I agree with a lot of your writeup. I just don't think that MIke and Steve could dictate how the money could be obtained, or how the note holders could trade MNKD stock, at the time.
I do agree that a large, aggressive buyer of MNKD stock could change the situation rather quickly, especially with the huge MNKD short interest and price at these levels. That could include an acquirer. JMHO.