I have just to corrections.

The 2013 note is for $115MM not $100MM.

He said that they have enough insulin to manufacture $10 billion in Afrezza sales; they do not have $10 billion worth of sales in inventory. I do not know the replacement cost of the insulin. The replacement cost is a better measure of its value and might give a better idea of how much debt could be secured by it. My guess is that the replacement cost is much lower than $10 billion, and only some fraction of the replacement cost could be used as collateral for an assset backed debt financing. Remember Phizer sold it very cheaply, so its value as collateral would probably be less than that amount. Do you know how much Mannkind paid for it?