Swing,

I guess we have a difference of perspective on this one. You state "Converting debt to equity is equal to putting additional funds into the company despite the fact it does not improve the company's cash position." Really? The only way I see the conversion helping MNKD is it reduces cash requirements in the future assumming Afrezza is a success. Problem with that is if Afrezza is a success, MNKD won't have any problem meeting future cash requirements and you and I would have been better off w/ a higher percentage ownership of the company.

Whether Al holds debt or equity doesn't matter to Al if Afrezza is a bust and the company goes BK - he loses it all. If Afrezza is a success, Al will be better off w/ equity versus debt. If you look at it from our (shareholders other than Al) perspective, if Afrezza is a bust, we lose it all (same as Al), but if Afrezza is a success, we own less of the company than we did prior to the dilution.

Rak