'Mann group is the largest debt holder of Mannkind. If Mannkind runs out of cash and unable to raise it, thereby forcing into bankruptcy, Mann group would be the first in line to receive the majority of the new stocks if the company emerges from the bankruptcy.'

Not impossible that the Mann debt could be characterized as equity by a BK court, especially if to characterize it as debt would usurp any arms-length creditors and possiblely even common stockholders. A longshot, but not unheard of. There would be one heck of a legal battle if Mann ended up with most all the stock after emerging from a bankruptcy!

Don't see that happening, far more likely the FDA kills us rather than such a reorganization.