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Post by kball on Jul 17, 2017 10:58:26 GMT -5
I would have loved to hear the dinner table conversation between Binder and his wife. "Honey, I'm leaving a secure position in a well established company to join a small struggling biotech with a questionable future." That. And his strategy on best place to tell her. OUT -The bedroom IN- A) Nice dinner out somewhere. B) Perhaps Church even.
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Post by akemp3000 on Jul 17, 2017 10:58:57 GMT -5
Bankruptcy? Seriously? With all these high level experienced new hires, partnerships, reality show, TV ad, pediatric, label change, etc. Granted management hasn't shared their plans with us regarding the runway but the only serious question is how they will solve the cash issue, not if.
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Post by Deleted on Jul 17, 2017 11:19:14 GMT -5
matt "I have more than a bit of experience in bankruptcy cases, as a buyer of distressed assets for a former employer, as a consultant and expert witness for a distressed company that filed bankruptcy, and as a consultant and expert witness for a group of shareholders. Without access to the books I can't be more precise that this, but it seems likely that at some point in November the cash required to operate the business as it goes through a bankruptcy reorganization will dip below the remaining cash assuming all the available sources of financing are tapped." That was posted on October 2016
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Post by sportsrancho on Jul 17, 2017 11:37:54 GMT -5
Always remember the 3 reasons:-)
Or you're kball:-)))
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Post by kbrion77 on Jul 17, 2017 11:45:24 GMT -5
matt "I have more than a bit of experience in bankruptcy cases, as a buyer of distressed assets for a former employer, as a consultant and expert witness for a distressed company that filed bankruptcy, and as a consultant and expert witness for a group of shareholders. Without access to the books I can't be more precise that this, but it seems likely that at some point in November the cash required to operate the business as it goes through a bankruptcy reorganization will dip below the remaining cash assuming all the available sources of financing are tapped." That was posted on October 2016 You didn't feel like posting his entire response? He was answering a question asked by a member basically laying out the process/finances IF Mannkind were to file for Chapter 11. How about we re-post when you told people to disregard any rumors on the Sanofi split days before it actually happened. I forgot people that were concerned about that were labeled "shorts" and ran out of the board.
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Post by otherottawaguy on Jul 17, 2017 11:58:27 GMT -5
Back on topic folks, we are starting to wander...
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Post by mango on Jul 17, 2017 12:29:01 GMT -5
This story is going to unfold into something like this—
every step comes with air of revelations— pulsing on the tip there is a grand stillness with the stars
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Post by babaoriley on Jul 17, 2017 12:41:35 GMT -5
Mr. Binder commented, "MannKind is well-positioned for future growth and I could not be more excited about being a part of this team. I believe Afrezza is an innovative product with great potential to improve the quality of life for diabetic patients." Apparently, Mr Binder also doesn't realize MannKind will run out of money in a few months Well, either that, or we don't realize that they wont.
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Post by babaoriley on Jul 17, 2017 12:43:04 GMT -5
I would have loved to hear the dinner table conversation between Binder and his wife. "Honey, I'm leaving a secure position in a well established company to join a small struggling biotech with a questionable future." LOL, he's obviously not married!
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Post by babaoriley on Jul 17, 2017 12:46:03 GMT -5
I would have loved to hear the dinner table conversation between Binder and his wife. "Honey, I'm leaving a secure position in a well established company to join a small struggling biotech with a questionable future." My guess is that after four years in Singapore they decided to pull him out. Three years is the norm for an expat assignment and it is sad but true that roughly 70% of repatriating expats move to a new job outside their former company within six months. This can happen because the home office did not carve out a job for him, because he was unknown in the home office because he went from BMS straight to Singapore (which makes networking tough), or his family loved the lush tropical beauty of Singapore and was not willing to trade that for Kalamazoo, Michigan (a town that has seen better days). I know Stryker well, have done business with them, and even interviewed with the head office for an expat job myself. Stryker is a very good company, but you really have to want to live in rural Michigan and enjoy snowy winters. Understand your point, Matt, but there is a lot of spectrum space between Stryker, on the one hand, and MannKind on the other. I think he is set financially and sees a real challenge and wants to be if not "like Mike," at least "with Mike."
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Post by scoy on Jul 17, 2017 13:08:58 GMT -5
matt "I have more than a bit of experience in bankruptcy cases, as a buyer of distressed assets for a former employer, as a consultant and expert witness for a distressed company that filed bankruptcy, and as a consultant and expert witness for a group of shareholders. Without access to the books I can't be more precise that this, but it seems likely that at some point in November the cash required to operate the business as it goes through a bankruptcy reorganization will dip below the remaining cash assuming all the available sources of financing are tapped." That was posted on October 2016 Matt's post was accurate. Selling your corporate office isn't what financing is. Besides that they don't have, and haven't had, nine months cash to run the business if someone was to decide it needed to be reorganized. But what's odd to me is that the same old-timers who liked this post liked a post posted a few minutes earlier than this one that basically said they have no idea where needed money was coming from. That's all prelude to my actual question. Matt's always seemed to me to be the very definition of a "nice guy". Did he do something I haven't heard about to deserve this?
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Post by silentknight on Jul 17, 2017 13:10:20 GMT -5
matt "I have more than a bit of experience in bankruptcy cases, as a buyer of distressed assets for a former employer, as a consultant and expert witness for a distressed company that filed bankruptcy, and as a consultant and expert witness for a group of shareholders. Without access to the books I can't be more precise that this, but it seems likely that at some point in November the cash required to operate the business as it goes through a bankruptcy reorganization will dip below the remaining cash assuming all the available sources of financing are tapped." That was posted on October 2016 And he was spot on with his statement. MNKD would have ran out of money if not for the Sanofi settlement that gave them the leeway to continue operations. Matt himself stated in the conference call just a few days later that MNKD was running on fumes, or something to that effect. Proboards matt has been right about pretty much everything he's said which is more than most posters here can say with their wild speculation and nonsensical arguments. But that's neither here nor there, and rehashing previous posts does nothing to further the current topic of discussion. There are many here with egg on their faces, (ahem), so let it go. As for the hiring of a CFO, I'm glad the company now has people in place that can do their specific tasks and really get to work selling the drug. I'm still waiting for results, but hey, I've been waiting for years now...
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Post by mnkdfann on Jul 17, 2017 14:14:45 GMT -5
I would have loved to hear the dinner table conversation between Binder and his wife. "Honey, I'm leaving a secure position in a well established company to join a small struggling biotech with a questionable future." My guess is that after four years in Singapore they decided to pull him out. Three years is the norm for an expat assignment and it is sad but true that roughly 70% of repatriating expats move to a new job outside their former company within six months. This can happen because the home office did not carve out a job for him, because he was unknown in the home office because he went from BMS straight to Singapore (which makes networking tough), or his family loved the lush tropical beauty of Singapore and was not willing to trade that for Kalamazoo, Michigan (a town that has seen better days). I know Stryker well, have done business with them, and even interviewed with the head office for an expat job myself. Stryker is a very good company, but you really have to want to live in rural Michigan and enjoy snowy winters. Agreed, and I would also note that Binder has had a 33+ year career thus far. Not everyone wants to work much longer than that if they don't have to. It is very likely he was offered a deal that was lucrative in the short term, and he may not have any long term plans to stick around.
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Post by madog365 on Jul 17, 2017 14:15:15 GMT -5
matt "I have more than a bit of experience in bankruptcy cases, as a buyer of distressed assets for a former employer, as a consultant and expert witness for a distressed company that filed bankruptcy, and as a consultant and expert witness for a group of shareholders. Without access to the books I can't be more precise that this, but it seems likely that at some point in November the cash required to operate the business as it goes through a bankruptcy reorganization will dip below the remaining cash assuming all the available sources of financing are tapped." That was posted on October 2016 And he was spot on with his statement. MNKD would have ran out of money if not for the Sanofi settlement that gave them the leeway to continue operations. Matt himself stated in the conference call just a few days later that MNKD was running on fumes, or something to that effect. Proboards matt has been right about pretty much everything he's said which is more than most posters here can say with their wild speculation and nonsensical arguments. But that's neither here nor there, and rehashing previous posts does nothing to further the current topic of discussion. There are many here with egg on their faces, (ahem), so let it go. As for the hiring of a CFO, I'm glad the company now has people in place that can do their specific tasks and really get to work selling the drug. I'm still waiting for results, but hey, I've been waiting for years now... "And he would have been right too, if it wasn't for you meddling kids and your Sanofi settlement" Face it, the naysayers including you and your friend Matt have predicted Bankrupcty more times than we can count and the company is still standing. Hiring best in class executive talent, launching an ad campaign, and expanding into new countries and continents. We are still here and will continue to laugh in your face as you shift your bankruptcy timeline back a few months each time.
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Post by kbrion77 on Jul 17, 2017 14:20:57 GMT -5
And he was spot on with his statement. MNKD would have ran out of money if not for the Sanofi settlement that gave them the leeway to continue operations. Matt himself stated in the conference call just a few days later that MNKD was running on fumes, or something to that effect. Proboards matt has been right about pretty much everything he's said which is more than most posters here can say with their wild speculation and nonsensical arguments. But that's neither here nor there, and rehashing previous posts does nothing to further the current topic of discussion. There are many here with egg on their faces, (ahem), so let it go. As for the hiring of a CFO, I'm glad the company now has people in place that can do their specific tasks and really get to work selling the drug. I'm still waiting for results, but hey, I've been waiting for years now... "And he would have been right too, if it wasn't for you meddling kids and your Sanofi settlement" Face it, the naysayers including you and your friend Matt have predicted Bankrupcty more times than we can count and the company is still standing. Hiring best in class executive talent, launching an ad campaign, and expanding into new countries and continents. We are still here and will continue to laugh in your face as you shift your bankruptcy timeline back a few months each time. Really? I like the hires and am leaning towards something is going to happen internationally but my god easy on that statement.
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