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Post by daduke38 on Nov 26, 2015 7:32:06 GMT -5
So Hakan is still around collecting salary until July 2017 - doesn't sound like he was fired. I have read numerous comments from numerous posters that MannKind would be bankrupt before 2017. How can this be??? Was just kind of reading around as I was busy as can be yesterday. For what it is worth, the same question went through my mind when I read the 8-K this morning. Obviously, MNKD is still looking to the future.
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8-K
Nov 26, 2015 7:35:35 GMT -5
sla55 likes this
Post by daduke38 on Nov 26, 2015 7:35:35 GMT -5
I have read numerous comments from numerous posters that MannKind would be bankrupt before 2017. How can this be??? Sorry. One of the dumbest posts ever on this board. No, it really isn't! Please enlighten us!!!!
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8-K
Nov 26, 2015 9:51:14 GMT -5
jeremg likes this
Post by mindovermatter on Nov 26, 2015 9:51:14 GMT -5
1) Statistically speaking, Al Mann is not likely to live three more days much less three more years. This is the end of the line for him. 2) Hakan departure and CTO options are related. 3) Hakan was just a placeholder as CEO. 4) Company was not terribly concerned with cash reserves. 1+2+3+4 = $10B buyout. 10B buyout? Will that be our Hanukkah and Christmas gift from Al next month? Let's hope so!
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Post by trenddiver on Nov 26, 2015 11:13:04 GMT -5
Sorry. One of the dumbest posts ever on this board. No, it really isn't! Please enlighten us!!!! IMHO, this is a closet basher constantly keeping bankruptcy in the forefront of the discussion. It's a tactic that the shorts use. Just read his threads and posts. Trend
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Post by robsacher on Nov 26, 2015 11:27:14 GMT -5
I have now blocked bloodrootfc.
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8-K
Nov 26, 2015 12:57:18 GMT -5
via mobile
ricguy likes this
Post by lakers on Nov 26, 2015 12:57:18 GMT -5
As President, Chief Operating Officer and Director at MANNKIND CORP, Hakan S. Edstrom made $2,687,254 in total compensation. Of this total $748,846 was received as a salary, $647,003 was received as a bonus, $941,556 was received in stock options, $319,050 was awarded as stock and $30,799 came from other types of compensation. This information is according to proxy statements filed for the 2014 fiscal year. Hakan had a raise and more stock option, RSU when he was promoted to CEO. He has been quite expensive. BoD doesn't spend as a company on the verge of BK. www1.salary.com/Hakan-S-Edstrom-Salary-Bonus-Stock-Options-for-MANNKIND-CORP.htmlAs soon as a new, permanent CEO is announced, let's see if Hakan will be terminated immediately as Mnkd can't afford to pay at least another $3M total comp while still paying Hakan till 7/1/17. The 1 year 7 mos pay plus 2015 salary and avg of last 3 yrs bonus for 2015 is extraordinarily generous for a cash trapped company. If Hakan is still employed then he is kept for CTO reason. Some thought why not keeping him around b/c we'd pay him severance anyway. I think not. In most case the resigning CEO would have been shown the door for the sake of employee morale. Especially, he resigned when the boat was in a storm negotiating a passage to safety. No credible captain would voluntarily bails out at this time. He didn't resign for health reason. Investors forced BoD to disclose Steve Jobs' poor health since as a CEO his health would impact his company's performance. If Hakan had poor health, he wouldn't work until 7/1/17. Apparently, he was forced to resign. Some thought Hakan was kept to serve as a COO for Al. I think not. Juergen A. Martens, Ph.D. has been our Chief Operating Officer since January 2015 and, before that, was our Corporate Vice President of Operations and Chief Technology Officer since September 2005. From 2000 to August 2005, he was employed by Nektar Therapeutics, most recently as Vice President of Pharmaceutical Technology Development. Previously, he held technical management positions at Aerojet Fine Chemicals from 1998 to 2000 and at FMC Corporation from 1996 to 1998. From 1987 to 1996, Dr. Martens held a variety of management positions with increased responsibility in R&D, plant management, and business process development at Lonza, in Switzerland and in the United States. Dr. Martens holds a bachelor’s degree in chemical engineering from the Technical College Mannheim/Germany, a bachelor’s and master’s degree in Chemistry and a doctorate in Physical Chemistry from the University of Marburg/Germany. Joseph Kocinsky is our Senior Vice President of Technical Operations and Chief Technology Officer. Mr. Kocinsky has over 28 years experience in the pharmaceutical industry in technical operations and product development. Prior to joining MannKind in 2003, he held a variety of technical and management positions with increased responsibility at Schering-Plough. Mr. Kocinsky holds a bachelor’s degree in Chemical Engineering and a master’s degree in Biomedical Engineering from New Jersey Institute of Technology and a master's degree in Business Administration from Seton Hall University. There would be a SH revolt in an annual SH meeting if Hakan being kept around that long and weren't for CTO reason. I empathize with SH when we are so called "on the verge of ...". How does Matt claim the burn rate will be kept $8-$10M per month if Hakan is around till 7/1/17 and another $3M annually at least for the new CEO? CTO: Afrezza Confidential Treament Order filed with SEC in 2014 to keep 3 Exhibits redacted and secret until after 11/10/17.
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8-K
Nov 26, 2015 13:03:25 GMT -5
Post by trenddiver on Nov 26, 2015 13:03:25 GMT -5
As President, Chief Operating Officer and Director at MANNKIND CORP, Hakan S. Edstrom made $2,687,254 in total compensation. Of this total $748,846 was received as a salary, $647,003 was received as a bonus, $941,556 was received in stock options, $319,050 was awarded as stock and $30,799 came from other types of compensation. This information is according to proxy statements filed for the 2014 fiscal year. www1.salary.com/Hakan-S-Edstrom-Salary-Bonus-Stock-Options-for-MANNKIND-CORP.htmlAs soon as a new, permanent CEO is announced, let's see if Hakan will be terminated immediately as Mnkd can't afford to pay at least another $3M total comp while still paying Hakan till 7/1/17. The 1 year 7 mos pay plus 2015 salary and avg of last 3 yrs bonus for 2015 is extraordinarily generous for a cash trapped company. If Hakan is still employed then he is kept for CTO reason. Some thought why not keeping him around b/c we'd pay him severance anyway. I think not. In most case the resigning CEO would have been shown the door for the sake of employee morale. Especially, he resigned when the boat was in a storm negotiating a passage to safety. No credible captain would voluntarily bails out at this time. He didn't resign for health reason. Investors forced BoD to disclose Steve Jobs' poor health since as a CEO his health would impact his company's performance. If Hakan had poor health, he wouldn't work until 7/1/17. Apparently, he was forced to resign.z What do you mean by CTO?
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Post by jeremg on Nov 26, 2015 13:06:59 GMT -5
As President, Chief Operating Officer and Director at MANNKIND CORP, Hakan S. Edstrom made $2,687,254 in total compensation. Of this total $748,846 was received as a salary, $647,003 was received as a bonus, $941,556 was received in stock options, $319,050 was awarded as stock and $30,799 came from other types of compensation. This information is according to proxy statements filed for the 2014 fiscal year. www1.salary.com/Hakan-S-Edstrom-Salary-Bonus-Stock-Options-for-MANNKIND-CORP.htmlAs soon as a new, permanent CEO is announced, let's see if Hakan will be terminated immediately as Mnkd can't afford to pay at least another $3M total comp while still paying Hakan till 7/1/17. The 1 year 7 mos pay plus 2015 salary and avg of last 3 yrs bonus for 2015 is extraordinarily generous for a cash trapped company. If Hakan is still employed then he is kept for CTO reason. Some thought why not keeping him around b/c we'd pay him severance anyway. I think not. In most case the resigning CEO would have been shown the door for the sake of employee morale. Especially, he resigned when the boat was in a storm negotiating a passage to safety. No credible captain would voluntarily bails out at this time. He didn't resign for health reason. Investors forced BoD to disclose Steve Jobs' poor health since as a CEO his health would impact his company's performance. If Hakan had poor health, he wouldn't work until 7/1/17. Apparently, he was forced to resign. Absolutely sickening that this man was paid so much considering his egregious performance. I have ZERO respect for a man who would rob the coffers on the way out after driving the company to near bankruptcy. He should not have been paid severance, he should have manned up to his actions and left with some dignity.
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8-K
Nov 26, 2015 13:13:05 GMT -5
Post by jeremg on Nov 26, 2015 13:13:05 GMT -5
Sorry. One of the dumbest posts ever on this board. No, it really isn't! Please enlighten us!!!! No it really is, are you seriously agreeing that the wording in a press release announcing the CEO's "resignation" with a plan to keep him "on staff until 2017" is somehow a guarantee the company now has all its ducks in a row to make it through 2017? How is this not the most ridiculous simplistic thinking ever shared? When have you known a company to limit its timeline of events based on an expectation they will be going BK?!
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8-K
Nov 26, 2015 13:48:16 GMT -5
Post by trenddiver on Nov 26, 2015 13:48:16 GMT -5
At this juncture, Mnkd needs a CEO with different skill sets, especially negotiation skill, and authority. Al has that. It may be early to judge whether Afrezza deal is a raw deal or not as CTO obfuscated many details. One mysterious milestone has no title, type, $$$. The Buy In/Out detail was redacted. Interestingly, CTO expires 11/10/2017, 4.5 mos after Hakan's service ending 7/1/17 indicating an air tight gag order for something extraordinarily important such as a mysterious joint dev, or Buy In/Out based on certain milestones, CRVs. Mnkd BoD must have consulted Sanofi before deciding to retain Hanka's service that extraordinarily long. This indicated Sanofi and Mnkd can't afford to leak CTO. IMHO, Hakan made a poor judgment by committing to a deal before EOY. He might have been scorned by Matt. Hakan then quickly added "or 1Q16". In negotiations, when you need it more than the potential partners, do not announce a deadline to the public b/c it undermines your leverage as they know mgmt would be subject to SH law suit if that won't materialize. Al had no choice but took over. Back in May, Matt seemed so cavalier saying that Mnkd might have enough cast to pay off $100M Notes. Moreover, mgmt didn't have a sense of urgency about the cash balance or how to fund TS pipeline. Mgmt must have thought deals were imminent. Ironically, to avoid another SH law suit, Al has to close deals in the timeline dictated by his subordinate. As a deal making veteran, Al felt boxed in. He had to take over to prevent future mishaps. Al is not entirely irreprehensible as he knows Hakan and Matt better than anyone else. Hakan is a decent COO but the CEO job was beyond his league. I didn't feel Hakan qualified. Al rewarded loyalty for the CEO job. He must have been overconfident that Afrezza would be launched smoothly out of the gate. Afrezza is Al's first drug gig. He underestimated what it took and BP's, shorts' resolve to kill Afrezza. Al put all eggs in one basket. He should have pumped more money into Mnkd to dev TS pipeline concurrently instead of suspending them and laying off developers. He should know drug dev is very time consuming. Afrezza superior study should have been started last year right after the Sny deal. Many asked why mgmt didn't raise fund when pps was in double digits. The simple answer was everyone thought Afrezza would be a BB out of the gate. Apparently, they repeat the same mistake as another drug. The pre-launch mkt research mgmt conducted about Afrezza was faulty. You can't say you didn't anticipate the spirometer, mkt access, pricing, conservative MDs considering that Sny has launched many drugs and knew about the other drug debacle. To be fair it's 90% Al's, 10% Hakan's culpability. Al was the one who recruited, groomed, and promoted Hakan. He must know Hakan's limitation. I chalk it up as Al's lesson learned as he was an amateur in drug biz. Al has had more experience in device than drug biz. Ditto his deal making expertise. Laker, Can you explain the context of your reference to CTO? Trend
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8-K
Nov 26, 2015 13:49:55 GMT -5
via mobile
Post by doodyfree on Nov 26, 2015 13:49:55 GMT -5
"Chief Technology Officer" It's "confidential treatment order"
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8-K
Nov 26, 2015 14:04:20 GMT -5
Post by jeremg on Nov 26, 2015 14:04:20 GMT -5
"Chief Technology Officer" It's "confidential treatment order" Oh ok, thanks.
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8-K
Nov 26, 2015 14:41:07 GMT -5
Post by doodyfree on Nov 26, 2015 14:41:07 GMT -5
As President, Chief Operating Officer and Director at MANNKIND CORP, Hakan S. Edstrom made $2,687,254 in total compensation. Of this total $748,846 was received as a salary, $647,003 was received as a bonus, $941,556 was received in stock options, $319,050 was awarded as stock and $30,799 came from other types of compensation. This information is according to proxy statements filed for the 2014 fiscal year. Hakan had a raise and more stock option, RSU when he was promoted to CEO. He has been quite expensive. BoD doesn't spend as a company on the verge of BK. www1.salary.com/Hakan-S-Edstrom-Salary-Bonus-Stock-Options-for-MANNKIND-CORP.htmlAs soon as a new, permanent CEO is announced, let's see if Hakan will be terminated immediately as Mnkd can't afford to pay at least another $3M total comp while still paying Hakan till 7/1/17. The 1 year 7 mos pay plus 2015 salary and avg of last 3 yrs bonus for 2015 is extraordinarily generous for a cash trapped company. If Hakan is still employed then he is kept for CTO reason. Some thought why not keeping him around b/c we'd pay him severance anyway. I think not. In most case the resigning CEO would have been shown the door for the sake of employee morale. Especially, he resigned when the boat was in a storm negotiating a passage to safety. No credible captain would voluntarily bails out at this time. He didn't resign for health reason. Investors forced BoD to disclose Steve Jobs' poor health since as a CEO his health would impact his company's performance. If Hakan had poor health, he wouldn't work until 7/1/17. Apparently, he was forced to resign. Some thought Hakan was kept to serve as a COO for Al. I think not. Juergen A. Martens, Ph.D. has been our Chief Operating Officer since January 2015 and, before that, was our Corporate Vice President of Operations and Chief Technology Officer since September 2005. From 2000 to August 2005, he was employed by Nektar Therapeutics, most recently as Vice President of Pharmaceutical Technology Development. Previously, he held technical management positions at Aerojet Fine Chemicals from 1998 to 2000 and at FMC Corporation from 1996 to 1998. From 1987 to 1996, Dr. Martens held a variety of management positions with increased responsibility in R&D, plant management, and business process development at Lonza, in Switzerland and in the United States. Dr. Martens holds a bachelor’s degree in chemical engineering from the Technical College Mannheim/Germany, a bachelor’s and master’s degree in Chemistry and a doctorate in Physical Chemistry from the University of Marburg/Germany. Joseph Kocinsky is our Senior Vice President of Technical Operations and Chief Technology Officer. Mr. Kocinsky has over 28 years experience in the pharmaceutical industry in technical operations and product development. Prior to joining MannKind in 2003, he held a variety of technical and management positions with increased responsibility at Schering-Plough. Mr. Kocinsky holds a bachelor’s degree in Chemical Engineering and a master’s degree in Biomedical Engineering from New Jersey Institute of Technology and a master's degree in Business Administration from Seton Hall University. There would be a SH revolt in an annual SH meeting if Hakan being kept around that long and weren't for CTO reason. I empathize with SH when we are so called "on the verge of ...". How does Matt claim the burn rate will be kept $8-$10M per month if Hakan is around till 7/1/17 and another $3M annually at least for the new CEO? CTO: Afrezza Confidential Treament Order filed with SEC in 2014 to keep 3 Exhibits redacted and secret until after 11/10/17. The CTOs are more likely technical, ex: a new manufacturing process, 16-u, etc.. etc.. , which MNKD/SNY doesn't want to reveal. That said, I don't think Hakan's departure date has anything to do with the CTO, the non-compete clause and confidentiality agreements of his employment/termination are likely air-tight. This is standard practice in industry in which IP is important.
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Post by nylefty on Nov 26, 2015 14:55:31 GMT -5
1) Statistically speaking, Al Mann is not likely to live three more days much less three more years. This is the end of the line for him. Actually, the statistics show that the average American male who recently celebrated his 90th birthday has another 4.3 years left (and an affluent white man who's still actively engaged in business would have even more time, statistically). www.socialsecurity.gov/OACT/population/longevity.html
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Post by lakers on Nov 26, 2015 15:57:41 GMT -5
There were execs who leaked Trade secret after leaving the company and signing NDA, non-competing agreement. They much less likely leak if still employed.
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