Who are major bond holders?

[rossomalley]

Besides Deerfield, who are the other major bond holders?

[rossomalley]

On page 21 of most recent 10-K we are told how much us owed and when, but is there any way of getting transparency on WHO the debt is owed to?

www.sec.gov/Archives/edgar/data/899460/000119312517085519/d305327d10k.htm

[matt]

If you want to play detective, you can go back and find the first date a debt appeared on the balance sheet and then go hunting for slightly earlier 8-K or 10-Q filings where the debt was first disclosed. There you will find additional details (buried in the exhibits numbered 10.XX) which may, or may not, detail the holders. In many cases when a straight bond issue is sold, all you see is the name of the investment banker and the trustee, but not the names of the individual bond holders.

[rossomalley]

Thanks matt! In your opinion, is it possible that one of these major bond holders could be involved in whatever development prompted Friday's Change of Control 8-k?

[matt]

I doubt it. Change of control provisions are pretty standard and I am surprised they didn't have them in place before. It is a little surprising the sheer number of people covered by the provisions as it is generally just the top two or three officers; here I think there were seven. At any rate, the debt holders are entitled to what they are entitled to per the securities purchase agreement so the contracts don't affect them unless Deerfield takes everything of value and in a distress situation nobody bids anything for the IP, which is a distinct possibility.

One purpose of the parachutes is to create incentives for management to go along with whatever plans the board comes up with. You don't want eighteen months of salary standing in the way of an acquisition so, indirectly, such agreements benefit the shareholders by making a transaction more likely. Obviously the acquiring company factors the cost into the price they pay so it does reduce the amount offered, but it is probably beneficial to the shareholders just the same. If the company does BK such provisions are still valid, but they become last-in-line unsecured debt and are usually settled for a few pennies on the dollar or are wiped out entirely. If management wants a pay day, they need to get the company sold even though that will be tough to accomplish under the present circumstances.

[sayhey24]

Hmmmm - we are seeing two different sides of the coin - "they need to get the company sold even though that will be tough to accomplish under the present circumstances"

The original plan was to get approval, get a marketing partner, run a pilot launch while the manufacturing facility was being completed, learn from the pilot and then relaunch with the Gen2 and sell the company to the partner.

What have we learned about afrezza since the SNY's pilot launch? First, doctors had no idea how to titrate it. Second, titration once understood is really simple. Third CGMs really help and cloud connected ones are even better. Fourth, 2 years into this afrezza works better than anyone expected and NO health complications have occurred. Initial concerns about lung effect have been over come by healthier PWDs calling it lifechanging.

So what does MNKD not have - cash? What do they have - the first only only monomer human insulin which works exactly like a healthy pancreas. They have the holy grail of diabetes treatments and no one else has anything close in their pipelines. They have FDA approved what everyone has been trying to do since 1922. They have what Nova Nordisk tried to do with the AspB10 development.

I am sure there are more than one Big Pharmas who has figured this out. Do you really think Goldman Sachs set a 25cent target out of the blue and then drove the pps down for no good. reason.

The question I have is, is Matt really has dumb as a rock? Here is a guy who held 2.5M shares pre-split which when it was $10pps never sold any. Then we have the Mann Trust/Group at 42% ownership and you would have thought they too must be dumb as stones because they have not sold either. Neither one ever seemed concerned or upset about the take down. Heck, Matt is still not worried about having cash or he would have asked to raise authorized shares because at $1pps 50M is not going to go far.

On the surface it makes no sense.

[derek2]

Apr 9, 2017 18:48:46 GMT -5 sayhey24 said:

Hmmmm - we are seeing two different sides of the coin - "they need to get the company sold even though that will be tough to accomplish under the present circumstances"

The original plan was to get approval, get a marketing partner, run a pilot launch while the manufacturing facility was being completed, learn from the pilot and then relaunch with the Gen2 and sell the company to the partner.

What have we learned about afrezza since the SNY's pilot launch? First, doctors had no idea how to titrate it. Second, titration once understood is really simple. Third CGMs really help and cloud connected ones are even better. Fourth, 2 years into this afrezza works better than anyone expected and NO health complications have occurred. Initial concerns about lung effect have been over come by healthier PWDs calling it lifechanging.

So what does MNKD not have - cash? What do they have - the first only only monomer human insulin which works exactly like a healthy pancreas. They have the holy grail of diabetes treatments and no one else has anything close in their pipelines. They have FDA approved what everyone has been trying to do since 1922. They have what Nova Nordisk tried to do with the AspB10 development.

I am sure there are more than one Big Pharmas who has figured this out. Do you really think Goldman Sachs set a 25cent target out of the blue and then drove the pps down for no good. reason.

The question I have is, is Matt really has dumb as a rock? Here is a guy who held 2.5M shares pre-split which when it was $10pps never sold any. Then we have the Mann Trust/Group at 42% ownership and you would have thought they too must be dumb as stones because they have not sold either. Neither one ever seemed concerned or upset about the take down. Heck, Matt is still not worried about having cash or he would have asked to raise authorized shares because at $1pps 50M is not going to go far.

On the surface it makes no sense.

A couple of comments:

1. Doctors didn't know how to titrate Afrezza because MNKD stated it didn't need titration (They honestly thought that). When the launch showed barriers to adoption and low refills MNKD developed a titration pack. Credit to them for reacting.

2. Matt is not dumb - he sold puh-lenty, pocketing $600K (About $500K profit after option strike) over the years, including half of that when the SP was $10.00+. Matt stopped when executives were ordered by Al to stop selling their shares. I think it's okay that he sold some.

Matt never held 2.5M shares - the most he held while he was selling was 150K. He now holds 400K shares, the most he ever has. They add up when they vest and you can't (or choose not to) sell. Even Hakan only had 1.1M shares at his peak.

insidertrading.org/index.php?sort_by=shares_owned_following_transaction&asc=&symbol=mnkd&date_from=2011-03-10&date_to=2017-04-09&submit=+GO+


Jul 2014   10.44  20,000  $208,768

Jun 2014  10.00  10,000  $100,000

Aug 2013  8.00   10,000  $80,000

Jul 2013   7.00   10,000   $70,000

May 2013 5.00   10,000   $50,000

Jan 2011  10.00  6,300   $63,000

Feb 2009 10.00  6,300   $63,000

[bones1026]

Sorry about the errant post before...still learning ..but Derek you seem to be very knowledgeable in this space...and based on ALL of you responses, you seem to strongly believe MNKD is not a good place to invest your money...from what we've seen up until this point...nobody could argue with you....I think many of us with sign on the dotted line tomorrow to just break even and move on to another (most likely non bio

But I constantly ask myself why do you( and many others)spend so much time posting on a board in which you have nothing to gain whether the SP goes up or down? Sincere question. I'm all for debating pros cons but just constantly stating why this doesn't seem to be a good investment decision just never made sense to me. Good luck all.

[gamblerjag]

bones  can't speak for others but myself it makes me feel close to the Company's day to day ways...  even if it's bad.   Of course the real reason is the "hope" factor that something will come out of the blue to make all those days on a message board seem like it wasn't for not!

[falconquest]

Apr 9, 2017 20:12:07 GMT -5 bones1026 said:

Sorry about the errant post before...still learning ..but Derek you seem to be very knowledgeable in this space...and based on ALL of you responses, you seem to strongly believe MNKD is not a good place to invest your money...from what we've seen up until this point...nobody could argue with you....I think many of us with sign on the dotted line tomorrow to just break even and move on to another (most likely non bio

But I constantly ask myself why do you( and many others)spend so much time posting on a board in which you have nothing to gain whether the SP goes up or down? Sincere question. I'm all for debating pros cons but just constantly stating why this doesn't seem to be a good investment decision just never made sense to me. Good luck all.

I'll take that on. Because he can and he wants to. End of discussion. There are more investors here that have been here far longer than you and have lost far more money. They post and express their opinions because they deserve to.

[slugworth008]

Apr 9, 2017 20:12:07 GMT -5 bones1026 said:

Sorry about the errant post before...still learning ..but Derek you seem to be very knowledgeable in this space...and based on ALL of you responses, you seem to strongly believe MNKD is not a good place to invest your money...from what we've seen up until this point...nobody could argue with you....I think many of us with sign on the dotted line tomorrow to just break even and move on to another (most likely non bio

But I constantly ask myself why do you( and many others)spend so much time posting on a board in which you have nothing to gain whether the SP goes up or down? Sincere question. I'm all for debating pros cons but just constantly stating why this doesn't seem to be a good investment decision just never made sense to me. Good luck all.

  And you joined the discussion why?

[derek2]

Apr 9, 2017 20:12:07 GMT -5 bones1026 said:

Sorry about the errant post before...still learning ..but Derek you seem to be very knowledgeable in this space...and based on ALL of you responses, you seem to strongly believe MNKD is not a good place to invest your money...from what we've seen up until this point...nobody could argue with you....I think many of us with sign on the dotted line tomorrow to just break even and move on to another (most likely non bio

But I constantly ask myself why do you( and many others)spend so much time posting on a board in which you have nothing to gain whether the SP goes up or down? Sincere question. I'm all for debating pros cons but just constantly stating why this doesn't seem to be a good investment decision just never made sense to me. Good luck all.

Personally, MNKD overall has been my best investment. I rode it up to double digits from $2 twice (and sold), then once more from $4 (with a lot of in & out trading) and lost all of that profit from the third time in the time since approval. I've never had to have "the discussion" with my wife, as she's always been in the loop on our investments, but this stock has made me feel ill several times. That's the history, but that's not why I still post, but it gives some reason why I think the whole story is intriguing. You may not believe it, but I was a mega-bull until Affinity 1 & 2 came out, and after that the spin from management made me change my perspective (even though I stayed long, since I thought the product would sell well.) It's weird - like an optical illusion. Once you see the other perspective you can't unsee it. 

But to the question of why I post. First of all, I post about 1/10th of the volume I once did. Back then I would scour 10Ks, do research on securities law, FDA processes, and timelines, the efficacy of treatments, and really learned a lot.   

I also learned a lot about the 95% of normal people and 5% of characters on internet investing boards, and the bashers and shills taking advantage of people's emotions. Most folks are just there to post and share ideas, but the fringe posters were both entertaining and infuriating.  Bashers like Fragslap, Smitty (well, he went back and forth, talking his book), had no problem with telling long tales or omitting key details in order to paint a dark picture. Here's the thing, though: There were (and are) also plenty of touts who would post soothing SA articles talking about $36 price targets, etc, while at the same time selling newsletter subscriptions. They took similar liberties with the truth. People who knew accounting, biotech and FDA rules but relied on other people _not_ knowing in order to take advantage of them.

Amidst the extremes, it's been interesting to see human nature and community play out on these boards. In 2011, I stated that the story would be told by EOY 2017, and I continue to be attracted by the narrative and discussion. Liane and the mods have made this a well-run forum, so it's easy to check in without having it be a huge time suck.

And it beats posting on Disboards or Badger and Blade. Okay, maybe not Badger and Blade. Vintage shaving rocks.


So that's the virtuous story. Then there's this:



I'm a ridiculous know-it-all busybody. That might be all the explanation that's needed.

Also, my loss still stings, and I resent management making full salary and even getting bonuses while Rome burns, so I just won't let it go. I've ignored MNKD for 6 months or so at a time, but I always come back - I don't watch too many TV dramas, but this company provides plenty. I've posted my "so long and thanks for all the fish" message too many times. It's like James Brown refusing to leave the stage, just without his talent...

[bones1026]

Wow...great answer and very honest and interesting story..I also rode it up to $10...but was t disciplined enough like you to take my triple...thanks for taking the time to respond

Falcon/ Slug- Just getting used to the board.....dam..didn't know you needed an invite to ask a question..Good luck all..here's hoping for good news in the A.M!👍

[steve]

Apr 9, 2017 19:58:54 GMT -5 bones1026 said:

Apr 9, 2017 19:52:00 GMT -5 derek2 said:

A couple of comments:

1. Doctors didn't know how to titrate Afrezza because MNKD stated it didn't need titration (They honestly thought that). When the launch showed barriers to adoption and low refills MNKD developed a titration pack. Credit to them for reacting.

2. Matt is not dumb - he sold puh-lenty, pocketing $600K (About $500K profit after option strike) over the years, including half of that when the SP was $10.00+. Matt stopped when executives were ordered by Al to stop selling their shares. I think it's okay that he sold some.

Matt never held 2.5M shares - the most he held while he was selling was 150K. He now holds 400K shares, the most he ever has. They add up when they vest and you can't (or choose not to) sell. Even Hakan only had 1.1M shares at his peak.

insidertrading.org/index.php?sort_by=shares_owned_following_transaction&asc=&symbol=mnkd&date_from=2011-03-10&date_to=2017-04-09&submit=+GO+


Jul 2014   10.44  20,000  $208,768

Jun 2014  10.00  10,000  $100,000

Aug 2013  8.00   10,000  $80,000

Jul 2013   7.00   10,000   $70,000

May 2013 5.00   10,000   $50,000

Jan 2011  10.00  6,300   $63,000

Feb 2009 10.00  6,300   $63,000



Derek,


Matt did not sell that much. Palumbo was the selling queen.


Also. 400,000 thousand shares now times 5 gives you 2 mill. Just saying.  Current ownership of 400 thousand is not as much as his peak.  Personally I think the Shaw guy is right. A M&A is coming. Share price is indicative of short selling. Scripts are indicative of controlled launching.


I think I'll take Matt's epic reversal is still in the works. I really don't trust fud pumpers. The name of the game is patience. jmho. I'll be adding as I have done through the past weeks.

[falconquest]

Apr 9, 2017 21:35:40 GMT -5 bones1026 said:

Wow...great answer and very honest and interesting story..I also rode it up to $10...but was t disciplined enough like you to take my triple...thanks for taking the time to respond

Falcon/ Slug- Just getting used to the board.....dam..didn't know you needed an invite to ask a question..Good luck all..here's hoping for good news in the A.M!👍

You don't need an invite bones and you're more than welcome to post here of course. It's just that I have a real issue with people who question the reason some people post negative comments and their right to share them. Believing in the science and the absolute outstanding performance of Afrezza makes it hard to watch management fail to bring it to market. We know it works far better than the market realizes and that it can help millions of people. That's what's so frustrating. There have been other posters here that question why people comment negatively as if only saying glowing wonderful things is a prerequisite. Please share your thoughts but I would ask that you not criticize or question anyone else and the right to share theirs.