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Message: This concerns me. If Mann is so positive re MNKD...

Plenty of stuff concerns me, Ron, but this is not one of them.

First, Al's put in more than enough money already, probably more than any other CEO ever, and if not, darn close. And if you think you are very long, what do you think Al is?

Second, perhaps he doesn't have that much more free cash to lend.

Third, your statement that the rate of borrowing is exhorbitant not correct. If those trials fail, that loan is very shaky at best, not sure if Al guaranteed it, but my guess is he did not; if he gave a full guaranty, then, if he did have the liquidity, perhaps he would have been better off funding it himself.

Wonder what interest rate and terms you would insist upon if you had a bunch of money to loan to a company that really doesn't have the kind of collateral that would be typical security for a loan. That loan is somewhat akin to venture capital, I have no problem with the rate at all. The company has no meaningful revenue at this point, not a candidate for Prime plus 2.00%!

Hope your very long position is rewarded in a very long way! Good luck.

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