Its obvious he believes that AFREZZA will be approved and be a game changer. To convert debt to equity would certainly not be the wiser move if he didn't. At least in holding MNKD's debt he could have MNKD sell more shares and with some of the proceeds pay himself off in full. No such option with stocks, but the payoff could be much, much greater. I'm betting Al knows what he is doing and I know he has an inside track.
habusa how much money have u made on this stock 140k? Anyway, Al is a good guy. He hasn't screwed anyone. The FDA has screwed the patients with only profit in mind. Al most likely has already received partner offers. He not biting until it's absolutely necessary.