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Subsequent Events
3 Months Ended
Mar. 31, 2012
Subsequent Events [Abstract]  
Subsequent Events

Note 13—Subsequent events

On May 9, 2012, the Company exchanged approximately $108 million of its existing Convertible Notes for units ("Units") of the Company comprised of senior secured discount notes due 2019 (the "New Notes"), having an equivalent aggregate principal amount at maturity, and warrants to purchase approximately 4.0 million shares of the Company's common stock at an exercise price of $1.863 per share. Simultaneously therewith, the holders of the New Notes also purchased additional Units, the aggregate purchase price of which resulted in net proceeds of approximately $44.0 million. The New Notes will be secured by a first priority security interest in and liens on certain of the assets and properties of the Company and its subsidiaries. The New Notes will have a cash coupon of 3% in the first three years and 12% per year thereafter.

On April 30, 2012, Tang Capital Partners, LP filed a creditor derivative action complaint in the Court of Chancery of the State of Delaware against the Company and its current directors. The complaint alleges, among other things, that the Company is insolvent and that the Company's directors breached their fiduciary duties by taking certain actions that the complaint alleges were not in the best interests of the Company's creditors, including negotiating the transactions described above. The complaint sought preliminary injunctions enjoining the potential transactions described above and the payment of retention awards to certain executives, appointment of a receiver of and for the Company, and compensatory damages. On May 7, 2012, the Court of Chancery denied Tang Capital Partners' request for a temporary restraining order enjoining the transactions described above. The Company believes that the claims alleged by Tang Capital Partners are without merit, and intends to defend this lawsuit vigorously.