Mannkind

46 million warrants were sold to investors that give the right to buy 34.5 million shares at $2.60. If exercised this equates to $89.7.

40 million warrants were sold to Al Mann that give the right to buy 30 million shares at $2.60. If exercised this equates to $78.

Al said, during the conference, that if the stock price stays above $2.60 that they will raise about $90 million in October 2013.

Why is he not counting the $78 million that exercising his warrants will raise? Why only count the cash raised from the other investors?