Rak you make good points.

I am simply stating if Al has a line of credit and gets repaid his investment will be returned plus interest. When he converts to equity that money is all in.

I have never begrudged Al the dilution associated with his increased shares from the debt to equity conversion. Having him continue to maintain the same relative % of control actually makes me feel better about being invested in MNKD. While I am critical of management decisions along the path I actually agree with holding out for the best possible deal on this game-changing product. Despite the dilution I believe long term this will be the best investing decision in my life.

Placing your personal fortune at risk to fund a company shows an amazing amount of confidence. The fact that we have a billionaire willing to do so makes my resolve to remain invested stronger. Placing a billion at risk to fund a company should allow that investor a priority over retail investors IMO.