this may be a case of substance over form. prior to this latest 40 million share transaction, Al's line of credit was reduced by the exact amount of dollars used to purchase shares, thus no net proceeds to MNKD. under the most recent transaction, the dollars used to purchase shares did not reduce the available line of credit. thus the latest share purchase results in additional available funds of $107 million. THIS IS A HUGE DIFFERENCE. however, i do agree w/ you that they were seperate transactons.