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Post by sla55 on Feb 13, 2017 8:48:33 GMT -5
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Post by madog365 on Feb 13, 2017 8:57:32 GMT -5
has al mann trust been buying? it looks like they own more than 42% of the company now.
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Post by Cowgirl on Feb 13, 2017 9:14:01 GMT -5
Al Mann / Al Mann trust has owned 42%. There is no buying more. Please don't believe that this trust is some magic pool of money. The trust owned shares of MNKD. The shares are worth approx. .50cents each. The Billions that Al Mann and the Trust had ARE GONE! It's sad and disappointing for the Trust for sure. Just don't want you to believe that the Trust will be MNKD's savior as it's not.
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Post by mnkdfann on Feb 13, 2017 9:15:10 GMT -5
Wasn't the special meeting originally scheduled for Feb 24?
This filing now says it is on March 1.
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Post by mnholdem on Feb 13, 2017 9:15:12 GMT -5
I think that part of that increase in holdings may have been from the estate deciding to execute Al Mann's option awards (restricted options and option-to-buy) after he passed away.
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Post by derek2 on Feb 13, 2017 9:18:36 GMT -5
Outstanding shares will be reduced as well. Some small amount of investor protection. It will still leave more thasn enough to tap the ATM post-split and raise $50M.
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Post by madog365 on Feb 13, 2017 9:27:52 GMT -5
I think that part of that increase in holdings may have been from the estate deciding to execute Al Mann's option awards (restricted options and option-to-buy) after he passed away. According to the latest available filing (3/21/2016) the Al Mann trust owned 153M Shares or 32% of the company. In today's document the Al Mann trust is noted as owning 203M shares or 42% of the company. That is a significant increase. |
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Post by kc on Feb 13, 2017 9:36:17 GMT -5
The good thing for us is that the trust owns common shares and not preferred shares. Common shares are treated the same in a bankruptcy proceeding they become worthless. Where preferred shares are still valuable. So the Mann Foundation is in the same situation as we are as common shareholders.
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Post by kc on Feb 13, 2017 9:38:11 GMT -5
It takes a quorum of 239,318, 548 shares to vote yes on the proposal. I would assume they know that they have the yes vote.
If the Al Mann Trust holds 203,000,000 shares then I would guess that getting the additional 36,000,000 shares to vote yes will be very easy. Personally I don't see any reason not to vote for the reverse split. The company needs to be as nimble as they can be to work out of this mess.
478,637,095 Outstanding shares 203,000,000 Mann Shares 275,637,095 Balance of shares (100,000,000 of them short)
I guess the company will have a true accounting of the shares when they see the vote and know who voted and where the shares were held.
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Post by saxcmann on Feb 13, 2017 9:46:40 GMT -5
I think that part of that increase in holdings may have been from the estate deciding to execute Al Mann's option awards (restricted options and option-to-buy) after he passed away. According to the latest available filing (3/21/2016) the Al Mann trust owned 153M Shares or 32% of the company. In today's document the Al Mann trust is noted as owning 203M shares or 42% of the company. That is a significant increase. This is big news in my opinion! Plus 100 million shorts! 42% is getting close to 50%...hmmm? Not implying anything just saying. |
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Post by therealisaching on Feb 13, 2017 9:46:44 GMT -5
I think that part of that increase in holdings may have been from the estate deciding to execute Al Mann's option awards (restricted options and option-to-buy) after he passed away. According to the latest available filing (3/21/2016) the Al Mann trust owned 153M Shares or 32% of the company. In today's document the Al Mann trust is noted as owning 203M shares or 42% of the company. That is a significant increase. A footnote to the proxy: (2) Includes (i) the shares described in footnote (1) above, (ii) 20,798,469 shares held of record by the Trust and (iii) 3,651,442 shares which the Trust has the right to acquire within 60 days of February 1, 2017 pursuant to the exercise of outstanding options previously held by Alfred E. Mann prior to his passing.
So this represents approx 5% of the increase.
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Post by therealisaching on Feb 13, 2017 9:56:07 GMT -5
According to the latest available filing (3/21/2016) the Al Mann trust owned 153M Shares or 32% of the company. In today's document the Al Mann trust is noted as owning 203M shares or 42% of the company. That is a significant increase. A footnote to the proxy: (2) Includes (i) the shares described in footnote (1) above, (ii) 20,798,469 shares held of record by the Trust and (iii) 3,651,442 shares which the Trust has the right to acquire within 60 days of February 1, 2017 pursuant to the exercise of outstanding options previously held by Alfred E. Mann prior to his passing.
So this represents approx 5% of the increase.
Last available filing was q3 and the percentage was 27.7%. Shares issues & outstanding was 478MM simiar to the number listed in the proxy. |
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Post by sla55 on Feb 13, 2017 9:56:54 GMT -5
Wasn't the special meeting originally scheduled for Feb 24? This filing now says it is on March 1. You are cordially invited to a Special Meeting of Stockholders of MannKind Corporation, a Delaware corporation. The meeting will be held at 9:00 a.m. local time on February 24, 2017 at the office of MannKind at 25134 Rye Canyon Loop, Suite 300, Valencia, California 91355. From the Definitive Proxy Statement:Our board of directors is soliciting proxies for use at a special meeting of stockholders (the “Special Meeting”) to be held at 9:00 a.m. local time on March 1, 2017 at the office of MannKind at 25134 Rye Canyon Loop, Suite 300, Valencia, CA 91355, or at any postponement or adjournment of the Special Meeting. MannKind Corporation is sometimes referred to herein as “we”, “us”, “our”, “MannKind” or the “Company.” |
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Post by lakon on Feb 13, 2017 9:58:11 GMT -5
Al Mann / Al Mann trust has owned 42%. There is no buying more. Please don't believe that this trust is some magic pool of money. The trust owned shares of MNKD. The shares are worth approx. .50cents each. The Billions that Al Mann and the Trust had ARE GONE! It's sad and disappointing for the Trust for sure. Just don't want you to believe that the Trust will be MNKD's savior as it's not. You could be right, but the fact of the matter is that few really know how much the Trust is worth. It may be worth a lot less due to MNKD, but Al Mann worked a long time throughout the greatest economic baby boom in history while fighting both hot and cold wars before he got into medical devices and philanthropy. Did he only have $1 billion, 1.2, 1.6, 2, or more? How much was pledged? At this point, even $120 million would mean another year for MNKD. Didn't Al sell a research park for around $100 million a few years ago? Didn't Al pull around $100 million back from Purdue? I'm not sure what will happen, and I'm not counting on more Mann dollars. Yet, I won't completely rule it out either now that SNY is gone. Remember that The Mann Group is on the hook for another $30 million plus they were part of the agreement with Deerfield. |
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Post by kc on Feb 13, 2017 10:01:44 GMT -5
Al Mann / Al Mann trust has owned 42%. There is no buying more. Please don't believe that this trust is some magic pool of money. The trust owned shares of MNKD. The shares are worth approx. .50cents each. The Billions that Al Mann and the Trust had ARE GONE! It's sad and disappointing for the Trust for sure. Just don't want you to believe that the Trust will be MNKD's savior as it's not. You could be right, but the fact of the matter is that few really know how much the Trust is worth. It may be worth a lot less due to MNKD, but Al Mann worked a long time throughout the greatest economic baby boom in history while fighting both hot and cold wars before he got into medical devices and philanthropy. Did he only have $1 billion, 1.2, 1.6, 2, or more? How much was pledged? At this point, even $120 million would mean another year for MNKD. Didn't Al sell a research park for around $100 million a few years ago? Didn't Al pull around $100 million back from Purdue? I'm not sure what will happen, and I'm not counting on more Mann dollars. Yet, I won't completely rule it out either now that SNY is gone. Remember that The Mann Group is on the hook for another $30 million plus they were part of the agreement with Deerfield. We don't know what other assets that the trust holds and I would bet that Al was diversified with his assets. So while the MannKind shares are very low he might have shares in some other companies that have done well. Al was a smart man so you can guess that he didn't have everything in one investment that being MannKind.
Hopefully many of us are not just invested in MannKind.
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