FLEX is refering to the net cash position, but it does appear that Mann only netted spare change from the sale of Stellar. Maybe he freed up cash that was on the books of the company. One or both of the aquired companies may have had significant debt and a negative book value. I hope this was the other guy and not Stellar.

Take a look at ISSI for a comparison of a cash rich company, selling for book value with a price/sales of 1.00. Note that ISSI's enterprise value is only a little more that half of revenues. Comparably Stellar would sell for $100 million with $40 million of cash on the books. Bottom line, still a mystery.

http://finance.yahoo.com/q/ks?s=issi&ql=1

As usual with MNKD no news is bad news. Have they completed enrollment of either study? Have they seen any results from the Phase 3 trials? Have the made any partnership or financing agreements? The only note of optimism I can find is that is unlikely that they would run out of cash and be unable to complete the trials. If so, it seems they could have dropped the T2 study and just done the T1 Medtone comparision. Of course in the past logic led me to conclude that the FDA would not have delayed announcing approval and then ruled that the study design was insufficient.