I am very confused. What was a loan to the company on the Line of Credit was to be repaid to Al. If and when it was repaid his cash investment in the company would be reduced. Converting debt to equity is equal to putting additional funds into the company despite the fact it does not improve the company's cash position.

There was a real positive impact to the share price during the Seaside funding despite the fact the company was issuing shares (diluting). Every time Seaside bought, Al bought and there was a slew of PR's reporting insider buying.

Dilution is probable despite the rhetoric about "minimally dilutive" financing options. My guess is we see some portion of the bond offering executed the closer we get to the end of the cash ramp to partally fund the rest of the trials. Perhaps we see a wholesale order from the middle east filled to make up the difference once trial results are available.

Sorry for the long winded response to your argument but every time Al converts debt to equity he is showing investors he is committed to seeing this through and the amount he has invested in MannKind increases.