As Al ages, his thinking about things may change, not to mention actually become impaired, so it's hard to predict.

For as long as I can remember, and that goes back to the early days of MiniMed (the company that Al sold to Medtronic), what you say about him is true. He's a battler and once he gets an idea in his mind, he doesn't let it go very easily.

After the second CRL letter, I heard a rumor that Al was so fed up with the FDA and the process, that he was going to look for a buyer in the high teens per share!! Even Al Mann can't spin gold from straw, but apparently, he was not going to settle for less. The foregoing may well not be true, but it is in keeping with the business personality of Al Mann. He feels he knows what he's got, and if you want it, you're going to have to pay close to his price.

I really do believe MNKD was near a partnership deal in October/November before the first CRL, and the rumor I heard was that he felt the potential partner led him on, and then changed the game at the last minute, feeling that Al had not viable alternative, since management had all but guaranteed a partnership before the end of that year. If that was the case, then good for Al!

By the way, to anyone that wants to maintain their percentage interest in the company after this pending stock sale, my guess is you can get your pro rata share cheaper than the offering price in the days and weeks beyond the closing.