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Post by mango on May 4, 2017 10:38:11 GMT -5
I think you confuse the ownership of Danbury with the ownership of the foreign pharmacy license in Arkansas, or the Arkansas file is simply wrong (that happens a lot with state filings made years ago). The SEC filings are clear that Mannkind owns Danbury and has used it to collateralize the Deerfield loan, the operative phrase below being this: "...are also secured by the mortgage on the Company’s facilities in Danbury, Connecticut".
In connection with the Facility Agreement, the Company and its subsidiary, MannKind LLC, entered into a Guaranty and Security Agreement (the “Security Agreement”) with Deerfield and Horizon Sante FLML SA’RL (collectively, the “Purchasers”), pursuant to which the Company and MannKind LLC each granted the Purchasers a security interest in substantially all of their respective assets, including respective intellectual property, accounts, receivables, equipment, general intangibles, inventory and investment property, and all of the proceeds and products of the foregoing. The Security Agreement includes customary covenants by the Company and MannKind LLC, remedies of the Purchasers and representations and warranties by the Company and MannKind LLC. The security interests granted by the Company and MannKind LLC will terminate upon repayment of the 2019 notes and Tranche B notes, if applicable, in full. The Company’s obligations under the Facility Agreement and the Milestone Agreement are also secured by the mortgage on the Company’s facilities in Danbury, Connecticut, which has a carrying value of $28.7 million. Even if one of the trusts had a residual ownership interest in Danbury, they have obviously consented to offer it as a security for Deerfield. This is equivalent to a parent guaranteeing a debt for one of their children using their house as collateral; if the child defaults on the loan the bank will foreclose on the mortgage and take the house notwithstanding the fact that it is the child that defaulted and not the parents. Deerfield has rights to substantially all of the assets which puts them in control in any insolvency proceeding. I won't go into all the rules about priority of liens in bankruptcy situations, but suffice it to say that Deerfield has locked up anything of value and can legally prevent the estate from borrowing any more money unless their claims are first satisfied in full. In past bankruptcies, like Dendreon, they have not played that card because they were mostly interesting in getting paid and didn't want to take over the company, and were happen to let the court auction off the assets rather than assert their rights to the collateral under the Uniform Commercial Code. If what they really wanted was to own the company, they wouldn't have done that. I didn't get anything confused. It is from the state board of Arizona not Arkansas, and it specifically says non-resident Manufacturer Permit, and this was from Janruary 2017.There is a whole other section just devoted to pharmacy permits and MannKind is not listed on that. THE ARIZONA STATE BOARD OF PHARMACY HELD A REGULAR MEETING JANUARY 25, 2017 MINUTES FOR REGULAR MEETING 5. (6) Non-Resident Manufacturer Permits – (Out of State) Schedule F NON-RESIDENT MANUFACTURER PERMITS - Continued
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Post by scoy on May 4, 2017 10:47:18 GMT -5
I think Mannkind owns the Danbury facilities. The main reason I believe that is that so many of their SEC filings say they own it.
I'm completely flummoxed bu how someone could believe otherwise. Why would have Mannkind have written off the value of something they didn't own?
10K says -> We identified two primary asset groups to be evaluated for impairment: the Danbury manufacturing facility, which currently performs all the manufacturing of AFREZZA, and the Valencia facility, which was previously our corporate headquarters. The Danbury manufacturing facility
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Post by therealisaching on May 4, 2017 11:00:18 GMT -5
I think Mannkind owns the Danbury facilities. The main reason I believe that is that so many of their SEC filings say they own it. I'm completely flummoxed bu how someone could believe otherwise. Why would have Mannkind have written off the value of something they didn't own? 10K says -> We identified two primary asset groups to be evaluated for impairment: the Danbury manufacturing facility, which currently performs all the manufacturing of AFREZZA, and the Valencia facility, which was previously our corporate headquarters. The Danbury manufacturing facility yes, the plant is owned by MNKD. Its secured by the Deerfield debt however.
From the 10-K:
Item 2. Properties
In 2001, we acquired a facility in Danbury, Connecticut that included two buildings comprising approximately 190,000 square feet encompassing 17.5 acres. In September 2008, we completed the construction of approximately 140,000 square feet of new manufacturing space providing us with two buildings totaling approximately 328,000 square feet, housing our research and development, administrative and manufacturing functions for Afrezza. We believe the Connecticut facility will have sufficient space to satisfy commercial demand for Afrezza.
As of December 31, 2016, we owned approximately 142,000 square feet of laboratory, office and warehouse space in Valencia, California. On February 17, 2017, we sold certain parcels of real estate in Valencia, California and certain related improvements, personal property, equipment, supplies and fixtures, including the aforementioned space, to Rexford Industrial Realty, L.P. for $17.3 million.
Our obligations under the Facility Agreement and the Milestone Agreement are secured by certain mortgages on our facility in Danbury, Connecticut.
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Post by mango on May 4, 2017 13:08:24 GMT -5
Do you think I am making this up? In order for the Alfred E. Mann Living Trust to be labled the owner of the NON-RESIDENT Manufacturing Permit within the state of Arizona, they are required to fill out this form. Whoever filled it out put the Alfred E. Mann Living Trust as the Owner. I am confused myself—does MannKind have a manufacturing plant in Arizona? Or is the Danbury plant, indicated by the address, owned by Alfred E. Mann Living Trust? This is not a typo nor a mistake. • Here is the application: pharmacy.az.gov/sites/default/files/documents/files/application%20%28manufacturer%29.pdf• Here is MannKind's Manufacturing Permit number for the State of Arizona: ptl.az.gov/app/pharmacy/search.xhtml• The Effective Date of the Manufacturing Permit: 11/16/2016 • Here is the State of Arizona showing the Non-Resident Manufacturing Permit of MannKind Corp. at 1 Casper St. Danbury, CT being owned by the Alfred E. Mann Living Trust:
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Post by agedhippie on May 4, 2017 18:59:29 GMT -5
Do you think I am making this up? In order for the Alfred E. Mann Living Trust to be labled the owner of the NON-RESIDENT Manufacturing Permit within the state of Arizona, they are required to fill out this form. Whoever filled it out put the Alfred E. Mann Living Trust as the Owner. I am confused myself—does MannKind have a manufacturing plant in Arizona? Or is the Danbury plant, indicated by the address, owned by Alfred E. Mann Living Trust? This is not a typo nor a mistake. There is no Arizona manufacturing. If there was they would have filed a Resident permit and not a non-resident permit. A non-resident permit is needed because Mannkind is an out of state manufacturer. Why does it say Alfred E. Mann Living Trust? Who knows. What we do know from the SEC filings that Mannkind owns Danbury (or has been lying to the SEC).
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Post by chuck on May 4, 2017 19:17:24 GMT -5
So is the Alfred E. Mann Living Trust the owner of:
1. the Manufacturing Permit? or 2. the Danbury facility consisting of the building/land? or 3. just some manufacturing equipment inside the danbury facility unrelated to afrezza which mnkd will operate for the Trust at some point in the future?
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Post by scoy on May 4, 2017 19:28:54 GMT -5
If you're curious what properties Mannkind owns in Danbury. 1. Go here: gis.vgsi.com/danburyct/2. Click Enter Online Database 3. Change default search by address to search by owner 4. enter Mannkind in the search box 5. Click Search This is returned: Address Owner Acct# Map Map Cut Block Block Cut Lot Unit Unit Cut PID 14-18 TAYLOR ST MANNKIND CORPORATION J14 272 444 8 CASPER ST MANNKIND CORPORATION J14 271 445 CASPER ST MANNKIND CORPORATION J14 207 446 CASPER ST MANNKIND CORPORATION J14 289 129254 This is how I found it: Google: search connecticut real estate records It takes you here: publicrecords.netronline.com/state/CT/ then I clicked Danbury and then Danbury County Assessor, that took me to the link above.
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