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Post by oldfishtowner on Jun 5, 2017 8:18:37 GMT -5
How about a reality check. MNKD updated its website showing Mike as CEO and a member of the BOD. Interestingly Matt is still also on the BOD. I would think that if Matt's leaving was involuntary, he would not still be on the BOD.
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Post by sportsrancho on Jun 5, 2017 8:36:13 GMT -5
I'm glad he's there.
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Post by bthomas55ep on Jun 5, 2017 8:57:19 GMT -5
How about a reality check. MNKD updated its website showing Mike as CEO and a member of the BOD. Interestingly Matt is still also on the BOD. I would think that if Matt's leaving was involuntary, he would not still be on the BOD. I personally don't think Matt's leaving was involuntary. I think he simply disagreed with movements the Board wanted to take (even such as the Locust engagement to sell off the technosphere pipeline). If this is what has to be done to extend the cash runway for Afrezza, as I was musing over in the initial post, I don't believe he wants to be associated with the entity if they cannot get the sale done and it comes to BK. Once again, I sure hope that there are more options available to the company to extend the runway, but it just seems to me that Matt is not in agreement with whatever that is right now. I am sure he will serve diligently through July. IMO. |
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Post by mikesmilitaria on Jun 5, 2017 12:35:31 GMT -5
What is strange about the Matt situation is Matt P got a parachute? I am having trouble finding the document,to copy and paste the wording.
2 years to stay on and get paid parachute, wasn't it?
____________________________________
Above applies with a "change of control" which covers Matt with CEO salary for two years.
That change of control is coming and that is why Matt stepped down.
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Post by mnkdfann on Jun 5, 2017 12:48:08 GMT -5
Above applies with a "change of control" which covers Matt with CEO salary for two years.
That change of control is coming and that is why Matt stepped down. Why does Mannkind bring in Locust Walk to find partners, if it is all set for Amgen (or whomever) to take control? |
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Post by bthomas55ep on Jun 5, 2017 13:00:48 GMT -5
Above applies with a "change of control" which covers Matt with CEO salary for two years.
That change of control is coming and that is why Matt stepped down. Why does Mannkind bring in Locust Walk to find partners, if it is all set for Amgen (or whomever) to take control? My opinion is that Locust has some Asian / Japanese partnerships it may be able to leverage for the company. Ever since the 2015 plea from Hakan to "call us", there has been no real interest in partnering TS. My gut is also saying that if a partnership for TS can be struck, it will also have to include an exclusive right for that partner to market and sell Afrezza in a certain territory (i.e. Japan). If Afrezza licensed exclusively in a foreign country is the carrot needed to get the U.S. runway extended for Mannkind, so be it. GLTA. |
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Post by cyn on Jun 5, 2017 13:06:47 GMT -5
Until we know where the cash is coming from, it's naive to rule out the possibility of Chapter 11 reorg. And insisting that the Mann Foundation stake makes this impossible belies a gross ignorance of how these things work. If the Foundation cuts a deal with Deerfield, and the BK judge accepts the plan, the Foundation can come out of Chapter 11 whole while we get squat, it doesn't matter that they hold the same class of shares. And Mike and the BOD and the Foundation can all piously claim they left us behind to save Al Mann's gift to the world. I still think/hope we will escape this fate but it is something to watch over the summer. And instead of knee jerk trolling everyone who advises caution with this investment, perhaps you should spend some time learning the basics of bankruptcy law. This is false. Their equity gets wiped out along with every other shareholder. It's possible they could own a new private mnkd through a bk but they would have to put up new money to do so. therealisaching....
You are absolutely correct that for a Chapter 11, "Debt for Equity" Reorganization to be approved by the Federal Court, the acquiring new company stakeholders would need to put up new money. To meet required Chapter 11 Reorganization legal elements, the new company must demonstrate that it can continue as a stand-alone, "ongoing concern" post-Chapter 11 restructuring. IMO, with the current revenue stream and operating structure, the company does not currently meet Chapter 11 "ongoing concern" requirements, even following a debt for 100% equity exchange without a huge infusion of new money and Debtor in Possession (DIP) financing. I don't even see a Chapter 11, Section 363 Bankruptcy Sale/Auction process being a viable option whereby a stalking horse bid is made by a creditor or investor for the face amount of the debt, and then converted to a controlling ownership equity position. For a Section 363 Sale process to be an attractive alternative for a creditor there typically needs to be a "large shortfall between secured debt and market value of collateral, and a shortage of buyers with cash or financing to bid; thereby allowing for a successful credit bid on the company's collateral." MNKD's recent Afrezza Brazilian distribution agreement with BIOMM and employment of Locust Walk to advance their non-insulin Technosphere-based Pipeline candidates serves to boost the value of their company collateral, thereby making a Chapter 11, Section 363 even more less likely. JMHO
www.straffordpub.com/products/section-363-bankruptcy-sales-credit-bids-and-distressed-asset-transactions-2009-05-12
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Post by brotherm1 on Jun 5, 2017 17:57:26 GMT -5
the Mann foundation sold its stake in EYES and bought about 5 million more shares of MNKD .... I think they got some information that we dont have kuka where do I find this info? Not finding it kuka. I looked back through the thread title names into the middle of March on this board to no avail of any relevant titles. I know there was nothing about it in SEC filings. I do vaguely remember a conversation that was started not long ago from a stock twits post about the Mann Foundation ot Group possibly having added some shares but don't remember if it was ever determined to be factual. Do you recall the source of your information? It also would not be in the quarterly earnings report ending March if it happened within the past two months. |
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Post by sayhey24 on Jun 5, 2017 19:45:59 GMT -5
Until we know where the cash is coming from, it's naive to rule out the possibility of Chapter 11 reorg. And insisting that the Mann Foundation stake makes this impossible belies a gross ignorance of how these things work. If the Foundation cuts a deal with Deerfield, and the BK judge accepts the plan, the Foundation can come out of Chapter 11 whole while we get squat, it doesn't matter that they hold the same class of shares. Reorgs happen when companies run out of cash. It doesn't matter was the market potential is, it doesn't matter the script trajectory, it doesn't matter whether the company is doing international deals and it doesn't matter what follow-up clinical trials say. If the company doesn't have a source of cash to pay the utility bills and to make payroll, Chapter 11 is right around the corner. The poster is entirely correct that what matters now is knowing exactly where the cash is coming from, when, and how much, and to compare that to the monthly $7 million burn and scheduled debt payments. The person that said Dendreon is not a comparable because its market was "microscopic" has it wrong. In the last nine months before DNDN filed, their sales were $224 million and they still had $125 million in cash, short term investments, and restricted cash. Its two main competitors from Big Pharma are each > $2 billion / year drugs. That may not be insulin size numbers, but a market approaching $5 billion is not microscopic. Dendreon was a company that got approval and was getting traction in the market but was not turning the corner fast enough and ran out of money. There is a lesson here for Mannkind; intensions and improvements in operations are always great for any company, but they must come fast enough to prevent draining the balance sheet of its cash. Dendreon didn't move fast enough and hit the wall. As to the assertion that the Mann Group and Foundation can keep their shares in bankruptcy, that is a figment of the imagination. All claims of each class are entitled to identical treatment in the plan, and the court cannot confirm an reorganization plan that treats some shareholders more favorably than others unless there is " new money" involved, and new money implies taking new risks. If the Mann Group were to put up additional cash as DIP financing that money would be at risk, but if they don't write a check for a fresh investment they will get the same treatment as everybody else. Don't stick your head in the sand and think that BK can't happen to Mannkind. It can, it is not a foregone conclusion, but it can. If management can top up the cash balance in the coming months then Mannkind will live on doing business as usual, but if they can't raise the cash that they need there aren't many options left. For those hoping for a white knight to take the company out with a buyout, the white knight is way better off buying the whole enchilada as part of the reorg process under court supervision as that guarantees there will be no lingering liabilities. Acquisitions out of BK are squeaky clean, lightning fast, and are always the preferred option for the buyer. Matt - I was that person that said DNDN's market was microscopic. The reason being when the best spinning put the life extension at about 4 months and expected the patient to pay $300k for this that made the market microscopic. When Medicare news leaked it was never going to pay these costs the company was doomed. Few patients would ever have the money to pay those prices when they could better leave that money to their family. I have people at my work who stay to the last minute with terminal cancel to collect on a $150-200k insurance policy. Afrezza and provenge have ZERO in common. afrezza obsoletes all current T2 medications. As CGM data becomes more widely understood the medical community will no longer be able to hide the T2 root cause,not enough insulin causing meal time sugar spikes. It also obsoletes all correction approaches for T1s and early T1 adopters see it as life changing. Its a matter of time before the business case is in place for the insurance companies on how afrezza can save them $Billions. Its coming. Interesting was Mike mentioned the other week at the meeting he had already been working with some very large hospital groups putting this type of business case together and my take on it was he seemed pretty happy about the results buts thats IMO. Someone asked on another thread why Damon Dash is so much behind MNKD. I asked him that exact question a few weeks ago. He told me he thought he was doomed to death in a few years with A1c's in the 11 and 12's. With afrezza he now sees hope for controlling his BG which he never could before and said the reason he is so behind MNKD is he needs afrezza to live. Lets see if Mike can close a few international distributorships before we put the "Closed" sign up on the door. I was watching the Apple conference today and the Dexcom talk www.marketwatch.com/story/dexcom-shares-jump-nearly-4-on-tim-cooks-comments-on-glucose-monitors-at-apple-event-2017-06-05 I find interesting. This weekend may be interesting, too. What happens to Onduo's plans if Apple freezes them out of Dexcom and snaps up OneDrop? I can see Cook's band for general tracking good enough for most T2s and the Dexcoms for the PWDs needing dosing info. I am assuming Dachis is working late tonight integrating the Dexcom/Iwatch into his social monitoring platform. I wonder what Riff and Schwarz are thinking these days? Then again the biggest issue afrezza faces is refrigerator shelf space. Amazon direct to patient shipping would be perfect for what Dachis was talking about at the meeting and eliminate this issue. You see, I see many different ways MNKD can go for real money. It has the only solution which mimics natural pancreatic first phase release. Nothing else does this and this is huge for the T1's for liver glucose control and even bigger for the T2s who may be able to actually reverse much beta loss. Unlike Maddock's Reverse show hyping a low fat diet which will never work to reverse diabetes, if he combines it with a shot of afrezza now he has a winner. Its just a matter of the best deal or deals. With DNDN I saw ZERO options when the stock was at $50, it was the perfect short. MNKD on the other hand has been the most snake-bit company I have ever seen. The hope is Mike can cure the curse in short order. Mike might be the luckiest guy as he has showed up at the perfect time to make MNKD a winner. What do they say "the third CEO is the charm"? |
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Post by drman7 on Jun 6, 2017 13:52:07 GMT -5
For the sake of staying within the MannKind storyline— I hope Matt Pfeffer's LinkedIn profile will randomly change one day to: Matthew Pfeffer Chief Executive Officer at Receptor Life Sciences Stay tuned. Good observation. LinkedIn title change to Matt's profile will happen in August 2017 |
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Post by madog365 on Jun 6, 2017 15:00:58 GMT -5
What is strange about the Matt situation is Matt P got a parachute? I am having trouble finding the document,to copy and paste the wording. 2 years to stay on and get paid parachute, wasn't it? ____________________________________ Above applies with a "change of control" which covers Matt with CEO salary for two years.
That change of control is coming and that is why Matt stepped down.It might be possible that Matt leaving has been planned for quite some time.. Possibly even back to when Castagna was hired for CCO while Matt used the his interim CEO position to get the company in shape financially (cut costs on R+D, obtain financing (some dilutive, pay loans, set up Afrezza for commercialization), until Mike stepped in as CEO and immediately started off his tenure with what seems like quick wins, but have really been in the works since Sanofi left. |
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Post by sportsrancho on Jun 6, 2017 16:40:28 GMT -5
It might be possible that Matt leaving has been planned for quite some time.. Possibly even back to when Castagna was hired for CCO
I don't think so.
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Post by timri on Jun 6, 2017 16:46:52 GMT -5
Above applies with a "change of control" which covers Matt with CEO salary for two years.
That change of control is coming and that is why Matt stepped down. Why does Mannkind bring in Locust Walk to find partners, if it is all set for Amgen (or whomever) to take control? These are my thoughts. I was a little disappointed with locust deal due to the fact it takes a buyout off the table for right now. Why look for partners if you already have one. |
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Post by sportsrancho on Jun 6, 2017 16:52:17 GMT -5
Why does Mannkind bring in Locust Walk to find partners, if it is all set for Amgen (or whomever) to take control? These are my thoughts. I was a little disappointed with locust deal due to the fact it takes a buyout off the table for right now. Why look for partners if you already have one. No BO:-) IMO..... Down the road after we prove ourselves. Besides I'm thinking I'm going to really start enjoying this journey:-) |
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Post by golfeveryday on Jun 6, 2017 17:21:10 GMT -5
These are my thoughts. I was a little disappointed with locust deal due to the fact it takes a buyout off the table for right now. Why look for partners if you already have one. No BO:-) IMO..... Down the road after we prove ourselves. Besides I'm thinking I'm going to really start enjoying this journey:-) Long growth curve as an independent company is fine with me as long as it truly is the beginning of growth. It is certainly possible for someone to recognize the value of Afrezza itself and buy it out separately leaving TS development pipeline. However, I see a buy in for a piece of whole company as more likely at this point. The fact they don't seem worried about money and hiring a sales force says they may have a partial buyer. International expansion with no money tells me the same thing. Almost 100M volume over 5-7 days recently certainly suggests something. |
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