The best part of the shorts responding to this is that they never happen to mention Sanofi has an ad for Toujeo in the same issues of Time. Like they are trying to only put Afrezza in low circulation magazines! What a joke.
In addition when JO from Goldman asked for an update Matt had the following to say. I like the fact he said "jinx" the process. This made me think it was going smoothly at that point in time.
Corporate Vice President and Chief Financial Officer
No, I think it’s premature, because we’re right in the middle of it, and I don’t want to jinx the process by saying anything prematurely. Once it’s completed, we’ll be in a position to be more specific about that.
Excerpt from call transcript:
This week on August 15, the company’s $100 million senior convertible debt comes due. As announced on July 29, 2015, MannKind entered into privately negotiated exchange agreements with select holders of these 2015 notes, which resulted in us exchanging $27.7 million aggregate principal into the new 2018 [ph] notes. We also agreed to issue shares of common stock in exchange for up to $56.9 million aggregate principal amount of the 2015 notes.
At this point, we are still in the midst of exchange period for these shares. Until this process is complete, I cannot predict how many of these conversions will occur. You will see that we’ve taken some steps to maximize the number of conversions that will be announced shortly. We have not been willing to compromise on share price. Whatever remains outstanding will be paid from our substantial cash reserves.
Well, we have just over a month to finally find out how those August 15, 2015 convertible notes will be dealt with. My guess is we don't see $6.80 anytime before then. The banks will want that premium coming to them.
Says, the banks love their paper! The fact he said they might just let them notes convert or call them in early scared the hell out of them.
This is completely legit! Found the full application on the USPO website. You can search using the application number Kevin provided. It's 2015 everybody. Do some legwork rather than just posting #$%$ responses.
What needs to happen for B of A to be required to return the shares they got from MNKD? In addition, what does this event drive in the overall financial situation for Mannkind? Never have truly gotten my head around that scenario.