OPC, wasn't the debt that MNKD owes Al Mann always convertible? I really can't remember, but if it was from the get-go, then he can always exercise it, and whenever he likes, subject to the terms of the line of credit. If the debt to equity convertability only occurred as the result of a later modification in the terms of the debt, then your point about Al being unfriendly to shareholders may be a defensible one.

Typecheck, what on earth are you saying? The dilution does matter, especially big time dilution numbers that are being tossed around on this board this evening. The kind of dilution that I say "big deal" about is maybe a 10 to 20% variety, especially with no warrants attached, with the securities issued at a reasonable price.

I think Al will try to keep that dilution to a minimum, but he can't make water into wine, unless he has the cash to make the loan himself, and have that loan non-convertible, or convertible at a share price well above the current. I have to disagree with OPC on his claim that Al is shareholder unfriendly, at least intentionally so.