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Post by dreamboatcruise on Aug 3, 2017 12:52:26 GMT -5
I don't consider reality to be to doom and gloom. Show me where the money will come from and I'll change my tune, but so far reality seems to be winning. Yes, just like Mannkind declared bankrupcy the past 3 earnings calls. The reality is the company is alive and well, methodically executing on a long term vision/strategy in transforming the organization in all aspects. It has been 1.5 years since the break-up and Mannkind has a completely new executive team, hiring across the board for sales, operations, and nurse educators, just signed a new office lease, signed agreements with One Drop and BIOMM, and just beginning an actual go to market/dtc marketing for Afrezza - And you think they are just going to throw all of that away with massive shareholder dilution to the tune of 100m shares? Doom and Gloom. You're espousing false assertions. Please show where before each of the 3 last earnings calls there were people here saying a bankruptcy would be announced. It simply isn't true. I don't even think there has been speculation here on PB about Mike announcing that on this call. Of course you just imply that... oh so clever way to fib. The reality is they have very limited cash. The reality is their SEC filing contains statements about the risk of not being able to finance the company. And speaking of One Drop. As I remember it was a MOU that stated they would be doing an agreement... how long has that been, has the agreement been announced? Talking about doing something is cheap in business just as talk is always cheap. If I had a dime for every time I discussed potential partnerships in my business career, I'd be a rich man. I will agree there isn't a 100m share offering coming because that simply wouldn't be possible (IMO). They wouldn't be able to get an underwriter. Will they manage to kick the can down the road with a smaller offering... or some other way? There is a risk they'll hit the point where they have no can kicking options.
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Post by madog365 on Aug 3, 2017 13:09:06 GMT -5
Yes, just like Mannkind declared bankrupcy the past 3 earnings calls. The reality is the company is alive and well, methodically executing on a long term vision/strategy in transforming the organization in all aspects. It has been 1.5 years since the break-up and Mannkind has a completely new executive team, hiring across the board for sales, operations, and nurse educators, just signed a new office lease, signed agreements with One Drop and BIOMM, and just beginning an actual go to market/dtc marketing for Afrezza - And you think they are just going to throw all of that away with massive shareholder dilution to the tune of 100m shares? Doom and Gloom. You're espousing false assertions. Please show where before each of the 3 last earnings calls there were people here saying a bankruptcy would be announced. It simply isn't true. I don't even think there has been speculation here on PB about Mike announcing that on this call. Of course you just imply that... oh so clever way to fib. The reality is they have very limited cash. The reality is their SEC filing contains statements about the risk of not being able to finance the company. And speaking of One Drop. As I remember it was a MOU that stated they would be doing an agreement... how long has that been, has the agreement been announced? Talking about doing something is cheap in business just as talk is always cheap. If I had a dime for every time I discussed potential partnerships in my business career, I'd be a rich man. I will agree there isn't a 100m share offering coming because that simply wouldn't be possible (IMO). They wouldn't be able to get an underwriter. Will they manage to kick the can down the road with a smaller offering... or some other way? There is a risk they'll hit the point where they have no can kicking options. Thank you, the only thing i will take from that is that you think i'm clever. The burker king crew has made their predictions before every conference call, i do not need to dig up old posts but rest assured many people here remember.
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Post by esstan2001 on Aug 3, 2017 13:38:21 GMT -5
Who knows the answer to this for certain: Can they do some type of convertible notes offering as a private placement without having to call a special shareholder meeting to authorize the shares beforehand? (my guess is... likely not) Be nice if the Investment advisor to the stars could band these quasi & wealthy actors together (once you draw in the likes of a Hanks or a Berry, $$ is no object) in a private placement; just tell them all the good that they will be doing for society with this investment. OK, Dream over
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Post by dreamboatcruise on Aug 3, 2017 13:49:12 GMT -5
Who knows the answer to this for certain: Can they do some type of convertible notes offering as a private placement without having to call a special shareholder meeting to authorize the shares beforehand? (my guess is... likely not) Be nice if the Investment advisor to the stars could band these quasi & wealthy actors together (once you draw in the likes of a Hanks or a Berry, $$ is no object) in a private placement; just tell them all the good that they will be doing for society with this investment. OK, Dream over So far we seem to be funding the "celebrities" MNKD is involved with rather than the other way around.
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Post by sportsrancho on Aug 3, 2017 13:50:10 GMT -5
Where is all this coming from? Wow, on Twitter everyone is happy:-) By everyone I mean MNKD reps, ( new people starting on Afrezza ) Very up beat day!
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Post by esstan2001 on Aug 3, 2017 14:14:43 GMT -5
Where is all this coming from? Wow, on Twitter everyone is happy:-) By everyone I mean MNKD reps, ( new people starting on Afrezza ) Very up beat day! Somehow, we here on Proboards are just not feeling the love...
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Post by matt on Aug 3, 2017 14:45:47 GMT -5
According to matt "we know the Mann Group has a block of shares but we don't know what other assets they own. They may indeed be trying to quietly liquidate a big chunk of their MNKD holding to raise the money needed to make the payment later this month. It seems to be that they started putting through big blocks around July 20, and today is just a continuation. At one point I calculated that they needed to sell around 450K shares per trading day if they had no other cash assets available." Read more: mnkd.proboards.com/user/2019/recent#ixzz4ohqo1RAHSo according to the "expert" there will be no dilution. Honestly, you excel at quoting people out of context. What I offered in that thread was an explanation of why the stock tanked yesterday, and it could be related to Mann Group converting shares to raise cash to meet the required payment at the end of the month. That money is needed to keep the Deerfield payment deferred until the end of October, nothing more, and it will not provide a penny to finance the company beyond October unless Mann Group sees fit to increase the credit line. Unless you believe in the money fairy, the company will have to give something up to get the cash needed to operate for the next year. Either the company will have a new marketing partner, who will do what Sanofi did and front a nine-figure sum in exchange for taking most of the economic rights (one form of dilution), or else there will be new shares sold (another form of dilution). Given the current debt to assets ratio and the fact that Deerfield has a senior secured interest in essentially all assets, it will be next to impossible to issue more debt. The money fairy is the only non-dilutive means of finance, but some forms of dilution are more palatable than others.
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Post by matt on Aug 3, 2017 14:59:29 GMT -5
Who knows the answer to this for certain: Can they do some type of convertible notes offering as a private placement without having to call a special shareholder meeting to authorize the shares beforehand? (my guess is... likely not) Be nice if the Investment advisor to the stars could band these quasi & wealthy actors together (once you draw in the likes of a Hanks or a Berry, $$ is no object) in a private placement; just tell them all the good that they will be doing for society with this investment. OK, Dream over To issue convertible notes, you generally need to have the shares available to issue. Right now the company is essentially out of authorized shares and approving more shares is at the discretion of the shareholders, and that requires a special meeting. I haven't done the math lately, but as I recall the company is down to about 10 million unencumbered authorized shares. If you look at the last 10-Q you will see a bigger difference between authorized and outstanding, but in the meantime Deerfield has been issued shares and the company has restricted shares to meet warrant and employee option obligations which are technically "authorized" but are restricted such that they are not available for any other purpose. I don't think it is strictly illegal to issue convertibles without the shares to back them, but no good securities lawyer would allow his client to write a big check for a loan convertible into shares that did not exist. Virtually every securities purchase agreement contain a covenant that must be satisfied before closing the deal that restricts a sufficient number of shares to cover any conversion options and/or warrants attached to the deal. A shareholder's meeting is the only way to get more shares authorized, and that takes a minimum of 21 days notice to call the meeting in order to comply with SEC rules. Likewise, any issuance or series of issuances (which includes conversion options and warrants) that exceeds 20% of the outstanding shares in any six month period must have shareholder approval or the company will violate a NASDAQ marketplace rule, the penalty for which is delisting.
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Post by dreamboatcruise on Aug 3, 2017 15:12:36 GMT -5
Where is all this coming from? Wow, on Twitter everyone is happy:-) By everyone I mean MNKD reps, ( new people starting on Afrezza ) Very up beat day! Somehow, we here on Proboards are just not feeling the love... There are threads regarding those tweets with lots of thumbs up and positive comments, including from me. I find it strange that some seem to think you either have to ignore the good things or ignore the troubling state of finances. This isn't a sports league where one is normally expected to pick a team and cheer for them. It's a forum that I thought was to discuss MNKD as an investment. If you want to change the board to "Afrezza message board" instead of "MNKD message board", I'd stick to praising Afrezza. I'd say I'm not only happy, but thrilled, for those I see with success using Afrezza. It's great to hear. I'm also worried whether MNKD will be able to gain additional financing and if they do what it might mean for shareholders. Not being worried takes some sort of thought process other than a rational analysis of the facts. I have no problem with people doing that... "having faith", "believing in management", etc. But just recognize that some here like to at least also inject some discussion of risks associated with the reality of finances.
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Post by lennymnkd on Aug 3, 2017 15:14:19 GMT -5
21 days notice / so that leaves out the 7th ... I suppose ... so rule dilution out .. am I correct?
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Post by babaoriley on Aug 3, 2017 15:20:42 GMT -5
Who knows the answer to this for certain: Can they do some type of convertible notes offering as a private placement without having to call a special shareholder meeting to authorize the shares beforehand? (my guess is... likely not) Be nice if the Investment advisor to the stars could band these quasi & wealthy actors together (once you draw in the likes of a Hanks or a Berry, $$ is no object) in a private placement; just tell them all the good that they will be doing for society with this investment. OK, Dream over I think they launched such a fund, and it foundered. I knew they never should have called it the "Made Off With Your Money Fund." All will be revealed on August 7 - LOL, geez, maybe for once...
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Post by n8 on Aug 3, 2017 15:32:30 GMT -5
Who knows the answer to this for certain: Can they do some type of convertible notes offering as a private placement without having to call a special shareholder meeting to authorize the shares beforehand? (my guess is... likely not) Be nice if the Investment advisor to the stars could band these quasi & wealthy actors together (once you draw in the likes of a Hanks or a Berry, $$ is no object) in a private placement; just tell them all the good that they will be doing for society with this investment. OK, Dream over I think they launched such a fund, and it foundered. I knew they never should have called it the "Made Off With Your Money Fund." All will be revealed on August 7 - LOL, geez, maybe for once... The Wizard of Oz movie just popped into my head for some reason..
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Post by sportsrancho on Aug 3, 2017 16:12:14 GMT -5
Dream.... It was actually a serious question. I was working, and then on Twitter, and I get over here and I thought something bad had happened. Or that it came from ST. I didn't know....:-)
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Post by dreamboatcruise on Aug 3, 2017 17:28:34 GMT -5
Dream.... It was actually a serious question. I was working, and then on Twitter, and I get over here and I thought something bad had happened. Or that it came from ST. I didn't know....:-) I think share price will be in for rocky road if one of two things don't happen... either 1) another strong week on week jump in scripts tomorrow or 2) clarity on financing on CC. If both happen... wooohooo!! I'm guessing the latter doesn't happen based on Deerfield terms. The first is possible in my opinion but not the likely outcome. I'm guessing scripts will be somewhere betwixt great and bad. Flat compared to last week is what I'm hoping for, but I think that won't be enough to protect share price from pressure as time passes without additional funding. Oh, wait... I think this thing is just a garden decoration made in China and not a legit crystal ball... I'm giving this ebay seller a bad rating.
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Post by saxcmann on Aug 3, 2017 17:38:00 GMT -5
Dream.... It was actually a serious question. I was working, and then on Twitter, and I get over here and I thought something bad had happened. Or that it came from ST. I didn't know....:-) I think share price will be in for rocky road if one of two things don't happen... either 1) another strong week on week jump in scripts tomorrow or 2) clarity on financing on CC. If both happen... wooohooo!! I'm guessing the latter doesn't happen based on Deerfield terms. The first is possible in my opinion but not the likely outcome. I'm guessing scripts will be somewhere betwixt great and bad. Flat compared to last week is what I'm hoping for, but I think that won't be enough to protect share price from pressure as time passes without additional funding. Oh, wait... I think this thing is just a garden decoration made in China and not a legit crystal ball... I'm giving this ebay seller a bad rating. ...so you pretty much think the same as most of us here. 🤔
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