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Post by me on Jan 5, 2016 11:29:00 GMT -5
Ever since the announcement of DeSisto's hiring, I've been wondering what exactly would motivate him to sign on with MNKD, especially since a large part of his compensation is driven by the SP. Given today's announcement, I am curiouser and curiouser about what he might say during today's CC.
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Post by Deleted on Jan 5, 2016 11:31:33 GMT -5
The opportunity to go from rich to filthy rich and he will know if thats possible in 12 months. I don't see how anyone would turn that opportunity down.
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Post by Deleted on Jan 5, 2016 11:34:35 GMT -5
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Post by neil36 on Jan 5, 2016 11:35:14 GMT -5
Is his ability to purchase eight million shares based on today's closing price? Or some other date?
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Post by kball on Jan 5, 2016 11:41:42 GMT -5
Until today i was a bit puzzled why DeSisto's announcement on the 23rd didn't lift stock price at all. Puzzled may be the wrong word. Scared might be more accurate.
Back to the OP question--my guess is taking on the biggest challenge of his career might have been 1 reason
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Post by Deleted on Jan 5, 2016 11:55:28 GMT -5
Is his ability to purchase eight million shares based on today's closing price? Or some other date? You will be eligible to participate in MannKind’s Equity Incentive Plan, as approved by the Board of Directors. At the next quarterly Board meeting after your hire date, we will recommend that you be granted an equity award of 8,000,000 stock options at an exercise price equal to the fair market value of the common stock at the time of grant. If your start date is less than two weeks prior to the next quarterly Board meeting, the recommendation will be submitted in the following quarter. Grants will begin vesting based on your hire date. The stock options will vest monthly over four years with a one-year cliff so long as you remain in continuous service with MannKind, and one-half of the amount of such stock options will also be subject to performance goals so that they will be exercisable only once the MannKind stock price has reached a 25% premium over the fair market value of the common stock on the date of grant of your options for 30 consecutive days. The options will be governed in full by the terms and conditions of MannKind’s Equity Incentive Plan and your individual option agreement. It is the intent that there would be no other equity award to you during the first three years of your employment.
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Post by mindovermatter on Jan 5, 2016 11:57:02 GMT -5
Is his ability to purchase eight million shares based on today's closing price? Or some other date? What ever date it is, his purchase price is going to be cheap cheap cheap. But then again, he knew he would get a discount on the pps as he knew this news was going to coincide with his start date.
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Post by mannmade on Jan 5, 2016 12:05:51 GMT -5
Remember a rising tide floats all boats...
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Post by mnkdfann on Jan 5, 2016 12:25:31 GMT -5
Ever since the announcement of DeSisto's hiring, I've been wondering what exactly would motivate him to sign on with MNKD, especially since a large part of his compensation is driven by the SP. Given today's announcement, I am curiouser and curiouser about what he might say during today's CC. DeSisto was no catch. He left Insulet under a cloud and in a mess. MNKD was desperate to get someone, and MNKD was probably the only one making DeSisto an offer.
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Post by jpg on Jan 5, 2016 14:17:59 GMT -5
Ever since the announcement of DeSisto's hiring, I've been wondering what exactly would motivate him to sign on with MNKD, especially since a large part of his compensation is driven by the SP. Given today's announcement, I am curiouser and curiouser about what he might say during today's CC. DeSisto was no catch. He left Insulet under a cloud and in a mess. MNKD was desperate to get someone, and MNKD was probably the only one making DeSisto an offer. Where did tou get this info from? One Fortune piece by a rather rude guy stated this but that is all I could find on this topic. On the contrary all I found seemed to say the opppsite?
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Post by uvula on Jan 5, 2016 14:27:08 GMT -5
It could be as simple as he was bored with retirement. He did not need to leave a good job to come here. If mnkd fails he just goes back to retirement.
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Post by Deleted on Jan 5, 2016 14:34:18 GMT -5
I'm thinking he was a long time friend of al's and probably has a ton of respect for his achievements. I wouldn't rule out his departing rather abruptly, however, due to this new information. That would be the worst case scenario in my book. The best case scenario is that mnkd tell's us today they have secured more cash - a lot more cash. The cash would put mnkd on solid ground for a while. I also would put a sale of mnkd as a real option here even though the sale price will seriously suck. But it might ensure the ongoing sale of afrezza without interruption. I hate thinking about the current patients who love afrezza getting screwed.
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Post by Deleted on Jan 5, 2016 14:52:57 GMT -5
Ever since the announcement of DeSisto's hiring, I've been wondering what exactly would motivate him to sign on with MNKD, especially since a large part of his compensation is driven by the SP. Given today's announcement, I am curiouser and curiouser about what he might say during today's CC. DeSisto was no catch. He left Insulet under a cloud and in a mess. MNKD was desperate to get someone, and MNKD was probably the only one making DeSisto an offer. There were two issues. One pertaining to quality, Two pertaining to revenue recognition due in part to Insulet's european partner Ipsos having too much inventory on hand. The rev rec with Ipsos left the partner not purchasing for a bit to sell down inventory. The other rev rec was some sales booked early if memory serves me correctly and this is a big issue with many manufacturers today. On the quality thing, Duane's successor Pat Sullivan (also an accomplished med device exec) spoke to some quality issues on several conference calls. On the most recent Insulet call, Pat said the problem was resolved and done with. A few weeks later, the same issue resurfaced. I do not tell you this to cast stones, in the device space, manufacturing can get very complex and challenging and even the best engineering teams face challenges. The article in Fortune, like its author, is garbage.
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Post by me on Jan 5, 2016 15:19:27 GMT -5
OK, T-73 minutes and counting. If I were to sell today (I haven't sold a share yet), this would be my second largest loss (after my JDSU debacle in 2000). I'm currently down over a half million. I bought again this morning (I've posted all of my buys since jumping in) because of my expectation that no seasoned executive would bother to come out of retirement, for a compensation with a large stock-based component, to manage a company into BK. I'm down so far, that another $15,000 really won't matter in the big scheme of things, hence my buy (hopefully, steal, but I'm a big boy and I know there are no guarantees) this morning.
1630 hours ET, will determine my future activity with MNKD.
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Post by kball on Jan 5, 2016 17:15:57 GMT -5
Has his work cut out for him, thats for sure. More layoffs coming. May also have to forever deal with nickname DeListo the way we're going.
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