UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): April 17, 2014
SAVIENT PHARMACEUTICALS, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware | 0-15313 | 13-3033811 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
400 Crossing Boulevard Bridgewater, NJ |
08807 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrants telephone number, including area code: (732) 418-9300
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01. | Regulation FD Disclosure. |
As previously announced, on October 14, 2013, Savient Pharmaceuticals, Inc. (the Company) and its subsidiary, Savient Pharma Holdings, Inc. (collectively, the Debtors), filed voluntary petitions (the Chapter 11 Cases) for relief under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware (the Bankruptcy Court).
On April 17, 2014, the Debtors filed their monthly operating report for the period of March 1, 2014 through March 31, 2014 (the Monthly Operating Report) with the Bankruptcy Court. The Monthly Operating Report is attached hereto as Exhibit 99.1.
Cautionary Statement Regarding the Monthly Operating Report
The Company cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Company. The Monthly Operating Report is limited in scope and has been prepared solely for the purpose of complying with requirements of the Bankruptcy Court. The Monthly Operating Report was not reviewed by independent accountants, is in a format prescribed by applicable bankruptcy laws, and is subject to future adjustment. The financial statements in the Monthly Operating Report are not prepared in accordance with accounting principles generally accepted in the United States (GAAP) and, therefore, may exclude items required by GAAP, such as certain reclassifications, eliminations, accruals, valuations and disclosures. The Monthly Operating Report also contains information for periods which are shorter or otherwise different from the historical periods required in the Companys reports pursuant to the Securities Exchange Act of 1934, as amended (the Exchange Act), and such information might not be indicative of the Companys financial condition or operating results for a period that would be reflected in the Companys financial statements or in its reports pursuant to the Exchange Act. Information set forth in the Monthly Operating Report should not be viewed as indicative of future results.
Cautionary Statement Regarding Forward-Looking Statements
This Current Report on Form 8-K and Exhibit 99.1 hereto (collectively, this Current Report) may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations, estimates, forecasts, and projections as well as the current beliefs and assumptions of the Companys management. Forward-looking statements may be identified by words such as anticipate, estimate, expect, project, intend, plan, believe, may, predict, will, would, could, should, target and similar expressions. All statements contained in this Current Report that are not statements of historical fact and other estimates, projections, future trends and the outcome of events that have not yet occurred referenced in this Current Report should be considered forward-looking statements. Actual results or events could differ materially from those indicated in forward-looking statements as a result of risks and uncertainties, including, among others, the potential adverse impact of the Chapter 11 Cases on the Companys liquidity, changes in the Companys ability to meet financial obligations during the Chapter 11 process or to maintain contracts that are critical to the Companys wind-down of its affairs, the outcome or timing of the Chapter 11 process, the effect of the Chapter 11 Cases or the sale of substantially all of the Companys assets to Crealta Pharmaceuticals LLC (the Sale Transaction) on the Companys relationships with third parties, regulatory authorities, employees and consultants in connection with the Companys wind-down of its affairs, proceedings that may be brought by third parties in connection with the Chapter 11 process, the ability of the Company to fund the wind-down of its affairs and the timing or amount of any distributions to the Companys stakeholders. For a discussion of some of the additional risks and important factors that the Company believes could cause actual results or events to differ from the forward-looking statements that it makes, see the sections entitled Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations in the Companys Quarterly Report on Form 10-Q for the quarter ended September 30, 2013. In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results or events to differ from those contained in any forward-looking statements. Accordingly, you should not place undue reliance on any forward-looking statements contained in this Current Report. Any forward-looking statements speak only as of the date of this Current Report. The Company undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.
Limitation on Incorporation by Reference
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report is being furnished for informational purposes only and shall not be deemed filed for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of
2
1933, as amended, except as otherwise expressly stated in such filing. The filing of this current report (including Exhibit 99.1 attached hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely by Regulation FD.
Additional Information regarding the Chapter 11 Cases
Additional information regarding the Chapter 11 Cases is available at www.gcginc.com/cases/svnt. This link is provided for convenience only. Such information shall not be deemed to be incorporated by reference herein. As a result of the consummation of the Sale Transaction, investors should no longer refer to the Companys former company website for information.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits:
99.1 | Monthly Operating Report for the Period of March 1, 2014 through March 31, 2014, dated April 17, 2014. |
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SAVIENT PHARMACEUTICALS, INC. | ||||||
Date: April 17, 2014 | By: | /s/ Mathew C. Bazley | ||||
Name: Title: |
Mathew C. Bazley Chief Liquidation Officer, President and Secretary |
INDEX TO EXHIBITS
Exhibit |
Description | |
99.1 | Monthly Operating Report for the Period of March 1, 2014 through March 31, 2014, dated April 17, 2014. |
Exhibit 99.1
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - | x
|
|||
: | ||||
In re: | : | Chapter 11 | ||
: | ||||
SAVIENT PHARMACEUTICALS, INC., | : | Case No. 13-12680 (MFW) | ||
et al., | : | |||
: | Jointly Administered | |||
Debtors.1 |
: | |||
: | ||||
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - |
x |
NOTICE OF FILING OF DEBTORS MONTHLY OPERATING REPORT
FOR THE PERIOD OF MARCH 1, 2014 THROUGH MARCH 31, 2014
PLEASE TAKE NOTICE that the debtors and debtors-in-possession in the above-
captioned cases (collectively, the Debtors) filed today the Debtors Monthly Operating Report
for the Period of March 1, 2014 through March 31, 2014, a copy of which is attached hereto as
Exhibit A (the Monthly Operating Report).
Dated: Wilmington, Delaware
April 17, 2014
COLE, SCHOTZ, MEISEL, FORMAN |
& LEONARD, P.A. |
/s/ David R. Hurst |
David R. Hurst (I.D. No. 3743) |
J. Kate Stickles (I.D. No. 2917) |
500 Delaware Avenue, Suite 1410 |
Wilmington, Delaware 19801 |
Telephone: (302) 652-3131 |
Facsimile: (302) 652-3117 |
Counsel for Debtors and Debtors-in-Possession |
1 | The Debtors and the last four digits of their respective taxpayer identification numbers are as follows: Savient Pharmaceuticals, Inc. (3811); and Savient Pharma Holdings, Inc. (0701). The address of the Debtors corporate headquarters is 400 Crossing Boulevard, 4th Floor, Bridgewater, New Jersey 08807. |
EXHIBIT A
Monthly Operating Report
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
In re: Savient Pharmaceuticals, Inc., et al | Case No.13-12680 (MFW) | |
Reporting Period: March 1, 2014 - March 31, 2014 |
MONTHLY OPERATING REPORT
REQUIRED DOCUMENTS | Form No. | Document Attached |
Explanation Attached** |
Affidavit/Supplement Attached** | ||||
Schedule of Cash Receipts and Disbursements |
MOR-1 | Yes | ||||||
Bank Reconciliation (or copies of debtors bank reconciliation |
MOR-1a | Yes | ||||||
Schedule of Professional Fees Paid |
MOR-1b | Yes | ||||||
Copies of bank statements |
No | Yes | ||||||
Cash disbursements journals |
No | Yes | ||||||
Statement of Operations |
MOR-2 | Yes | ||||||
Balance Sheet |
MOR-3 | Yes | ||||||
Status of Postpetition Taxes |
MOR-4 | Yes | ||||||
Copies of IRS Form 6123 or payment receipt |
No | Yes | ||||||
Copies of tax returns filed during reporting period |
No | Yes | ||||||
Summary of Unpaid Postpetition Debts |
MOR-4 | Yes | ||||||
Listing of aged accounts payable |
MOR-4 | Yes | ||||||
Accounts Receivable Reconciliation and Aging |
MOR-5 | Yes | ||||||
Debtor Questionnaire |
MOR-5 | Yes |
** | Explaination and Affidavit/Supplement are attached as a part of the Companys General Notes |
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
|
|
|||||
Signature of Debtor | Date | |||||
|
|
|||||
Signature of Joint Debtor | Date | |||||
/s/ Mathew C. Bazley |
April 17, 2014 |
|||||
Signature of Authorized Individual* | Date | |||||
Mathew C. Bazley |
Chief Liquidation Officer, President and Secretary | |||||
Printed Name of Authorized Individual | Title of Authorized Individual |
In re: Savient Pharmaceuticals, Inc. et al. | Case Nos. 13-12680, 13-12681 (MFW) | |
Reporting Period: 3/1/2014 - 3/31/2014 |
NOTES TO THE MONTHLY OPERATING REPORT
General Notes
Debtors. Debtor Savient Pharmaceuticals, Inc. is referred to herein as Savient or SPI, and Debtor Savient Pharma Holdings, Inc. is referred to herein as SPHI.
Debtor-in-Possession Financial Statements. The Debtors financial statements and supplemental information contained herein are unaudited, preliminary and may not comply with generally accepted accounting principles in the United States of America (U.S. GAAP) in all material respects.
Accounting Standards Codification, (ASC) 852-10, Reorganizations, which incorporated the guidance in American Institute of Certified Public Accountants Statement of Position 90-7, Financial Reporting by Entities in Reorganization under the Bankruptcy Code, (SOP 90-7), is applicable to companies in chapter 11 and generally does not change the manner in which financial statements are prepared. It does require, however, that the financial statements for periods subsequent to the filing of the chapter 11 petition distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of business.
The Debtors financial statements contained herein have been prepared in accordance with the guidance in ASC 852-10. The unaudited financial statements have been derived from the books and records of the Debtors. This information, however, has not been subject to procedures that would typically be applied to financial information presented in accordance with U.S GAAP, and upon the application of such procedures, the Debtors believe that the financial information could be subject to changes, and these changes could be material. The information furnished in this report includes primarily normal recurring adjustments, but does not include all of the adjustments that would be typically made in accordance with U.S. GAAP.
The results of operations contained herein are not necessarily indicative of results that are expected from any other period or for the full year and may not necessarily reflect the combined results of operations, financial position and cash flows of the Debtors in the future.
Intercompany Transactions. Receivables and payables between the Debtors and/or Non- Debtors have not been eliminated.
Liabilities Subject to Compromise. As a result of the chapter 11 filings, the payment of prepetition indebtedness is subject to compromise or other treatment under a plan of reorganization or liquidation.
The determination of how liabilities ultimately will be settled and treated cannot be made until the United States Bankruptcy Court for the District of Delaware approves a chapter 11 plan of reorganization or liquidation. Accordingly, the ultimate amount of such liabilities is not determinable at this time. Revenues, expenses, realized gains and losses and provisions for losses that can be directly associated with the reorganization and restructuring of the business must be reported separately as reorganization items in the Debtors statements of operations.
The Debtors balance sheets, in addition, must distinguish prepetition liabilities subject to compromise from both those prepetition liabilities that are not subject to compromise and from postpetition liabilities. Liabilities that may be affected by a plan of reorganization or liquidation must be reported at the amounts expected to be allowed, even if they may be settled for lesser amounts. In addition, cash provided by reorganization items must be disclosed separately in the Debtors statements of cash flows. The amounts currently classified as liabilities subject to compromise are preliminary and may be subject to future adjustments depending on Court actions, further developments with respect to disputed claims, determinations of the secured status of certain claims, the values of any collateral securing such claims, rejection of executory contracts, continued reconciliation and other events.
While in bankruptcy, the Debtors expect their financial results to continue to be volatile as asset impairments, asset dispositions, contract terminations and rejections and claims assessments may significantly impact the Debtors financial statements. As a result, the Debtors historical financial performance is likely not indicative of its financial performance after the date of the chapter 11 filings.
Notes to MOR-1a
Copies of Bank Statements and Cash Disbursements Journals. The copies of the Debtors bank statements and cash disbursement journals are voluminous and not included herein, but will be provided upon request.
Notes to MOR-4
Copies of IRS Form 6123; Tax Returns. To be provided upon request.
Savient MOR-4. The postpetition accounts payable reported for Debtor Savient Pharmaceuticals, Inc. represent trade vendor invoices that have been entered into the Debtors accounts payable system and does not include accruals for invoices not yet received or approved.
2
In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |||||
Debtor |
Reporting Period: March 1, 2014 - March 31, 2014 | |||||
SAVIENT (13-12680): SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS |
BANK ACCOUNT ACTIVITY FOR THE MONTH ENDED MARCH 31, 2014 |
CUMULATIVE MARCH 31, 2014 |
|||||||||||||||||||||||||||||||||||||||
PNC | AR Lockbox | Fidelity | Wells Fargo | Wells Fargo Utilities | PNC - LOC (secure LOC) |
PNC - LOC (covers fees) |
Petty Cash | TOTAL | TOTAL | |||||||||||||||||||||||||||||||
CASH BEGINNING OF MONTH |
$ | 5,053,209 | $ | 543,809 | $ | - | $ | 6,209,254 | $ | 14,228 | $ | 1,304,340 | $ | 150,222 | $ | 1,000 | $ | 13,276,062 | $ | 12,255,382 | ||||||||||||||||||||
RECEIPTS |
||||||||||||||||||||||||||||||||||||||||
TRANSFER FROM SUB (SPHI) |
- | - | - | - | - | - | - | 13,700,356 | ||||||||||||||||||||||||||||||||
ACCOUNTS RECEIVABLE |
- | 443,614 | - | - | - | - | 443,614 | 8,685,828 | ||||||||||||||||||||||||||||||||
TRANSFERS (FROM FIDELITY MM / Lockbox) |
271,676 | - | - | - | - | - | 271,676 | 655,368 | ||||||||||||||||||||||||||||||||
STATE MEDICAID REFUNDS |
- | - | - | - | - | - | 98,009 | |||||||||||||||||||||||||||||||||
REFUNDS FROM VENDORS |
175 | - | - | - | - | - | 175 | 84,181 | ||||||||||||||||||||||||||||||||
ACTAVIS-SALES (oxandrolone royalty) |
- | - | - | - | - | - | - | 125,823 | ||||||||||||||||||||||||||||||||
KINERET CO-PROMOTE REVENUE |
- | - | - | - | - | - | - | 61,859 | ||||||||||||||||||||||||||||||||
TRANSFER FROM OPERATING ACCOUNT |
- | - | - | - | - | - | - | 14,228 | ||||||||||||||||||||||||||||||||
COBRA PAYMENTS FROM EMPLOYEES |
- | - | - | - | - | - | - | 35,452 | ||||||||||||||||||||||||||||||||
AMEX RECEIPTS FROM EMPLOYEES |
1,853 | - | - | - | - | - | 1,853 | 11,625 | ||||||||||||||||||||||||||||||||
RECEIPTS FROM EMPLOYEE ADVANCES |
600 | - | - | - | - | - | 600 | 1,100 | ||||||||||||||||||||||||||||||||
EQUIPMENT PURCHASES BY EMPLOYEES |
77 | - | - | - | - | - | 77 | 477 | ||||||||||||||||||||||||||||||||
DIVIDENDS ON MONEY MARKET ACCOUNT |
- | - | - | - | - | - | - | 123 | ||||||||||||||||||||||||||||||||
INVESTMENT INCOME FROM CD PORFOLIO |
- | - | - | - | - | - | - | 576 | ||||||||||||||||||||||||||||||||
PROCEEDS FROM SALES TO CREALTA |
- | - | - | - | - | - | - | 116,282,138 | ||||||||||||||||||||||||||||||||
PROCEEDS FROM SALES TO AMNEAL |
76,168 | - | 76,168 | 76,168 | ||||||||||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
TOTAL RECEIPTS |
$ | 350,548 | $ | 443,614 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 794,162 | $ | 139,833,312 | ||||||||||||||||||||
DISBURSEMENTS |
||||||||||||||||||||||||||||||||||||||||
PAYMENTS TO NOTE HOLDERS |
106,960 | 235,000 | - | - | - | - | 341,960 | 126,471,213 | ||||||||||||||||||||||||||||||||
NET PAYROLL |
58,594 | - | - | - | - | - | 58,594 | 3,769,523 | ||||||||||||||||||||||||||||||||
PROFESSIONAL FEES |
508,897 | - | - | - | - | - | 508,897 | 4,789,936 | ||||||||||||||||||||||||||||||||
CONSULTANT FEES |
17,160 | 17,160 | 44,437 | |||||||||||||||||||||||||||||||||||||
VENDOR PAYMENTS |
69,124 | - | - | - | - | - | 69,124 | 1,523,602 | ||||||||||||||||||||||||||||||||
EMPLOYEE BENEFITS (401K & Health) |
- | - | - | - | - | - | - | 578,218 | ||||||||||||||||||||||||||||||||
STATE AGENCIES AND TAX PAYMENTS |
272,029 | - | - | - | - | - | 272,029 | 725,036 | ||||||||||||||||||||||||||||||||
TRANSFERS FROM LOCKBOX TO OPERATING ACCOUNT |
- | 271,676 | - | - | - | - | 271,676 | 655,368 | ||||||||||||||||||||||||||||||||
RENT |
11,071 | - | - | - | - | - | 11,071 | 418,019 | ||||||||||||||||||||||||||||||||
CONCUR (employee expenses) |
- | - | - | - | - | - | - | 270,885 | ||||||||||||||||||||||||||||||||
PAYMENTS TO BOARD OF DIRECTORS |
30,000 | - | - | - | - | - | 30,000 | 208,203 | ||||||||||||||||||||||||||||||||
FUNDING FOR CO-PAY PROGRAM |
- | - | - | - | - | - | - | 36,872 | ||||||||||||||||||||||||||||||||
AMERICAN EXPRESS (employee expenses) |
3,935 | - | - | - | - | - | 3,935 | 32,923 | ||||||||||||||||||||||||||||||||
AMERIFLEX (flex spending) |
3,133 | - | - | - | - | - | 3,133 | 32,637 | ||||||||||||||||||||||||||||||||
TRANSFER TO WELLS FARGO UTILITY ACCOUNT |
- | - | - | - | - | - | - | 14,228 | ||||||||||||||||||||||||||||||||
EMPLOYEE EDUCATION REIMBURSEMENT |
- | - | - | - | - | - | - | 12,985 | ||||||||||||||||||||||||||||||||
STORAGE AND WAREHOUSE (INVENTORY) |
- | - | - | - | - | - | - | 4,995 | ||||||||||||||||||||||||||||||||
BANK FEES |
985 | - | - | - | - | - | 985 | 15,690 | ||||||||||||||||||||||||||||||||
SHIPPING AND DELIVERY |
- | - | - | - | - | - | - | 2,265 | ||||||||||||||||||||||||||||||||
PNC SETOFF AGAINST CD |
- | - | - | - | - | 1,304,340 | 18,851 | - | 1,323,191 | 1,323,191 | ||||||||||||||||||||||||||||||
PNC REFUND PAYMENT TO SAVIENT |
- | - | - | - | - | 131,371 | - | 131,371 | 131,371 | |||||||||||||||||||||||||||||||
- | ||||||||||||||||||||||||||||||||||||||||
TOTAL DISBURSEMENTS |
$ | 1,081,888 | $ | 506,676 | $ | - | $ | - | $ | - | $ | 1,304,340 | $ | 150,222 | $ | - | $ | 3,043,125 | $ | 141,061,596 | ||||||||||||||||||||
NET CASH FLOW |
$ | (731,340 | ) | $ | (63,062 | ) | $ | - | $ | - | $ | - | $ | (1,304,340 | ) | $ | (150,222 | ) | $ | - | $ | (2,248,964 | ) | $ | (1,228,284 | ) | ||||||||||||||
(RECEIPTS LESS DISBURSEMENTS) |
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
CASH - END OF MONTH |
$ | 4,321,869 | $ | 480,747 | $ | - | $ | 6,209,254 | $ | 14,228 | $ | (0 | ) | $ | 0 | $ | 1,000 | $ | 11,027,098 | $ | 11,027,098 |
* COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN) |
FOR THE MONTH ENDED MARCH 31, 2014 |
FOR THE MONTH ENDED FEBRUARY 28, 2014 |
FOR THE MONTH ENDED JANUARY 31, 2014 |
FOR THE MONTH 2013 |
FOR THE MONTH ENDED NOVEMBER 30, 2013 |
FOR THE PERIOD THROUGH OCTOBER 31, 2013 |
CUMMULATIVE FILING TO DATE OCTOBER 15, 2013 THROUGH MARCH 31, 2014 |
|||||||||||||||||||||
TOTAL DISBURSEMENTS |
$ | 3,043,125 | $ | 3,227,358 | $ | 121,139,406 | $ | 2,492,701 | $ | 2,396,428 | $ | 8,762,577 | $ | 141,061,596 | ||||||||||||||
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS |
403,047 | - | - | 384,867 | 13,053 | 800,967 | ||||||||||||||||||||||
LESS: PAYMENT OF U.S. TRUSTEE FEES |
13,325 | 13,325 | ||||||||||||||||||||||||||
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e., from escrow accounts) |
- | - | - | - | - | - | ||||||||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||||||||
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES |
$ | 2,640,079 | $ | 3,227,358 | $ | 121,126,081 | $ | 2,492,701 | $ | 2,011,561 | $ | 8,749,524 | $ | 140,247,304 |
In re: Savient Pharmaceuticals, Inc., et al Debtor |
Case No. 13-12680 (MFW) Reporting Period: March 1, 2014 - March 31, 2014 |
SPHI (13-12681): SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
BANK ACCOUNT ACTIVITY FOR THE MONTH ENDED MARCH 31, 2014 |
BANK ACCOUNT ACTIVITY FOR THE MONTH ENDED FEBRUARY 28, 2014 |
BANK ACCOUNT ACTIVITY FOR THE MONTH ENDED JANUARY 31, 2014 |
BANK ACCOUNT ACTIVITY FOR THE MONTH ENDED DECEMBER 31, 2013 |
BANK ACCOUNT ACTIVITY NOVEMBER 30, 2013 |
BANK ACCOUNT ACTIVITY FOR THE PERIOD OCTOBER 15, 2013 THROUGH OCTOBER 31, 2013 |
CUMULATIVE FILING TO DATE OCTOBER 15, 2013 THROUGH MARCH 31, 2014 |
||||||||||||||||||||||||||||||||
PNC | PNC | PNC | PNC | PNC | PNC | ACTUAL | ||||||||||||||||||||||||||||||||
CASH BEGINNING OF MONTH |
$ | 3,240,642 | $ | 3,241,587 | $ | 3,241,587 | $ | 3,241,584 | $ | 3,241,584 | $ | 16,941,887 | $ | 16,941,887 | ||||||||||||||||||||||||
RECEIPTS |
||||||||||||||||||||||||||||||||||||||
DIVIDENDS ON MONEY MARKET ACCOUNT |
- | - | - | 3 | - | 73 | 76 | |||||||||||||||||||||||||||||||
- | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
TOTAL RECEIPTS |
$ | - | $ | - | $ | - | $ | 3 | $ | - | $ | 73 | $ | 76 | ||||||||||||||||||||||||
DISBURSEMENTS |
||||||||||||||||||||||||||||||||||||||
TRANSFERS TO SAVIENT OPERATING ACCOUNT |
- | - | - | - | - | 13,700,356 | 13,700,356 | |||||||||||||||||||||||||||||||
BANK FEES |
- | - | - | - | - | 20 | 20 | |||||||||||||||||||||||||||||||
VENDOR PAYMENTS |
118 | 945 | - | - | - | - | 1,062 | |||||||||||||||||||||||||||||||
TOTAL DISBURSEMENTS |
$ | 118 | $ | 945 | $ | - | $ | - | $ | - | $ | 13,700,376 | $ | 13,701,438 | ||||||||||||||||||||||||
NET CASH FLOW |
$ | (118 | ) | $ | (945 | ) | $ | - | $ | 3 | $ | - | $ | (13,700,303 | ) | $ | (13,701,362 | ) | ||||||||||||||||||||
(RECEIPTS LESS DISBURSEMENTS) |
- | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
CASH - END OF MONTH |
$ | 3,240,525 | $ | 3,240,642 | $ | 3,241,587 | $ | 3,241,587 | $ | 3,241,584 | $ | 3,241,584 | $ | 3,240,525 | ||||||||||||||||||||||||
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN) |
CURRENT MONTH MARCH 31, 2014 |
CURRENT MONTH FEBRUARY 28, 2014 |
CURRENT MONTH JANUARY 31, 2014 |
CURRENT MONTH DECEMBER 31, 2013 |
FOR THE MONTH ENDED NOVEMBER 30, 2013 |
FOR THE PERIOD OCTOBER 15, 2013 THROUGH OCTOBER 31, |
CUMMULATIVE FILING TO DATE OCTOBER 15, 2013 THROUGH MARCH 31, 2014 |
|||||||||||||||||||||||||||||||
TOTAL DISBURSEMENTS |
$ | 118 | $ | 945 | $ | - | $ | - | $ | - | $ | 13,700,376 | $ | 13,701,438 | ||||||||||||||||||||||||
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS |
- | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
LESS: TRANSFERS BETWEEN ACCOUNTS |
- | - | - | - | - | 13,700,356 | 13,700,356 | |||||||||||||||||||||||||||||||
- | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES | $ | 118 | $ | 945 | $ | - | $ | - | $ | - | $ | 20 | $ | 1,082 |
In re: Savient Pharmaceuticals, Inc., et al Debtor |
Case No. 13-12680 (MFW) Reporting Period: March 1, 2014 - March 31, 2014 |
SAVIENT (13-12680): BANK RECONCILIATIONS
PNC | PNC Lockbox | Fidelity | Wells Fargo | Wells Fargo Utilities | PNC - Letter of Credit (secure LOC) |
PNC - Letter Of Credit (covers fees) |
Petty Cash | |||||||||||||||||||||||||||||||||||||||||||
# | # | # | # | # | # | # | # | |||||||||||||||||||||||||||||||||||||||||||
BALANCE PER BOOKS |
$ | 4,321,869 | $ | 480,747 | $ | - | $ | 6,209,254 | $ | 14,228 | $ | - | $ | - | $ | 1,000 | ||||||||||||||||||||||||||||||||||
BANK BALANCE |
$ | 4,517,329 | $ | 480,747 | $ | - | $ | 6,209,254 | $ | 14,228 | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||||||||||
(+) DEPOSITS IN TRANSIT (ATTACH LIST) | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
(-) OUTSTANDING CHECKS (ATTACH LIST) | (195,460 | ) | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||
OTHER (ATTACH EXPLANATION) | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
ADJUSTED BANK BALANCE * | $ | 4,321,869 | $ | 480,747 | $ | - | $ | 6,209,254 | $ | 14,228 | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||||||||||
* Adjusted bank balance must equal | ||||||||||||||||||||||||||||||||||||||||||||||||||
balance per books | ||||||||||||||||||||||||||||||||||||||||||||||||||
DEPOSITS IN TRANSIT | Date | Amount | Date | Amount | Date | Amount | Date | Amount | Date | Amount | Date | Amount | Date | Amount | Date | Amount | ||||||||||||||||||||||||||||||||||
NONE | ||||||||||||||||||||||||||||||||||||||||||||||||||
CHECKS OUTSTANDING | Ck. # | Amount | Ch. # | Amount | Ch. # | Amount | Ck. # | Amount | Ck. # | Amount | Ck. # | Amount | Ck. # | Amount | Ck. # | Amount | ||||||||||||||||||||||||||||||||||
Total Outstanding Checks | $ | 195,461 | ||||||||||||||||||||||||||||||||||||||||||||||||
In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |
Debtor |
Reporting Period: March 1, 2014 - March 31, 2014 |
SPHI (13-12681): BANK RECONCILIATIONS
PNC | ||||||
# | ||||||
BALANCE PER BOOKS |
$ 3,240,525 | |||||
BANK BALANCE |
$ 3,240,525 | |||||
(+) DEPOSITS IN TRANSIT (ATTACH LIST) |
- | |||||
(-) OUTSTANDING CHECKS (ATTACH LIST) |
- | |||||
OTHER (ATTACH EXPLANATION) |
- | |||||
ADJUSTED BANK BALANCE * |
$ 3,240,525 | |||||
* Adjusted bank balance must equal |
||||||
balance per books |
||||||
DEPOSITS IN TRANSIT |
Date | Amount | ||||
NONE |
||||||
CHECKS OUTSTANDING |
Ck. # | Amount | ||||
NONE |
||||||
MOR-1a (Addendum)
Savient (13-12680): Open Bank Accounts as of March 31, 2014
Account number | Bank | Type | Book Balance | |||||
xxxxxx9201 |
Wells Fargo | U.S. Treasury Money Market Fund |
$ | 6,209,254 | ||||
xxxxxx5904 |
Wells Fargo | Utilities (Bankruptcy account) |
$ | 14,228 | ||||
xxxxxx5687 |
PNC | Savient Inc Operating Account |
$ | 4,321,869 | ||||
xxxxxx1019 |
PNC | AR Lockbox |
$ | 480,747 |
MOR-1a (Addendum)
SPHI (13-12681): Open Bank Accounts as of March 31, 2014
Account number | Bank | Type | Book Balance | |||||
|
||||||||
xxxxxx6418 |
PNC | SPHI Operating Account | $ | 3,240,525 |
In re: Savient Pharmaceuticals, Inc., et al Debtor |
Case No. 13-12680 (MFW) Reporting Period: March 1, 2014 - March 31, 2014 |
SAVIENT (13-12680): SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
Amount | Check | Amount Paid | Cumulative-To-Date | |||||||||||||||||||||||
Payee | Period Covered | Approved | Payor | Number | Date | Fees | Expenses | Fees | Expenses | |||||||||||||||||
Mary Bordeaux Consulting |
10/15-10/31/2013 | N/A | Savient Pharmaceuticals, Inc. | 67595 | 11/21/2013 | 600 | - | - | - | |||||||||||||||||
Mary Bordeaux Consulting |
11/1-11/30/2013 | N/A | Savient Pharmaceuticals, Inc. | 67651 | 12/18/2013 | 1,000 | - | - | - | |||||||||||||||||
Mary Bordeaux Consulting |
12/1-12/31/2013 | N/A | Savient Pharmaceuticals, Inc. | 67724 | 1/9/2014 | 800 | - | - | ||||||||||||||||||
Mary Bordeaux Consulting |
1/1-31/2014 | N/A | Savient Pharmaceuticals, Inc. | 67796 | 2/10/2014 | 1,050 | - | 3,450 | - | |||||||||||||||||
The Garden City Group, |
Advance | N/A | Savient Pharmaceuticals, Inc. | Wire | 11/4/2013 | 63,400 | 6,600 | - | - | |||||||||||||||||
The Garden City Group, |
Advance | N/A | Savient Pharmaceuticals, Inc. | Wire | 11/5/2013 | 18,000 | 7,000 | - | - | |||||||||||||||||
The Garden City Group, |
Advance | N/A | Savient Pharmaceuticals, Inc. | Wire | 12/3/2013 | 80,000 | - | - | - | |||||||||||||||||
The Garden City Group, |
10/15-11/30/2013 | N/A | Savient Pharmaceuticals, Inc. | Wire | 1/3/2014 | 288,234 | 57,006 | - | - | |||||||||||||||||
The Garden City Group, |
Advance | N/A | Savient Pharmaceuticals, Inc. | Wire | 2/7/2014 | 6,000 | 19,000 | - | ||||||||||||||||||
The Garden City Group, |
12/1-31/2013 | N/A | Savient Pharmaceuticals, Inc. | Wire | 2/13/2014 | 72,527 | 42,313 | - | - | |||||||||||||||||
The Garden City Group, |
Advance | N/A | Savient Pharmaceuticals, Inc. | Wire | 3/19/2014 | 64,500 | 5,500 | 592,661 | 137,418 | |||||||||||||||||
Weiss, Rifkind, |
10/14-10/31/2013 | N/A | Savient Pharmaceuticals, Inc. | Wire | 11/19/2013 | 95,901 | 1,878 | - | - | |||||||||||||||||
Weiss, Rifkind, |
11/1-11/30/2013 | N/A | Savient Pharmaceuticals, Inc. | Wire | 12/23/2013 | 189,132 | 5,669 | |||||||||||||||||||
Weiss, Rifkind, |
12/1-12/31/2013 | N/A | Savient Pharmaceuticals, Inc. | Wire | 1/27/2014 | 237,592 | 4,751 | - | - | |||||||||||||||||
Weiss, Rifkind, |
1/1-31/2014 | N/A | Savient Pharmaceuticals, Inc. | Wire | 2/18/2014 | 120,274 | 740 | - | - | |||||||||||||||||
Weiss, Rifkind, |
2/1-28/2014 | N/A | Savient Pharmaceuticals, Inc. | Wire | 3/31/2014 | 33,311 | 514 | 676,210 | 13,552 | |||||||||||||||||
Maples and Calder |
11/1-11/29/2013 | N/A | Savient Pharmaceuticals, Inc. | Wire | 12/18/2013 | 14,732 | - | 14,732 | - | |||||||||||||||||
Shannon, Gracy and Ratlif |
10/15-10/26/2013 | N/A | Savient Pharmaceuticals, Inc. | Wire | 12/18/2013 | 564 | 68 | - | - | |||||||||||||||||
Shannon, Gracy and Ratlif |
11/1-11/30/2013 | N/A | Savient Pharmaceuticals, Inc. | 67736 | 1/9/2014 | 1,595 | 141 | - | - | |||||||||||||||||
Shannon, Gracy and Ratlif |
12/1-25/2013 | N/A | Savient Pharmaceuticals, Inc. | 67802 | 2/10/2014 | 458 | 3 | - | - | |||||||||||||||||
Shannon, Gracy and Ratlif |
1/1-27/2014 | N/A | Savient Pharmaceuticals, Inc. | 67869 | 3/20/2014 | 170 | - | 2,787 | 212 | |||||||||||||||||
The Pine Hill Group |
10/15-11/30/2013 | N/A | Savient Pharmaceuticals, Inc. | Wire | 12/13/2013 | 62,530 | - | - | - | |||||||||||||||||
The Pine Hill Group |
12/1-12/14/2013 | N/A | Savient Pharmaceuticals, Inc. | Wire | 12/18/2013 | 15,263 | - | - | - | |||||||||||||||||
The Pine Hill Group |
12/15/2013-1/17/2014 | N/A | Savient Pharmaceuticals, Inc. | Wire | 1/9/2014 | 28,788 | - | - | - | |||||||||||||||||
The Pine Hill Group |
1/1-1/17/2014 | N/A | Savient Pharmaceuticals, Inc. | Wire | 1/21/2014 | 4,625 | - | - | - | |||||||||||||||||
The Pine Hill Group |
1/20-1/24/2014 | N/A | Savient Pharmaceuticals, Inc. | Wire | 1/30/2014 | 5,828 | - | - | - | |||||||||||||||||
The Pine Hill Group |
1/27-31/2014 | N/A | Savient Pharmaceuticals, Inc. | Wire | 2/6/2014 | 5,273 | - | - | - | |||||||||||||||||
The Pine Hill Group |
2/1-14/2014 | N/A | Savient Pharmaceuticals, Inc. | Wire | 2/18/2014 | 4,995 | - | - | ||||||||||||||||||
The Pine Hill Group |
2/17-28/2014 | N/A | Savient Pharmaceuticals, Inc. | Wire | 3/4/2014 | 3,515 | - | |||||||||||||||||||
The Pine Hill Group |
3/1-19/2014 | N/A | Savient Pharmaceuticals, Inc. | Wire | 3/24/2014 | 2,590 | - | 133,406 | ||||||||||||||||||
Cole, Schotz, Meisel, Forman & Leonard, P.A. |
10/14-11/30/2013 | N/A | Savient Pharmaceuticals, Inc. | Wire | 1/28/2014 | 284,120 | 2,514 | - | - | |||||||||||||||||
Cole, Schotz, Meisel, Forman & Leonard, P.A. |
12/1-31/2013 | N/A | Savient Pharmaceuticals, Inc. | Wire | 2/13/2014 | 248,629 | 1,293 | - | - | |||||||||||||||||
Cole, Schotz, Meisel, Forman & Leonard, P.A. |
1/1-31/2014 | N/A | Savient Pharmaceuticals, Inc. | Wire | 3/17/2014 | 268,478 | 1,374 | 801,227 | 5,182 | |||||||||||||||||
Deloitte Tax LLP |
10/14-11/25/2013 | N/A | Savient Pharmaceuticals, Inc. | 67710 | 1/9/2014 | 7,500 | 300 | |||||||||||||||||||
Deloitte Tax LLP |
11/25-12/16/2013 | N/A | Savient Pharmaceuticals, Inc. | 67710 | 1/9/2014 | 18,670 | 747 | |||||||||||||||||||
Deloitte Tax LLP |
11/1-30/2013 | N/A | Savient Pharmaceuticals, Inc. | 67850 | 3/6/2014 | 2,585 | 103 | |||||||||||||||||||
Deloitte Tax LLP |
1/1-31/2014 | N/A | Savient Pharmaceuticals, Inc. | 67850 | 3/6/2014 | 37,500 | 1,500 | 66,255 | 2,650 | |||||||||||||||||
Joele Frank Wilkinson Brimmer |
10/11-10/31/2013 | N/A | Savient Pharmaceuticals, Inc. | 67719 | 1/9/2014 | 25,772 | 6,219 | |||||||||||||||||||
Joele Frank Wilkinson Brimmer |
11/01-11/30/2013 | N/A | Savient Pharmaceuticals, Inc. | 67719 | 1/9/2014 | 5,101 | 385 | |||||||||||||||||||
Joele Frank Wilkinson Brimmer |
12/01-12/31/2013 | N/A | Savient Pharmaceuticals, Inc. | 67756 | 1/17/2014 | 21,694 | 9,064 | 52,567 | 15,667 | |||||||||||||||||
Kaufman Dolowich & Voluck, LLP |
10/14-10/31/2013 | N/A | Savient Pharmaceuticals, Inc. | 67720 | 1/9/2014 | 2,075 | ||||||||||||||||||||
Kaufman Dolowich & Voluck, LLP |
11/01-11/22/2013 | N/A | Savient Pharmaceuticals, Inc. | 67720 | 1/9/2014 | 4,171 | ||||||||||||||||||||
Kaufman Dolowich & Voluck, LLP |
12/1-31/2013 | N/A | Savient Pharmaceuticals, Inc. | 67865 | 3/20/2014 | 63 | 6,309 | |||||||||||||||||||
Kramer, Levin, Naftalis & Frankel, LLP |
10/14-11/30/2013 | N/A | Savient Pharmaceuticals, Inc. | Wire | 2/7/2014 | 42,878 | ||||||||||||||||||||
Kramer, Levin, Naftalis & Frankel, LLP |
12/1-31/2013 | N/A | Savient Pharmaceuticals, Inc. | Wire | 2/13/2014 | 44,591 | 3,754 | 44,591 | 46,632 | |||||||||||||||||
Kramer, Levin, Naftalis & Frankel, LLP |
10/14-11/30/2013 | N/A | Savient Pharmaceuticals, Inc. | Wire | 3/4/2014 | 65,674 | ||||||||||||||||||||
Lowenstein Sandler, LLP |
10/14-10/31/2013 | N/A | Savient Pharmaceuticals, Inc. | 67723 | 1/9/2014 | 1,851 | ||||||||||||||||||||
Lowenstein Sandler, LLP |
11/1-11/30/2013 | N/A | Savient Pharmaceuticals, Inc. | 67723 | 1/9/2014 | 2,897 | ||||||||||||||||||||
Lowenstein Sandler, LLP |
12/1-12/31/2013 | N/A | Savient Pharmaceuticals, Inc. | 67783 | 1/31/2014 | 131 | - | |||||||||||||||||||
Lowenstein Sandler, LLP |
01/1-31/2014 | N/A | Savient Pharmaceuticals, Inc. | 67832 | 2/27/2014 | 3,151 | - | - | ||||||||||||||||||
Lowenstein Sandler, LLP |
2/1-28/2014 | N/A | Savient Pharmaceuticals, Inc. | 67876 | 3/27/2014 | 316 | 8,345 | |||||||||||||||||||
Skadden, Arps, Slate, Meagher & Flom LLP |
10/14-11/30/2013 | N/A | Savient Pharmaceuticals, Inc. | Wire | 1/28/2014 | 1,185,074 | 19,552 | - | - | |||||||||||||||||
Skadden, Arps, Slate, Meagher & Flom LLP |
12/1-31/2013 | N/A | Savient Pharmaceuticals, Inc. | Wire | 2/27/2014 | 788,907 | 54,617 | 1,973,981 | 74,169 | |||||||||||||||||
Sterne, Kessler, Goldstein, Fox |
11/1-11/30/2013 | N/A | Savient Pharmaceuticals, Inc. | 67738 | 1/9/2014 | 1,958 | - | |||||||||||||||||||
Sterne, Kessler, Goldstein, Fox |
12/1-31/2013 | N/A | Savient Pharmaceuticals, Inc. | 67803 | 2/10/2014 | 852 | 627 | 2,810 | 627 | |||||||||||||||||
Young Conaway Stargatt & Taylor, LLP |
10/14-11/30/2013 | N/A | Savient Pharmaceuticals, Inc. | Wire | 1/14/2014 | 27,001 | 616 | - | - | |||||||||||||||||
Young Conaway Stargatt & Taylor, LLP |
12/1-1/31/2014 | N/A | Savient Pharmaceuticals, Inc. | Wire | 3/6/2014 | 21,140 | 64 | 48,141 | 680 |
In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |||||
Debtor | Reporting Period: March 1, 2014 - March 31, 2014 |
SPHI (13-12681): SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
Amount | Check | Amount Paid | Year-To-Date | |||||||||||||||
Payee | Period Covered | Approved | Payor | Number | Date | Fees | Expenses | Fees | Expenses | |||||||||
No professional fee payments were made by the Debtor during the Reporting Period 3/1/14 through 3/31/14 | ||||||||||||||||||
In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |||
Debtor |
Reporting Period: March 1, 2014 - March 31, 2014 |
SAVIENT (13-12680): STATEMENT OF OPERATIONS
(Income Statement)
Cumulative | ||||||||
For The | Filing to Date | |||||||
Month Ended | October 15, 2013 | |||||||
MARCH 31, | Through | |||||||
REVENUES | 2014 | March 31, 2014 | ||||||
Gross Revenues |
$ | - | $ | 10,307,196 | ||||
Less: Gross-to-Net Adjustments |
-8,294 | $ | 3,083,991 | |||||
Net Revenue |
$ | 8,294 | $ | 7,223,205 | ||||
COST OF GOODS SOLD |
- | |||||||
Beginning Inventory |
$ | - | $ | 4,516,751 | ||||
Add: Purchases |
- | - | ||||||
Add: Cost of Labor |
- | - | ||||||
Add: Other Costs (attach schedule) |
- | - | ||||||
Less: Ending Inventory |
$ | - | $ | 3,308,559 | ||||
Change in Inventory |
- | 1,208,192 | ||||||
Reclass Sales to Gain/Loss |
- | (1,012,971 | ) | |||||
- | ||||||||
Add: Royalties (MVP & DUKE) |
- | 451,915 | ||||||
Add: Royalties (Office of the Chief Scientist of Israel) |
- | 177,122 | ||||||
Add: Management fee allocation to COGS |
- | 93,375 | ||||||
Add: Stability testing |
- | 79,331 | ||||||
Add: Distribution fees |
- | 75,982 | ||||||
Cost of Goods Sold |
$ | - | $ | 1,072,946 | ||||
Gross Profit |
$ | 8,294 | $ | 6,150,259 | ||||
OPERATING EXPENSES |
- | |||||||
Research and Development Related Expenses: |
- | |||||||
Investigator grants |
$ | - | $ | 150,000 | ||||
QC & Stability testing |
- | 60,360 | ||||||
CRO costs |
- | 111,312 | ||||||
Pharmacovigilance |
- | 54,744 | ||||||
Process development and Improvement |
- | 23,878 | ||||||
IP Related |
0 | 12,836 | ||||||
Central labs |
0 | 8,958 | ||||||
REMS Communication and assessment |
- | 7,590 | ||||||
Publications |
0 | 6,891 | ||||||
Research |
0 | 1,407 | ||||||
Medical education |
0 | - | ||||||
Total Research and Development Related Expenses |
$ | - | $ | 437,976 | ||||
$ | - | |||||||
Selling and Marketing Related Expenses: |
- | |||||||
Pricing and reimbursement |
$ | - | $ | 171,166 | ||||
Exhibit booth |
- | 69,019 | ||||||
Speakers programs |
- | 52,882 | ||||||
Maketing and other promotional activity |
- | 61,261 | ||||||
Medical meetings and symposia |
- | 38,167 | ||||||
Medical education |
- | 26,193 | ||||||
Market research |
- | 5,585 | ||||||
Publications |
- | 78 | ||||||
Total Selling and Marketing Related Expenses |
$ | - | $ | 424,351 | ||||
$ | - | |||||||
General and Administrative Related Expenses: |
- | |||||||
Compensation and related benefits and taxes |
$ | 55,891 | $ | 3,937,630 | ||||
Insurance (amortization of prepaid insurance) |
163,367 | 1,139,907 | ||||||
Share-based compensation (SFAS 123-R expense) |
10,000 | 696,522 | ||||||
Sales force commissions |
- | 351,582 | ||||||
Occupancy |
9,667 | 444,417 | ||||||
Travel and entertainment |
- | 235,641 | ||||||
Accrued Board of Directors cash payments & meeting fees |
13,583 | 200,871 | ||||||
Outside consulting services |
- | 137,126 | ||||||
Corporate communications and investor relations |
2,314 | 120,868 | ||||||
Legal |
47,387 | 132,948 | ||||||
Licenses and information |
4,043 | 62,133 | ||||||
Communications (Utilities) |
1,199 | 48,550 | ||||||
General expenses and office supplies |
50,024 | 144,509 | ||||||
Postage and Shipping |
683 | 7,088 | ||||||
Total General and Administrative Related Expenses: |
$ | 358,158 | $ | 7,659,792 | ||||
Total Operating Expenses Before Depreciation |
$ | 358,158 | $ | 8,522,119 | ||||
Depreciation and amortization |
- | 110,582 | ||||||
Net Loss Before Other Income & Expenses |
$ | (349,864 | ) | $ | (2,482,442 | ) | ||
- | ||||||||
OTHER INCOME AND (EXPENSES) |
- | |||||||
Dividend/Interest income |
$ | - | $ | 757 | ||||
Interest Expense on capital leases |
- | (2,488 | ) | |||||
Bank charges |
(985 | ) | (15,770 | ) | ||||
Net Profit (Loss) Before Reorganization Items |
$ | (350,849 | ) | $ | (2,499,943 | ) | ||
REORGANIZATION ITEMS |
- | |||||||
Proceed from Sale to Crealta |
$ | - | $ | (116,282,138 | ) | |||
Distribution to Noteholders |
$ | 341,960 | $ | 126,471,213 | ||||
Professional Fees |
763,364 | 12,324,358 | ||||||
Cure Cost |
- | (2,393,690 | ) | |||||
Accrual Adjustments (Changes in estimates) |
- | (901,303 | ) | |||||
U. S. Trustee Quarterly Fees |
- | 13,325 | ||||||
Interest Earned on Accumulated Cash from Chapter 11 (see continuation) | - | - | ||||||
Gain (Loss) from Sale of Equipment |
(76,168 | ) | (3,123,031 | ) | ||||
Impairment of Assets |
1,569,540 | |||||||
Impairment write-down of LOC security deposit |
1,323,249 | 1,323,249 | ||||||
Total Reorganization Expenses |
$ | 2,352,404 | $ | 19,001,522 | ||||
Income Taxes |
- | |||||||
Net Profit (Loss) |
$ | (2,703,253 | ) | $ | (21,501,465 | ) |
*Insider is defined in 11 U.S.C. Section 101(31).
In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |||
Debtor | Reporting Period: March 1, 2014 - March 31, 2014 |
SPHI (13-12681): STATEMENT OF OPERATIONS
(Income Statement)
REVENUES | For
The 2014 |
Cumulative Filing to Date October 15, 2013 Through |
||||||
NOT APPLICABLE |
$ | - | $ | - | ||||
$ | - | |||||||
COST OF GOODS SOLD |
- | |||||||
NOT APPLICABLE |
$ | - | $ | - | ||||
$ | - | |||||||
OPERATING EXPENSES (NONE NOTED FOR THE CURRENT PERIOD) |
- | |||||||
$ | - | |||||||
General and Administrative Related Expenses: |
- | |||||||
Compensation and related benefits and taxes |
$ | - | $ | - | ||||
Share-based compensation |
- | - | ||||||
Accrued sales commissions (SFAS 123-R expense) |
- | - | ||||||
Insurance (Amortization of prepaid insurance) |
- | - | ||||||
Travel and entertainment |
- | - | ||||||
Occupancy |
- | - | ||||||
Outside consulting services |
- | - | ||||||
General expenses and office supplies |
118 | 1,063 | ||||||
Accrued Board of Directors cash payments |
- | - | ||||||
Communications (Utilities) |
- | - | ||||||
Legal expenses |
- | - | ||||||
Corporate communications and investor relations |
- | - | ||||||
Total General and Administrative Related Expenses: |
$ | 118 | $ | 1,063 | ||||
Total Operating Expenses Before Depreciation |
$ | 118 | $ | 1,063 | ||||
Depreciation and amortization |
- | - | ||||||
Net Loss Before Other Income & Expenses |
$ | (118 | ) | $ | (1,063 | ) | ||
- | ||||||||
OTHER INCOME AND (EXPENSES) |
- | |||||||
Dividend income |
$ | - | $ | 76 | ||||
Interest Expense on capital leases |
- | - | ||||||
Bank charges |
- | (20 | ) | |||||
Net Profit (Loss) Before Reorganization Items |
$ | (118 | ) | $ | (1,007 | ) | ||
REORGANIZATION ITEMS |
- | |||||||
Impairment of intercompany note receivable from Parent (Savient) |
$ | - | $ | 13,700,356 | ||||
- | - | |||||||
Total Reorganization Expenses |
$ | - | $ | 13,700,356 | ||||
Income Taxes |
- | - | ||||||
Net Profit (Loss) |
$ | (118 | ) | $ | (13,701,363 | ) |
*Insider is defined in 11 U.S.C. Section 101(31).
In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |||
Debtor | Reporting Period: March 1, 2014 - March 31, 2014 |
SAVIENT (13-12680): BALANCE SHEET
ASSETS | BOOK VALUE AT MARCH 31, 2014 |
BOOK VALUE ON PETITION DATE |
||||||
CURRENT ASSETS |
||||||||
Cash and cash equivalents | ||||||||
Petty cash |
$ | 1,000 | $ | 1,000 | ||||
PNC Bank business operating account |
4,321,869 | 4,207,573 | ||||||
PNC AR Lockbox |
480,747 | |||||||
Wells Fargo utilities account |
14,228 | - | ||||||
Fidelity U.S. Treasury money market account |
- | 383,689 | ||||||
Wells Fargo money market account |
6,209,254 | 3,169,442 | ||||||
PNC Letter of Credit (Acct # 31900362019 - Secure the LOC) |
- | 1,304,340 | ||||||
PNC Letter of Credit (Acct #31800362548 - Covers LOC Fees) |
- | 150,222 | ||||||
Total cash and cash equivalents |
$ | 11,027,098 | $ | 9,216,266 | ||||
Short-term investments |
||||||||
Wells Fargo CD Portfolio |
$ | - | $ | 3,039,116 | ||||
Total short-term investments |
$ | - | $ | 3,039,116 | ||||
- | ||||||||
Accounts receivable (Net) |
$ | 4,441,105 | $ | 7,088,730 | ||||
Inventories (Net) |
$ | - | $ | 1,208,192 | ||||
Prepaid expenses and other current assets |
||||||||
Prepaid D&O insurance |
$ | 1,983,520 | $ | 2,603,465 | ||||
Professional retainers |
933,427 | 1,552,562 | ||||||
Other receivables non-trade |
422,579 | 622,746 | ||||||
Prepaid-other |
66,087 | 313,115 | ||||||
Prepaid-other insurance |
84,518 | 221,089 | ||||||
Prepaid rent |
9,667 | 65,698 | ||||||
Prepaid marketing costs (YNF- Co-pay program) |
- | 83,424 | ||||||
Prepaid product liability insurance |
- | 96,338 | ||||||
Advances to employees |
- | 600 | ||||||
Total prepaid expenses and other current assets |
$ | 3,499,798 | $ | 5,559,037 | ||||
TOTAL CURRENT ASSETS |
$ | 18,968,001 | $ | 26,111,341 | ||||
PROPERTY AND EQUIPMENT |
||||||||
Office equipment |
$ | - | $ | 656,229 | ||||
Other furniture and fixtures |
- | 6,005 | ||||||
Leasehold Improvements |
- | 1,496,216 | ||||||
Capital lease assets |
- | 212,770 | ||||||
Less Accumulated Depreciation |
- | (684,933 | ) | |||||
TOTAL PROPERTY & EQUIPMENT |
$ | - | $ | 1,686,287 | ||||
OTHER ASSETS |
||||||||
Investment in wholly-owned subsidiary (Savient Pharma Holdings, SPHI) |
$ | 147,259,564 | $ | 147,259,564 | ||||
Investment in wholly-owned subsidiary (Savient Pharma Ireland, Limited, SPIL) |
134 | 134 | ||||||
TOTAL OTHER ASSETS |
$ | 147,259,698 | $ | 147,259,698 | ||||
TOTAL ASSETS |
$ | 166,227,699 | $ | 175,057,326 |
LIABILITIES AND OWNER EQUITY | BOOK VALUE AT MARCH 31, 2014 |
BOOK VALUE ON PETITION DATE |
||||||
LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition) |
||||||||
Accounts payable |
$ | 13,149 | $ | 12,972 | ||||
Accrued expenses |
||||||||
Accrued professional fees |
$ | 7,107,170 | $ | - | ||||
Accrued employee expense reimbursement |
- | 13,093 | ||||||
Other accrued postpetition liabilities |
86,267 | - | ||||||
Total accrued expenses |
$ | 7,193,437 | $ | 13,093 | ||||
Other liabilities not subject to compromise |
||||||||
Accrued royalties payable |
$ | - | $ | 943,189 | ||||
Deferred revenue |
- | 936,535 | ||||||
Reserve for returns |
- | 407,355 | ||||||
Reserve for chargebacks |
26,890 | 264,528 | ||||||
Reserve for Medicaid claims |
44,603 | 241,584 | ||||||
Capital lease liability |
- | 185,672 | ||||||
Accrued distribution fees |
16,633 | 44,528 | ||||||
Accrued Delaware franchise taxes |
38,920 | 58,380 | ||||||
Accrued sales and use taxes |
3,424 | - | ||||||
Accrued payroll taxes (Puerto Rico) |
- | - | ||||||
Total other liabilities not subject to compromise |
$ | 130,470 | $ | 3,081,771 | ||||
TOTAL LIABILITIES NOT SUBJECT TO COMPRMISE (POSTPETITION LIABILITIES) |
$ | 7,337,056 | $ | 3,107,836 | ||||
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) |
||||||||
Accounts payable |
$ | 849,096 | $ | 1,402,335 | ||||
Accrued expenses |
||||||||
Other accrued pre-petition liabilities |
$ | 1,239,587 | $ | 1,818,953 | ||||
Total accrued expenses |
$ | 1,239,587 | $ | 1,818,953 | ||||
Other liabilities subject to compromise |
||||||||
Senior Secured 2019 Notes |
$ | 144,257,695 | $ | 144,257,695 | ||||
Subordinated Debt 2018 Convertible Notes |
99,555,240 | 99,555,240 | ||||||
Intercompany loan payable to wholly owned subsidiary Savient Pharma Holdings, SPHI |
29,204,944 | 15,504,588 | ||||||
Accrued Purchase commitment reserve |
- | 3,771,066 | ||||||
Accrued Severance liability |
2,102,695 | 2,102,695 | ||||||
Warrant Liability |
1,479,776 | 1,479,776 | ||||||
Accrued home office bonuses |
1,370,749 | 1,370,749 | ||||||
Accrued Sales commissions |
733,400 | 820,357 | ||||||
Embedded conversion features liability 2018 convertible notes |
848,100 | 848,100 | ||||||
Accrued retention bonuses |
821,030 | 821,030 | ||||||
Accrued vacation |
- | 281,395 | ||||||
Employee benefit related (flex spending liabilities) |
- | 50,597 | ||||||
Total other liabilities subject to compromise |
$ | 280,373,629 | $ | 270,863,288 | ||||
TOTAL LIABILITIES SUBJECT TO COMPRIMISE (PRE-PETITION) |
$ | 282,462,312 | $ | 274,084,576 | ||||
TOTAL LIABILITIES |
$ | 289,799,368 | $ | 277,192,412 | ||||
OWNER EQUITY |
||||||||
Common Stock |
$ | 736,949 | $ | 736,949 | ||||
Additional Paid-In Capital |
401,447,969 | 400,739,096 | ||||||
Retained Earnings - Pre-Petition |
(504,255,122) | (503,611,131 | ) | |||||
Retained Earnings - Postpetition |
(21,501,465) | |||||||
NET OWNER EQUITY |
$ | (123,571,669) | $ | (102,135,086 | ) | |||
TOTAL LIABILITIES AND OWNERS EQUITY |
$ | 166,227,699 | $ | 175,057,326 |
*Insider is defined in 11 U.S.C. Section 101(31). | - |
In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |
Debtor | Reporting Period: March 1, 2014 - March 31, 2014 |
SPHI (13-12681): BALANCE SHEET
ASSETS | BOOK VALUE AT MARCH 31, 2014 |
BOOK VALUE ON PETITION DATE |
||||||
CURRENT ASSETS |
||||||||
Cash and cash equivalents |
||||||||
PNC Bank business operating account |
3,240,525 | 3,241,604 | ||||||
Fidelity U.S. Treasury money market account |
- | 13,700,283 | ||||||
Total cash and cash equivalents |
$ | 3,240,525 | $ | 16,941,887 | ||||
TOTAL CURRENT ASSETS |
$ | 3,240,525 | $ | 16,941,887 | ||||
TOTAL ASSETS |
$ | 3,240,525 | $ | 16,941,887 | ||||
OWNER EQUITY |
||||||||
Common Stock |
$ | 1 | $ | 1 | ||||
Additional Paid-In Capital |
147,259,563 | 147,259,563 | ||||||
Retained Earnings - Pre-Petition |
(130,317,677 | ) | (130,317,677 | ) | ||||
Retained Earnings - Postpetition |
(13,701,362 | ) | - | |||||
NET OWNER EQUITY |
$ | 3,240,525 | $ | 16,941,887 | ||||
TOTAL LIABILITIES AND OWNERS EQUITY |
$ | 3,240,525 | $ | 16,941,887 |
In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |
Debtor | Reporting Period: March 1, 2014 - March 31, 2014 |
SAVIENT (13-12680): STATUS OF POSTPETITION TAXES
All postpetition taxes were current as of March 31, 2014 and paid in the ordinary course by the Debtor.
SUMMARY OF UNPAID POSTPETITION DEBTS
Number of Days Past Due | ||||||||||||||||||||||||
Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | |||||||||||||||||||
Accounts Payable |
$ | 1,257 | $ | 2,729 | $ | 1,725 | $ | 7,438 | $ | - | $ | 13,149 | ||||||||||||
Employee Expenses Payable (Concur) |
- | - | - | - | - | $ | - | |||||||||||||||||
Wages Payable |
- | - | - | - | - | - | ||||||||||||||||||
Taxes Payable |
- | - | - | - | - | - | ||||||||||||||||||
Rent/Leases-Building |
- | - | - | - | - | - | ||||||||||||||||||
Rent/Leases-Equipment |
- | - | - | - | - | - | ||||||||||||||||||
Secured Debt/Adequate Protection Payments |
- | - | - | - | - | - | ||||||||||||||||||
Professional Fees |
- | - | - | - | - | - | ||||||||||||||||||
Amounts Due to Insiders |
- | - | - | - | - | - | ||||||||||||||||||
Total Postpetition Debts |
$ | 1,257 | $ | 2,729 | $ | 1,725 | $ | 7,438 | $ | - | $ | 13,149 |
SPHI (13-12681): STATUS OF POSTPETITION TAXES
All postpetition taxes were current as of March 31, 2014 and paid in the ordinary course by the Debtor.
SUMMARY OF UNPAID POSTPETITION DEBTS
The Debtor is current on all postpetition debts.
In re: Savient Pharmaceuticals, Inc., et al Debtor |
Case No. 13-12680 (MFW) Reporting Period: March 1, 2014 - March 31, 2014 |
SAVIENT (13-12680): ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Accounts Receivable Reconciliation |
BOOK VALUE AT MARCH 31, 2014 |
BOOK VALUE AT FEBRUARY 28, 2014 |
BOOK VALUE AT JANUARY 31, 2014 |
BOOK VALUE AT DECEMBER 31, 2013 |
BOOK VALUE AT NOVEMBER 30, 2013 |
BOOK VALUE AT OCTOBER 31, 2013 |
||||||||||||||||||||
Total Accounts Receivable at the beginning of the reporting period |
$ | 4,884,101 | $ | 5,936,972 | $ | 7,434,952 | $ | 7,372,339 | $ | 7,116,283 | 7,045,577 | |||||||||||||||
+ Amounts billed during the period |
- | - | 1,162,843 | 3,365,207 | 2,570,042 | 2,177,755 | ||||||||||||||||||||
- Amounts collected during the period |
(439,034 | ) | (1,030,335 | ) | (2,168,659 | ) | (2,294,795 | ) | (1,243,215 | ) | (1,455,908 | ) | ||||||||||||||
- Discounts and Chargebacks |
(4,608 | ) | (7,748 | ) | (457,211 | ) | (953,422 | ) | (1,036,869 | ) | (600,708 | ) | ||||||||||||||
- Return Credits |
- | - | (5,037 | ) | (19,364 | ) | (2,551 | ) | (20,378 | ) | ||||||||||||||||
- Prompt Pay Discounts |
647 | (14,788 | ) | (29,916 | ) | (35,013 | ) | (31,351 | ) | (30,055 | ) | |||||||||||||||
Total Accounts Receivable at the end of the reporting period |
$ | 4,441,105 | $ | 4,884,101 | $ | 5,936,972 | $ | 7,434,952 | $ | 7,372,339 | $ | 7,116,283 | ||||||||||||||
- Provision for discounts |
- | - | - | (49,626 | ) | (34,907 | ) | (59,679 | ) | |||||||||||||||||
+ Accounts receivable other |
- | - | 73,838 | 67,200 | 47,612 | 22,795 | ||||||||||||||||||||
Total Accounts Receivable, Net at the end of the reporting period |
$ | 4,441,105 | $ | 4,884,101 | $ | 6,010,810 | $ | 7,452,526 | $ | 7,385,044 | $ | 7,079,399 | ||||||||||||||
Accounts Receivable Aging |
BOOK VALUE AT MARCH 31, 2014 |
BOOK VALUE AT FEBRUARY 28, 2014 |
BOOK VALUE AT JANUARY 31, 2014 |
BOOK VALUE AT DECEMBER 31, 2013 |
BOOK VALUE AT NOVEMBER 30, 2013 |
BOOK VALUE AT OCTOBER 31, 2013 |
||||||||||||||||||||
0 - 30 days old |
$ | 155,101 | $ | 995,123 | $ | 2,815,441 | $ | 4,635,949 | $ | 5,679,858 | 5,672,068 | |||||||||||||||
31 - 60 days old |
385,183 | 781,474 | 315,136 | 1,177,031 | 263,279 | - | ||||||||||||||||||||
61 - 90 days old |
799,201 | 420,865 | 1,125,299 | 187,404 | 6,427 | 21,440 | ||||||||||||||||||||
91+ days old |
3,101,621 | 2,686,639 | 1,681,095 | 1,434,568 | 1,422,775 | 1,422,775 | ||||||||||||||||||||
Total Accounts Receivable at the end of the reporting period |
$ | 4,441,105 | $ | 4,884,101 | $ | 5,936,972 | $ | 7,434,952 | $ | 7,372,339 | $ | 7,116,283 | ||||||||||||||
- Provision for discounts |
- | - | - | (49,626 | ) | (34,907 | ) | (59,679 | ) | |||||||||||||||||
+ Accounts receivable other |
- | - | 73,838 | 67,200 | 47,612 | 22,795 | ||||||||||||||||||||
Total Accounts Receivable, Net at the end of the reporting period |
$ | 4,441,105 | $ | 4,884,101 | $ | 6,010,810 | $ | 7,452,526 | $ | 7,385,044 | $ | 7,079,399 | ||||||||||||||
DEBTOR QUESTIONNAIRE
|
| |||||||||||||||||||||||||
Must be completed each month | Yes | No | ||||||||||||||||||||||||
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. |
X | |||||||||||||||||||||||||
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. |
X | |||||||||||||||||||||||||
3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. |
X* | |||||||||||||||||||||||||
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. |
X | |||||||||||||||||||||||||
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3. |
X |
*Debtor is in the process of filing returns due in March 2014.
In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |
Debtor |
Reporting Period: March 1, 2014 - March 31, 2014 |
SPHI(13-12681): ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Accounts Receivable Reconciliation | Amount |
|||||
NOT APPLICABLE |
$ - | |||||
Accounts Receivable Aging |
Amount |
|||||
NOT APPLICABLE |
$ - | |||||
DEBTOR QUESTIONNAIRE
| ||||||
Must be completed each month | Yes | No | ||||
1. |
Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. | X | ||||
2. |
Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. | X | ||||
3. |
Have all postpetition tax returns been timely filed? If no, provide an explanation below. | X | ||||
4. |
Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. | X | ||||
5. |
Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3. | X |