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Post by jlaw277 on Feb 22, 2016 10:25:30 GMT -5
Have all of you really googled Ken, our new Chairman? This man is a turnaround expert and really well connected at levels way above anyone else on the board. Really good point to consider. Thank you for posting. Interesting that he was connected with the Carlyle Group, one of the preeminent private equity (buyout) firms in the world. en.wikipedia.org/wiki/Kent_Kresa"When Kresa took over Northrop Grumman, he transformed the company which like GM was on the brink of extinction.[6] In a 2002 Los Angeles Times interview, when the company was on the verge of closing, Kresa was quoted saying, "We could just go out of business and give money back to our shareholders or we could reinvent ourselves...It became clear to us we could take the latter path."" - articles.latimes.com/2009/mar/31/business/fi-gm-kresa31
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Post by quark44 on Feb 22, 2016 10:33:02 GMT -5
They had a strong insider from Pharma in Desisto but he looked at the situation and bailed out. I don't buy for a second that suddenly a conflict of interest came up(I would have liked to have heard Matt address Desisto's resignation when he took investor questions, but he didn't). It seems to me that it was a convenient excuse to let him walk away with MNKD saving face. I have absolutely no confident in Matt, and frankly, I think he was only made the CEO because no credible pharma leader would touch this with a ten foot pole. Sadly, it seems it's just a matter of time before BK, probably by this summer. I am fairly certain Matt specifically addressed shareholder concerns regarding Desisto during a CC. I have to paraphrase from memory since I'm not sure where to find a transcript, but he effectively said that he had heard many rumors, but none were true and that the Desisto deal was 100% related to the reasons stated in the press release. You could probably argue there was more to it than that all day, and you might even be right, but Matt did take time to emphatically address that point.
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Post by agedhippie on Feb 22, 2016 10:59:08 GMT -5
Kresa might want to do M&A however he has no money to do it with. This is the same position he was in at Northrop when he had the Gulf war (and a small mountain of cash) dropped in his lap a couple of months after he joined. Even Matt could turnaround a company in those circumstances! Even so Northrop only really took off after 9/11 going from $7.5 billion to $26 billion in two years on the back of the various wars that followed.
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Post by esstan2001 on Feb 22, 2016 11:03:36 GMT -5
Good point about the defense industry turn. Long time CEO and Chair, so he likely was OK. At least he was also called in to guide the GM restructuring. He has seen the bus... let's hope he does not allow us to get under it.
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Thoughts
Feb 22, 2016 14:40:54 GMT -5
via mobile
Post by kdaddyfresh2000 on Feb 22, 2016 14:40:54 GMT -5
Good point about the defense industry turn. Long time CEO and Chair, so he likely was OK. At least he was also called in to guide the GM restructuring. He has seen the bus... let's hope he does not allow us to get under it. This string confirms my sentiment unfortunately. Not alot of talent there it seems. I dont know if I should be enraged or resigned. I go back and forth TBH. This is an MBA case study ready to happen. And not the good kind either.
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Post by agedhippie on Feb 22, 2016 15:07:25 GMT -5
Good point about the defense industry turn. Long time CEO and Chair, so he likely was OK. At least he was also called in to guide the GM restructuring. He has seen the bus... let's hope he does not allow us to get under it. He wasn't called in to guide GM's restructuring as much as to keep the seat warm for the real Chairman. He had already been a board director at GM for six years when they went bankrupt. The government forced out the old Chairman as part of the price of the bail out so a placeholder was needed while they found a replacement. Of the board members Kresa was ideal since under GM rules he had to retire within a year anyway (there is an age limit of 72) so they made him Chairman for three and a half months while they found the real one.
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Post by petech on Feb 22, 2016 15:19:32 GMT -5
He wasn't called in to guide GM's restructuring as much as to keep the seat warm for the real Chairman. He had already been a board director at GM for six years when they went bankrupt. The government forced out the old Chairman as part of the price of the bail out so a placeholder was needed while they found a replacement. Of the board members Kresa was ideal since under GM rules he had to retire within a year anyway (there is an age limit of 72) so they made him Chairman for three and a half months while they found the real one. Is there anything he's done in his life that is a result of his efforts or was it all being in the right place at the right time? Seems like an awful lot of good fortune for him to have done as well as he had. One would think there must be something in that long resume that's as a result of his efforts...
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Post by mnholdem on Feb 22, 2016 15:24:13 GMT -5
What the hell kind of low blow is that???!!! Read the bio.
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Post by LosingMyBullishness on Feb 22, 2016 15:45:00 GMT -5
Why don't we just wait and see what Kresa brings to the table? We know so little about what is really going on and this is not because they do not do PR. I know of no other company that is sharing so much information with common shareholders as MNKD is doing right now. I am really a bit tired with management bashing; if there is really nothing to write about, someone starts to pick on the management. Everyone can chose to exit the boat if he doesn't like the skipper or the course it takes and jump over to the next one. Presently there are many 'cheap' biotechs with game-changing qualities around.
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Post by agedhippie on Feb 22, 2016 16:20:14 GMT -5
He wasn't called in to guide GM's restructuring as much as to keep the seat warm for the real Chairman. He had already been a board director at GM for six years when they went bankrupt. The government forced out the old Chairman as part of the price of the bail out so a placeholder was needed while they found a replacement. Of the board members Kresa was ideal since under GM rules he had to retire within a year anyway (there is an age limit of 72) so they made him Chairman for three and a half months while they found the real one. Is there anything he's done in his life that is a result of his efforts or was it all being in the right place at the right time? Seems like an awful lot of good fortune for him to have done as well as he had. One would think there must be something in that long resume that's as a result of his efforts... I'll take a lucky general any day (to paraphrase an alleged Napoleon quote)! More seriously it's what he did with the luck. All business is waiting for the break.
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Post by prosper on Feb 22, 2016 16:54:12 GMT -5
We really need a thumbs down button
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Post by _neil on Feb 22, 2016 17:14:05 GMT -5
I am in the camp that thinks we already know all we need to know about the board and management (past and current) by looking at the stock price and the financial situation. I have to say one thing though.. if I ever have a chance to run a public company, I'll hope/wish/pray to have shareholders like the long time retail longs of MNKD. I don't think I'll see a bunch of shareholders as hopeful and as forgiving as some people on this board are.
Honest question- what can the chairman of the board really do at this point? I've heard of rock star CEOs but isn't the chairman (unless (s)he's a majority shareholder) a passive position? I mean .. is there a good example of a Chariman pulling a Steve Jobs?
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Post by mindovermatter on Feb 22, 2016 18:39:06 GMT -5
SNY fixed ratio basal- Lixilan combo NDA accepted by FDA this am. This is what they want to focus on to expand their D franchise. Isn't it going the wrong way to fix the basal to prandial ratio (and this one size all approach is being done in the name of convenience?)? Crazy, or I must be (going there) Adding insult to injury, SNY is using the RPDD voucher purchased from Shkreli's old company to expedite the FDA approval.
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Post by tayl5 on Feb 22, 2016 21:02:12 GMT -5
I am in the camp that thinks we already know all we need to know about the board and management (past and current) by looking at the stock price and the financial situation. I have to say one thing though.. if I ever have a chance to run a public company, I'll hope/wish/pray to have shareholders like the long time retail longs of MNKD. I don't think I'll see a bunch of shareholders as hopeful and as forgiving as some people on this board are. Honest question- what can the chairman of the board really do at this point? I've heard of rock star CEOs but isn't the chairman (unless (s)he's a majority shareholder) a passive position? I mean .. is there a good example of a Chariman pulling a Steve Jobs? The Chairman, and by extension the rest of the board, can make a huge difference. People like Kent Kresa have seen a lot, and they know a lot of people with very deep pockets. When the ship looks like it's sinking (and from the outside right now it does) an experienced leader who can help Matt and everyone at MannKind prioritize is essential. He can also provide encouragement when it's needed most and, if money gets too tight, get on the phone and shake some cash loose if he thinks the ship can be saved. We'll see what happens, but I have no doubt someone of his caliber can affect the outcome.
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Post by yash on Feb 22, 2016 23:20:53 GMT -5
I am in the camp that thinks we already know all we need to know about the board and management (past and current) by looking at the stock price and the financial situation. I have to say one thing though.. if I ever have a chance to run a public company, I'll hope/wish/pray to have shareholders like the long time retail longs of MNKD. I don't think I'll see a bunch of shareholders as hopeful and as forgiving as some people on this board are. Honest question- what can the chairman of the board really do at this point? I've heard of rock star CEOs but isn't the chairman (unless (s)he's a majority shareholder) a passive position? I mean .. is there a good example of a Chariman pulling a Steve Jobs? Board and management means Chairman only?
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