The $186 million is net of depreciation and includes computers and other assets that likely would not be included in a sale/leaseback or secured note. The gross book value of land, buildings, and equipment (excluding things like furniture and computers) was 256 million as of 9/30.

Out of the 4 C's of credit (capacity (free cash flow), character, capital, collateral), MNKD only meets one measure - collateral. I assume Matt is having a difficult time arranging secured financing with a negative cash flow history. I'm afraind that in order to arrange secured financing, Matt will have to entice the lender w/ a convertibility feature and we get hammered w/ more dilution. If they wait until they have sales, mnkd could be eligible for non-equity based secured note financing.