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Post by nxc2 on Jul 17, 2016 19:52:40 GMT -5
Very simple.
Al would have made sure the trust was instructed in many ways and had guidelines and parameters. I would imagine one was not to sell at these levels.
We all know his passion for helping others and his understanding how much AFREZZA and technosphere would help people live better.
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Post by rossomalley on Jul 17, 2016 23:02:28 GMT -5
If wishes were fishes...
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Post by babaoriley on Jul 18, 2016 0:55:16 GMT -5
rossomalley, you're obviously new here. Are you a new investor? Long or short?
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Post by matt on Jul 18, 2016 6:51:43 GMT -5
It all comes down to the precise language in the trust documents. Most trusts are professionally managed by special departments in major banks and trust companies, and being a trustee carries a lot of legal liability. If the trust document says to invest only in companies with left-handed CEOs then that is what the trustees will do. However, absent very specific instructions to the contrary there are rules of "prudence" in the common law that require the trustee to follow certain investment practices in the best interests of the beneficiaries.
Unless the trust documents are very specific on when and under which circumstances the trustee can sell the shares, you may be surprised at the result. "Guidelines and parameters" don't relieve the trustee of the legal liability; following the precise language of the trust indenture does. You can do nothing but guess unless you have seen the text. While Al was a great inventor, don't assume he got the trust language correct. There are many foundations that support causes 180 degree opposite to what the grantors stood for during their lifetime.
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Post by nxc2 on Jul 18, 2016 7:09:49 GMT -5
You are telling me that Al did not get the trust language right with all his smarts and resources? Highly doubt that. Al was committed to MNKD and would of absolutely made sure his trust was.
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Post by Deleted on Jul 18, 2016 7:15:15 GMT -5
You are telling me that Al did not get the trust language right with all his smarts and resources? Highly doubt that. Al was committed to MNKD and would of absolutely made sure his trust was. dont be so sure after inking sanofi deal
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Post by Deleted on Jul 18, 2016 8:59:01 GMT -5
We have been informed by the trustees for the Mann Affiliated Entities that the trustees may seek to dispose of some or all of the shares beneficially owned by the Mann Affiliated Entities, pursuant to one or more trading plans under Rule 10b5-1 of the Exchange Act or otherwise. Although at this time we are not aware of any definitive decision by the trustees relating to the holding or disposition of the shares held by the Mann Affiliated Entities, any sales of our common stock by the Mann Affiliated Entities, or the perception that such sales may occur, including the entry into any such trading plans, could have a material adverse effect on the trading price of our common stock and could make it more difficult for us to raise capital through the sale of our common stock or securities convertible into or exercisable for our common stock, which could have a material adverse effect on our business and financial condition. files.shareholder.com/downloads/AMDA-22AIJ9/2232725019x0xS1193125-16-583791/899460/filing.pdfA very dangerous claim by the poster, and my point is only to shed light on a situation for those that are to inexperienced to figure this out for themselves.
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Post by kc on Jul 18, 2016 9:16:04 GMT -5
Doubtful they will cut and run. They want the best return for the trust income and growth. Why would the trust sell it at a big loss when in 12 to 24 months they might get $10 or more. The Mann's are very patient folks and don't need the money today to live on. We will see.
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Post by kbrion77 on Jul 18, 2016 9:26:17 GMT -5
Doubtful they will cut and run. They want the best return for the trust income and growth. Why would the trust sell it at a big loss when in 12 to 24 months they might get $10 or more. The Mann's are very patient folks and don't need the money today to live on. We will see. The trustee's have a fiduciary duty and as Matt stated in a previous post it all depends on the language in the documents. I can guarantee you there is no language with the words might, hope, potential, etc. like we have all used around here with this investment.
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Post by Deleted on Jul 18, 2016 9:51:11 GMT -5
Doubtful they will cut and run. They want the best return for the trust income and growth. Why would the trust sell it at a big loss when in 12 to 24 months they might get $10 or more. The Mann's are very patient folks and don't need the money today to live on. We will see. They can't cut and run because it would decimate the share price and they would lose a shit ton of money. I can guarantee you they are thinking how can we get the most out with destroying the share price and maximizing what Al left to them. They are certainly not letting this ride on MNKD. That is just lunacy to think that. If you won lotto tomorrow would you put 153,000,000 into mnkd (amount of shares left to the Mann Foundation) when you could easily earn 4-5% on something much safer?
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Post by dg1111 on Jul 18, 2016 10:02:01 GMT -5
The possibility of the Mann Foundation selling was discussed in the last quarterly conference call. I think (hope) it would be unlikely, but it is a real possibility. I think that it's safe to say that the last year and a half hasn't played out the way that we expected it to.
The people that make up the Mann Foundation probably know more than we do about the company's prospects. Hopefully they see a reason to hold for a while.
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Post by centralcoastinvestor on Jul 18, 2016 10:05:51 GMT -5
So Al Mann spends $1.5 billion of his own money and over a decade of effort to see Afrezza to market and then sets up a trust and trustees that will cut and run as soon as he passes? I'm not seeing it. JMHO
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Post by nylefty on Jul 18, 2016 10:13:37 GMT -5
Doubtful they will cut and run. They want the best return for the trust income and growth. Why would the trust sell it at a big loss when in 12 to 24 months they might get $10 or more. The Mann's are very patient folks and don't need the money today to live on. We will see. They can't cut and run because it would decimate the share price and they would lose a shit ton of money. I can guarantee you they are thinking how can we get the most out with destroying the share price and maximizing what Al left to them. They are certainly not letting this ride on MNKD. That is just lunacy to think that. You can "guarantee" this? Really? What about the interview Al did several years ago in which he said his will instructed the foundation to make sure that his companies had enough money? Is it "lunacy" to think that the foundation might actually honor Al's wishes? www.nytimes.com/2007/11/16/business/16mannkind.html?pagewanted=printMr. Mann, who survived two minor bouts of cancer but said he was now healthy, said his will instructed the foundation that is to inherit his wealth to make sure that his companies have enough money.
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Post by kc on Jul 18, 2016 10:17:10 GMT -5
Family and foundation are the two largest shareholders. They want the best return possible. They will either see Afrezza a blockbuster winner or sell the company for a nice return. End of Story.
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Post by slugworth008 on Jul 18, 2016 10:23:20 GMT -5
Doubtful they will cut and run. They want the best return for the trust income and growth. Why would the trust sell it at a big loss when in 12 to 24 months they might get $10 or more. The Mann's are very patient folks and don't need the money today to live on. We will see. That's my thinking as well. And they certainly don't need the money to live on - IMO
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