penny222dollar, does this change the date BAC has to return the 9 million shares MNKD loaned BAC?
blindhog1, I seem to recall you may be in some FDA trial that goes for years -- something about heart drug or something like that. Is that right? I will make the (maybe incorrect) assumption you were taking diabetic drugs before you were selected for this FDA trial. Did the FDA trial drug and procedure have any impact on your A1C at any time? Apologize if I have this FDA stuff wrong.
lakers_w, in the 8-K I see the $32.05M note matures on September 30, 2015, but the deadline for any note for stock exchange must be done between August 13,2015 and September 24, 2015.
mnholdem, yes, I understand and understood the agreement, I thought and still think. This quote from Matt Pfeffer from the earnings call is what I still have no explanation for: "Since these shares would have to be repurchased in the open market after maturity and would be returned to us,...." Thanks for posting the 2010 share lending agreement, and from the text I see nothing that would support Matt's quote above. It seems to me BAC could have had the 9M shares anytime ready to return, and there is no obligation for BAC to repurchase the 9M shares in the open market AFTER MATURITY. That quote from Matt remains a mystery to me. I have a call into Matt from yesterday to get a clarification of the statement.
alohazabel, that is what I thought, but I took Matt Pfeffer's comment in the earnings call yesterday to mean BAC had to buy the shares after maturity of the agreement. I posted this about 10 or 20 minutes ago. You can read the quote there, or you will find it in the transcript. If BAC has to buy after maturity, they are going to have to pay up, and the other shorts will be in there likely having to buy along with them.
itellthefuture777, you are a bad reader of hands. I am asking a question, and I am a long term holder of MNKD. You must have been talking at the poker table while others were playing their hands. Read the transcript, and I provided the relevant portion that I seek an answer to. You clearly do not have the answer.
I was not aware the Bank of America would be legally obligated to cover any of the 9 million shorts (repurchase) it may have AFTER maturity of its agreement with MNKD. This below is a direct quote from Matt's earnings call with analysts and investors on August 10, 2015. I always assumed Bank of America could do anything it wanted to do anytime as long as it returns the 9 million shares by the deadline. Does this language below in quotes sound like what is in the legal agreement with Bank of America?
Matt Pfeffer said,
"And finally, we wanted to be sure that the final terms enabled the old notes to go completely away so that MannKind would be certain to get back the 9 million shares linked to the underwriter in the previous transaction."
"Since these shares would have to be repurchased in the open market after maturity and would be returned to us, removing them from circulation, we like to think that any shares we ultimately issued as being net of these shares coming back."
itellthefuture777, they are giving it away in Africa and elsewhere. What is your projection for a market dollar amount for inhaled oxytocin? I assume it is almost nothing at this time.
regenmedprovider, kingedxxxxx alleged in a post within the past day that your practice or your group has only two patients using Afrezza (test patients). I did not see that post, but I read your posts regularly. You are so positive on Afrezza, and I am dubious of the input kingedxxxxx posted on this.
kevinmik, why do yet another financing deal when MNKD is paying cash to cure a current financing deal? Would MNKD think it could get better terms on a new financing deal with new debt holders? You have not comprehended in your options listed that some new milestones we don't know could be close to happening.
mnholdem, what's the drug MNKD will match up with Technosphere for pulmonary hypertension? I have not heard it named yet.
harryshs, I thought Al Mann would have assumed the convertible $100 million debt himself with better terms, but I was wrong. Perhaps he still might do that, and I believe they have until August 15th to settle up if no conversion to equity happens. It would seem reasonable that AL Mann would do this if for no other reason than to get this debt question off the company's table. The convertible happened on his CEO watch, and I do not think he will miss the money at this stage of his Chairmanship.
harryshs, in that case, do you think they will just pay off the $57M in cash to those holders? I thought the stock-for-debt in the press release was incomplete, and was silent on what would happen in the case you address.
The press release states, " In the event MannKind modifies the initial floor price for any trading day during the exchange period, MannKind will promptly publish the modified floor price on the Investor Relations page of its corporate website. I have checked multiple times, and I have not found any modified floor price press release on the IR page. I am just checking to see if I missed it.
brheavy, the 2U Afrezza dose will be done for the kids, but that does not mean it will be offered on the open market right away.
sayhey24, humor me please. To whose post are you replying or commenting? I cannot decide, and I have reread all the posts above and earlier than yours. Thanks.
centralcoastinvestor, the good news is Hakan is telling us about the pediatric FDA trials, and Sanofi is doing the recruiting, protocol work with MNKD inputs, and Sanofi is running the trials. Thankfully Sanofi is in charge.