I believe this registers the stock that will be the Deerfield conversion.

Not converted yet as best I can tell - but why register unless you have to...

[liane]

So my take is that this is an ammendment to the original Deerfield document - allowing them to resell any shares acquired - vs holding them in their accounts indefinitely. I have to wonder what is behind this - certainly MNKD doesn't have to do this. Could there have been a backdoor agreement - holding the sp ~6, but not trashing it to 3.33 and MNKD would allow this ammendment?

My guess is that they notify MNKD today (before 5PM ET) that they intend to convert. This will give them 20 flatline days on which to base the VWAP. I doubt they can do better than this - it would require them getting the sp lower and holding it for 20 days. I think things will be too volatile in the next few weeks with a lot of potential news for that to happen.

[MnkdMainer (MM)]

If this was a backdoor agreement, that suggests MNKD management knew or contemplated this would happen when they issued the first press release about Deerfield. In that case, they could be faulted for issuing a deceptive PR, that is, one containing a material misrepresentation of fact regarding Deerfield's ability to resell the converted shares.