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Post by mnkdfann on Jul 18, 2019 17:43:31 GMT -5
Meeting notes are now posted at the HFM site.
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Post by mnkdfann on Jul 18, 2019 9:56:48 GMT -5
Was that a thank you present to Deerfield? The warrants are a mile out of the money, but Mannkind is going to pay $0.13 each for them? At this point it is by no means clear they will be exercised, but those warrants would have raised $5.6M if exercised. My calculator gave 7.76 cents per warrant. Management must expect the stock price to be be greater than $1.68 to justify the repurchase. And most think the warrants create a ceiling for the share price (including me). But I’m not surprised by the chronic negativity some express regardless what moves management makes. We won’t know if the repurchase was or good or bad until 12/26. And the move may have been required to recapitalize the remaining debt after Deerfield is paid off. I generally like your posts, but it may be you should have invested in a new calculator before refuting aged's numbers?  I think he was talking about this: > 433333.42 / 3333334 [1] 0.13 Or did I miss something? I think what is more relevant is what was the current selling price for those warrants? Above or below what Mannkind paid for them? I'm going to guess significantly below, so that Mannkind paid a hefty premium. |
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Post by mnkdfann on Jul 17, 2019 19:50:34 GMT -5
I assumed everyone monitored the HFM site, but perhaps not. This is what it says at the moment:
Latest Events
July 17th - 3 hour Meeting with Mannkind General Counsel and Chief Compliance Officer.
Notes to follow.
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Post by mnkdfann on Jul 17, 2019 19:05:24 GMT -5
BIOMM was still only $6.05 towards the end of June (around June 24). Wonder why it popped up since then? The Afrezza approval was three weeks before that, so I'm thinking there was something else. Mind you, the move has been on VERY low volume (some days only 100s of shares traded). So perhaps just small cap stock shenanigans.
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Post by mnkdfann on Jul 17, 2019 17:49:50 GMT -5
That's good. I guess that Orlando event is one of the appearances previously teased by Mike C. But never mind Conor. Did you read the Mannkind placard behind him? Mannkind is also presenting Balloon Twisting and Face Painting this week! I'm totally down with the balloon twisting! |
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Post by mnkdfann on Jul 16, 2019 17:10:55 GMT -5
I understand the work that sports puts in to share the information. Why would VDEX ask anyone to show up to their meeting to represent shareholders. It just does not seem professional. Does anyone think that a NDA will have to be signed before the meeting happens? That's a point that SO had mentioned. This whole meeting is just a distraction. I understand your concerns and it’s really more like this ... t's kind of like when a few citizens are invited to attend an execution. They aren't there to speak for the entire country. They are just there as an independent interested party to reassure all citizens that no unscrupulous activity is taking place. I think there is nothing wrong with Bill having someone along as a witness or advisor, in the same way the Mannkind Counsel is having someone else join him. But I can see how Mannkind might also want people to sign NDAs (or something similar, whatever they are called), if something confidential was being discussed. And if something material was discussed, I would (if I were you) be concerned about how that might affect my ability to trades shares in the near term, without running afoul of trading regulations. But I'm guessing Mannkind will not reveal anything that would cause you a problem. |
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Post by mnkdfann on Jul 16, 2019 14:49:32 GMT -5
But last week I was in a meeting where one of the attorneys had to step out multiple times one morning. Eventually he shared that he is a T1D and struggling with controlling his diabetes. Then out of nowhere he shares that he has an appointment with his endocrinologist, who has been encouraging him to switch to an inhaled insulin and he is finally going to try it. I was stunned. Someone I knew, actually brought it up on their own. I asked him about it during a break and he said that his endo (Dallas area) had been working on him for a couple years. Hope it's not a case of the endocrinologist thinking that Exubera is still on the market. |
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Post by mnkdfann on Jul 16, 2019 12:02:02 GMT -5
Well, I can see how Mannkind would want the Chief Compliance Officer at the meeting whether there was interest or not. I mean, there are a lot of meetings I won't take unless there is a witness or advisor in the room. Well I’ll be there because Bill asked me to come with him to represent the shareholders. I agreed and am honored to be able to do it. So I’ll let you guys know how that goes. Live tweets? |
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Post by mnkdfann on Jul 15, 2019 21:48:12 GMT -5
That's a good article. "How to Gauge a C.E.O.’s Value? Hint: It’s Not the Share Price" www.nytimes.com/2016/06/19/business/how-to-gauge-a-ceos-value-hint-its-not-the-share-price.html"Everybody knows that chief executives receive bounteous pay as a matter of course ... Less discernible, though, is who actually earned their pay the most by increasing the value of the companies they run by a commensurate amount. Such performers are not to be confused with executives who work to propel their company’s stock price. This pursuit can have fleeting benefits and disastrous consequences, as Valeant International, the beleaguered drug company, has shown." "Companies love total shareholder return in part because it is easy to calculate. But a company’s stock can rocket even when its operations are being run into the ground. So basing pay on total shareholder return can encourage an executive to manage more for a company’s share price than for its overall health." The takeaway there is that share price is NOT a good measure of a CEO's value. Perhaps you didn't read far enough? Here is what else it says.....
A better way to measure whether a C.E.O. has created value at a company is to look at its return on capital over a period of years. This reveals how effectively a company is using its own money to generate profit in its operations.
When you compare these returns to an executive’s compensation, you see where pay is justified and where it isn’t. Perhaps you need to reread what I wrote? Because what you quoted in no way contradicts it. My excerpts are from the same article you were excerpting from, and what you excerpted supports what I excerpted. |
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Post by mnkdfann on Jul 15, 2019 18:45:36 GMT -5
Gary Lutin, a former investment banker, said it was crucial for investors to assess whether their companies were generating more wealth for management than for shareholders. As overseer of the Shareholder Forum, an independent creator of programs to provide information investors need to make astute decisions, he has convened a workshop to focus investor attention on basic measures of corporate performance that generate long-term shareholder wealth. “Both investors and corporate directors need to measure performance based on the profits a company generates from its competitively successful production of goods and services,” Mr. Lutin said. “That’s the only real foundation there is for investment value, and for national prosperity.” That's a good article. "How to Gauge a C.E.O.’s Value? Hint: It’s Not the Share Price" www.nytimes.com/2016/06/19/business/how-to-gauge-a-ceos-value-hint-its-not-the-share-price.html"Everybody knows that chief executives receive bounteous pay as a matter of course ... Less discernible, though, is who actually earned their pay the most by increasing the value of the companies they run by a commensurate amount. Such performers are not to be confused with executives who work to propel their company’s stock price. This pursuit can have fleeting benefits and disastrous consequences, as Valeant International, the beleaguered drug company, has shown." "Companies love total shareholder return in part because it is easy to calculate. But a company’s stock can rocket even when its operations are being run into the ground. So basing pay on total shareholder return can encourage an executive to manage more for a company’s share price than for its overall health." The takeaway there is that share price is NOT a good measure of a CEO's value. |
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Post by mnkdfann on Jul 15, 2019 14:28:37 GMT -5
Vdex is scheduled to meet with two MannKind execs on Wednesday: David Thompson, our General Counsel, and Courtney Barton, our Chief Compliance Officer. I take Barton's attendance as a sign that something may be worked out, not on Wednesday, but eventually.
Courtney Barton, CCEP, CIPP (US/E) is our Chief Compliance and Privacy Officer. Ms. Barton joined MannKind Corporation in March 2017 and is responsible for leading all aspects of our corporate and healthcare compliance programs. Ms. Barton brings broad, global compliance and ethics expertise to the role, having begun her compliance and ethics career at Winn-Dixie Stores, Incorporated before transitioning to roles in the pharmaceutical and medical device sector with Bausch + Lomb, Allergan, KYTHERA (Allergan) and Anacor (Pfizer). She has also held positions with Merrill Lynch and Janus, including an international appointment. A graduate of Syracuse University, Ms. Barton holds Bachelor’s degrees in Political Science and International Relations and is a Certified Compliance and Ethics Professional (CCEP) and Certified Information Privacy Professional (CIPP US/E).That sounds moderately hopeful. I take Barton's attendance to mean that they are trying to work out what they can do without infringing the regulations which I don't think Mannkind would have done this if there wasn't interest. Well, I can see how Mannkind would want the Chief Compliance Officer at the meeting whether there was interest or not. I mean, there are a lot of meetings I won't take unless there is a witness or advisor in the room. |
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Post by mnkdfann on Jul 15, 2019 14:01:10 GMT -5
From the VDEX site talking about a member of the "operations team," Jeremy Fultz: "Jeremy conceived of the idea for a documentary about the transformative diabetes treatment, Afrezza." Where can I find this documentary? Google was of no help and all youtube has is a short trailer. Jeremy Fultz ...wow, that's a name from the past: mnkd.proboards.com/thread/5805/afrezza-documentary-comingAFAIK, the documentary has been MIA / vapourware for 3 years and counting now. |
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Post by mnkdfann on Jul 15, 2019 11:26:05 GMT -5
A quick google shows a lot of goodrx partners, but I couldn't find a single pharma among them. I wonder why that would be the case. Perhaps enough pharmacies, PBMs, health plans, etc., participate and hence get the drugs of big parma listed on GoodRx, without the manufacturers of those needing to bother themselves. More on GoodRx: support.goodrx.com/hc/en-us/articles/360001302523-How-does-GoodRx-make-money-Today, GoodRx makes money in a few ways:
We provide technology to businesses and insurance plans to help employees/members save money on their prescriptions, so that they can help their members understand how much they’ll pay for their prescriptions and find new ways to save. We show ads on our website and apps. These ads do not have any impact on which prices, pharmacy listings or drugs we display. Some partners (typically pharmacies, health plans, manufacturers or pharmacy benefit managers) pay us referral fees when a particular discount is used. GoodRx Gold, our subscription service, offers often lower prices at select pharmacies in exchange for a monthly fee. It’s worth mentioning that GoodRx is not “pay-to-play” - pharmacies and manufacturers are not required to pay to appear on GoodRx, and we list thousands of prices and discounts where we receive no compensation. It’s our goal to gather as many prices and discounts as we can, regardless of any financial incentive. |
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Post by mnkdfann on Jul 15, 2019 10:26:45 GMT -5
I don't see anything there that didn't exist before for Mannkind. What does goodrx get out of the deal -- advertising dollars from Mannkind? Some information about GoodRx: www.goodrx.com/how-goodrx-works"GoodRx is free for consumers, and we do not require that you create an account to search for prices and receive discounts. We do not collect your personal information. We make money from advertisements on our site and referral fees." AND (this is a good read): www.cnbc.com/2019/05/15/goodrx-app-has-saved-americans-more-than-10-billion-on-prescriptions.html"GoodRx also has a monthly subscription program, GoodRx Gold, which offers additional discounts." Perhaps Mannkind delayed joining GoodRx before now because it wanted to make sure its discount model was sufficiently scalable before doing so? Or, perhaps, GoodRx delayed Mabnnkind's participation until it was convinced that Mannkind's program was viable? IDK. |
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Post by mnkdfann on Jul 13, 2019 14:05:38 GMT -5
Some corporations (but I'm guessing a strong minority) appoint their CEOs with defined term limits.
I assume if Mannkind did that with MC, we would have heard it by now. But does anyone know for sure?
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I think he was talking about this: 
