Attached files
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| 8-K - FORM 8-K - SAVIENT PHARMACEUTICALS INC | d648133d8k.htm |
Exhibit 99.1
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
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| In re: | : | Chapter 11 | ||
| : | ||||
| SAVIENT PHARMACEUTICALS, INC., | : | Case No. 13-12680 (MFW) | ||
| et al., | : | |||
| : | Jointly Administered | |||
| Debtors.1 | : | |||
| : | ||||
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x |
NOTICE OF FILING OF DEBTORS’ MONTHLY OPERATING REPORT
FOR THE PERIOD OF NOVEMBER 1, 2013 THROUGH NOVEMBER 30, 2013
PLEASE TAKE NOTICE that the debtors and debtors in possession in the above-captioned jointly administered bankruptcy cases (collectively, the “Debtors”) filed today the Debtors’ Monthly Operating Report for the Period of November 1, 2013 through November 30, 2013, a copy of which is attached hereto as Exhibit A (the “Monthly Operating Report”).
| Dated: | Wilmington, Delaware | |
| December 20, 2013 |
| SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP | ||
| /s/ Dain A. De Souza | ||
| Anthony W. Clark (I.D. No. 2051) | ||
| Dain A. De Souza (I.D. No. 5737) | ||
| One Rodney Square | ||
| P.O. Box 636 | ||
| Wilmington, Delaware 19899-0636 | ||
| Telephone: (302) 651-3000 | ||
| Fax: (302) 651-3001 | ||
| - and - | ||
| 1 | The Debtors and the last four digits of their respective taxpayer identification numbers are as follows: Savient Pharmaceuticals, Inc. (3811), Savient Pharma Holdings, Inc. (0701). The address of the Debtors’ corporate headquarters is 400 Crossing Boulevard, 3rd Floor, Bridgewater, New Jersey 08807. |
Docket No. 286
Date Filed: 12/20/13
| Kenneth S. Ziman David M. Turetsky Four Times Square New York, New York 10036-6522 Telephone: (212) 735-3000 Fax: (212) 735-2000 | ||
| Counsel for Debtors and Debtors in Possession | ||
2
EXHIBIT A
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
| In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |
| Reporting Period: November 1, 2013 - November 30, 2013 |
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 debtor’s bank reconciliations) |
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 Pospetition 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 |
** Explanation are attached as a part of the 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.
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| Signature of Debtor | Date | |||||
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| Signature of Joint Debtor | Date | |||||
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December 20, 2013 |
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| Signature of Authorized Individual | Date | |||||
| John Hamill Printed Name of Authorized Individual |
Co-President and Chief Financial Officer Title of Authorized Individual | |||||
MOR_Cover
MOR COVER
(04/07)
| In re: Savient Pharmaceuticals, Inc. et al. | Case Nos. 13-12680, 13-12681 (MFW) | |
| Reporting Period: 11/1/2013 - 11/30/2013 |
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 will ultimately be settled and treated cannot be made until the Court 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 pre-petition liabilities subject to compromise from both those pre-petition liabilities that are not subject to compromise and from post-petition 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
5
| In re: Savient Pharmaceuticals, Inc. et al. | Case Nos. 13-12680, 13-12681 (MFW) | |
| Reporting Period: 11/1/2013 - 11/30/2013 |
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, however, copies will be provided upon request.
Notes to MOR-4
Copies of IRS Form 6123 or Payment Receipt and Copies of Tax Returns Filed During Reporting Period- During the reporting period, the Debtors filed a state income tax return in Michigan. This state tax return is voluminous and not included herein, however, a copy will 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 Debtor’s accounts payable system and does not include accruals for invoices not yet received or approved.
| In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |
| Reporting Period: November 1, 2013 - November 30, 2013 |
SAVIENT (13-12680): SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
| BANK ACCOUNT ACTIVITY | BANK ACCOUNT ACTIVITY | CUMULATIVE | ||||||||||||||||||||||||||||||||||||||||||||||
| FOR THE MONTH ENDED | FOR THE PERIOD | FILING TO DATE | ||||||||||||||||||||||||||||||||||||||||||||||
| NOVEMBER 30, 2013 | OCTOBER 15, 2013 | OCTOBER 15, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
| THROUGH | THROUGH | |||||||||||||||||||||||||||||||||||||||||||||||
| OCTOBER 31, 2013 | NOVEMBER 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
| Wells | ||||||||||||||||||||||||||||||||||||||||||||||||
| Fargo | Petty | |||||||||||||||||||||||||||||||||||||||||||||||
| PNC | Fidelity | Wells Fargo | Checking | Cash | Total | Total | Total | |||||||||||||||||||||||||||||||||||||||||
| CASH BEGINNING OF MONTH |
$ | 10,717,130 | $ | 383,692 | $ | 6,208,558 | $ | 13,053 | $ | 1,000 | $ | 17,323,433 | $ | 10,800,820 | $ | 10,800,820 | ||||||||||||||||||||||||||||||||
| RECEIPTS |
||||||||||||||||||||||||||||||||||||||||||||||||
| TRANSFER FROM SUB (SPHI) |
- | - | - | - | - | - | 13,700,356 | 13,700,356 | ||||||||||||||||||||||||||||||||||||||||
| ACCOUNTS RECEIVABLE |
1,235,249 | - | - | - | 1,235,249 | 1,502,238 | 2,737,487 | |||||||||||||||||||||||||||||||||||||||||
| TRANSFERS (FROM FIDELITY MM) |
383,692 | 383,692 | - | 383,692 | ||||||||||||||||||||||||||||||||||||||||||||
| STAE MEDICAID REFUNDS |
98,009 | 98,009 | - | 98,009 | ||||||||||||||||||||||||||||||||||||||||||||
| REFUNDS FROM VENDORS |
76,194 | 76,194 | - | 76,194 | ||||||||||||||||||||||||||||||||||||||||||||
| ACTAVIS-SALES (oxandrolone royalty) |
- | - | - | - | - | - | 69,540 | 69,540 | ||||||||||||||||||||||||||||||||||||||||
| TRANSFER FROM OPERATING ACCOUNT |
- | - | - | 1,175 | - | 1,175 | 13,053 | 14,228 | ||||||||||||||||||||||||||||||||||||||||
| COBRA PAYMENTS FROM EMPLOYEES |
7,802 | 7,802 | - | 7,802 | ||||||||||||||||||||||||||||||||||||||||||||
| AMEX RECEIPTS FROM EMPLOYEES |
853 | - | - | - | - | 853 | - | 853 | ||||||||||||||||||||||||||||||||||||||||
| RECEIPTS FROM EMPLOYEE ADVANCES |
500 | 500 | - | 500 | ||||||||||||||||||||||||||||||||||||||||||||
| EQUIPMENT PURCHASES FROM EMPLOYEES |
400 | 400 | - | 400 | ||||||||||||||||||||||||||||||||||||||||||||
| DIVIDENDS ON MONEY MARKET ACCOUNT |
- | - | - | - | - | - | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||
| INVESTMENT INCOME FROM CD PORFOLIO |
- | - | 576 | - | - | 576 | - | 576 | ||||||||||||||||||||||||||||||||||||||||
| - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||
| TOTAL RECEIPTS |
$ | 1,802,699 | $ | - | $ | 576 | $ | 1,175 | $ | - | $ | 1,804,450 | $ | 15,285,190 | $ | 17,089,640 | ||||||||||||||||||||||||||||||||
| DISBURSEMENTS |
||||||||||||||||||||||||||||||||||||||||||||||||
| PAYMENTS TO NOTE HOLDERS |
- | - | - | - | - | - | 8,000,000 | 8,000,000 | ||||||||||||||||||||||||||||||||||||||||
| NET PAYROLL |
679,823 | - | - | - | - | 679,823 | 341,666 | 1,021,489 | ||||||||||||||||||||||||||||||||||||||||
| PAYROLL TAXES |
281,096 | - | - | - | 281,096 | 137,421 | 418,517 | |||||||||||||||||||||||||||||||||||||||||
| EMPLOYEE BENEFITS (401K & Health) |
354,100 | - | - | - | - | 354,100 | 47,209 | 401,309 | ||||||||||||||||||||||||||||||||||||||||
| TRANSFERS TO OPERATING ACCOUNT |
- | 383,692 | 383,692 | - | 383,692 | |||||||||||||||||||||||||||||||||||||||||||
| VENDOR PAYMENTS |
212,473 | - | - | - | - | 212,473 | 48,500 | 260,973 | ||||||||||||||||||||||||||||||||||||||||
| RENT |
127,830 | - | - | - | - | 127,830 | 123,075 | 250,905 | ||||||||||||||||||||||||||||||||||||||||
| PROFESSIONAL FEES |
193,379 | - | 193,379 | - | 193,379 | |||||||||||||||||||||||||||||||||||||||||||
| CONCUR (employee expenses) |
139,589 | - | - | - | - | 139,589 | 16,698 | 156,287 | ||||||||||||||||||||||||||||||||||||||||
| AMERICAN EXPRESS (employee expenses) |
596 | - | - | - | - | 596 | 25,319 | 25,915 | ||||||||||||||||||||||||||||||||||||||||
| AMERIFLEX (flex spending) |
7,310 | - | - | - | - | 7,310 | 9,008 | 16,318 | ||||||||||||||||||||||||||||||||||||||||
| TRANSFER TO WELLS FARGO UTILITY ACCOUNT |
1,175 | - | - | - | - | 1,175 | 13,053 | 14,228 | ||||||||||||||||||||||||||||||||||||||||
| EMPLOYEE EDUCATION REIMBURSEMENT |
7,097 | - | 7,097 | - | 7,097 | |||||||||||||||||||||||||||||||||||||||||||
| STATE TAX PAYMENTS |
5,362 | - | 5,362 | - | 5,362 | |||||||||||||||||||||||||||||||||||||||||||
| BANK FEES |
1,487 | - | - | - | - | 1,487 | 628 | 2,115 | ||||||||||||||||||||||||||||||||||||||||
| SHIPPING AND DELIVERY |
1,419 | - | 1,419 | - | 1,419 | |||||||||||||||||||||||||||||||||||||||||||
| TOTAL DISBURSEMENTS |
$ | 2,012,736 | $ | 383,692 | $ | - | $ | - | $ | - | $ | 2,396,428 | $ | 8,762,577 | $ | 11,159,005 | ||||||||||||||||||||||||||||||||
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| NET CASH FLOW |
$ | (210,037 | ) | $ | (383,692 | ) | $ | 576 | $ | 1,175 | $ | - | $ | (591,978 | ) | $ | 6,522,613 | $ | 5,930,635 | |||||||||||||||||||||||||||||
| (RECEIPTS LESS DISBURSEMENTS) |
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||
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| CASH - END OF MONTH |
$ | 10,507,093 | $ | - | $ | 6,209,134 | $ | 14,228 | $ | 1,000 | $ | 16,731,455 | $ | 17,323,433 | $ | 16,731,455 | ||||||||||||||||||||||||||||||||
| FOR THE | ||||||||||||||||||||||||||||||||||||||||||||||||
| PERIOD | CUMMULATIVE | |||||||||||||||||||||||||||||||||||||||||||||||
| OCTOBER 15, | FILING TO DATE | |||||||||||||||||||||||||||||||||||||||||||||||
| CURRENT | 2013 | OCTOBER 15, | ||||||||||||||||||||||||||||||||||||||||||||||
| MONTH | THROUGH | 2013 THROUGH | ||||||||||||||||||||||||||||||||||||||||||||||
| DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL | NOVEMBER | OCTOBER 31, | NOVEMBER 30, | |||||||||||||||||||||||||||||||||||||||||||||
| COLUMN) | 31, 2013 | 2013 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||
| TOTAL DISBURSEMENTS |
|
$ | 2,396,428 | $ | 8,762,577 | $ | 11,159,005 | |||||||||||||||||||||||||||||||||||||||||
| LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS |
|
384,867 | 13,053 | 397,920 | ||||||||||||||||||||||||||||||||||||||||||||
| PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) |
|
- | - | - | ||||||||||||||||||||||||||||||||||||||||||||
| TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES |
|
$ | 2,011,561 | $ | 8,749,524 | $ | 10,761,085 | |||||||||||||||||||||||||||||||||||||||||
| SAVIENT_MOR_1 | FORM MOR-1 | |
| (04/07) |
| In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |
| Reporting Period: November 1, 2013 - November 30, 2013 |
SPHI (13-12681): SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
| BANK ACCOUNT ACTIVITY | BANK ACCOUNT ACTIVITY | CUMULATIVE | ||||||||||||||||||||||||||||
| FOR THE MONTH ENDED | FOR THE PERIOD | FILING TO DATE | ||||||||||||||||||||||||||||
| NOVEMBER 30, 2013 | OCTOBER 15, 2013 | OCTOBER 15, 2013 | ||||||||||||||||||||||||||||
| THROUGH | THROUGH | |||||||||||||||||||||||||||||
| OCTOBER 31, 2013 | NOVEMBER 30, 2013 | |||||||||||||||||||||||||||||
| PNC | Total | ACTUAL | ACTUAL | |||||||||||||||||||||||||||
| CASH BEGINNING OF MONTH |
$ | 3,241,584 | $ | 3,241,584 | $ | 16,941,887 | $ | 16,941,887 | ||||||||||||||||||||||
| RECEIPTS |
||||||||||||||||||||||||||||||
| DIVIDENDS ON MONEY MARKET ACCOUNT |
- | 73 | 73 | |||||||||||||||||||||||||||
| - | - | - | ||||||||||||||||||||||||||||
| TOTAL RECEIPTS |
$ | - | $ | - | $ | 73 | $ | 73 | ||||||||||||||||||||||
| DISBURSEMENTS |
||||||||||||||||||||||||||||||
| TRANSFERS TO SAVIENT OPERATING ACCOUNT |
- | 13,700,356 | 13,700,356 | |||||||||||||||||||||||||||
| BANK FEES |
- | 20 | 20 | |||||||||||||||||||||||||||
| SHIPPING AND DELIVERY |
- | - | - | |||||||||||||||||||||||||||
| TOTAL DISBURSEMENTS |
$ | - | $ | - | $ | 13,700,376 | $ | 13,700,376 | ||||||||||||||||||||||
| NET CASH FLOW |
$ | - | $ | - | $ | (13,700,303 | ) | $ | (13,700,303 | ) | ||||||||||||||||||||
| (RECEIPTS LESS DISBURSEMENTS) |
- | - | - | - | ||||||||||||||||||||||||||
| CASH - END OF MONTH |
$ | 3,241,584 | $ | 3,241,584 | $ | 3,241,584 | $ | 3,241,584 | ||||||||||||||||||||||
| FOR THE | ||||||||||||||||||||||||||||||
| PERIOD | CUMMULATIVE | |||||||||||||||||||||||||||||
| OCTOBER 15, | FILING TO DATE | |||||||||||||||||||||||||||||
| CURRENT | 2013 | OCTOBER 15, | ||||||||||||||||||||||||||||
| MONTH | THROUGH | 2013 THROUGH | ||||||||||||||||||||||||||||
| NOVEMBER 31, | OCTOBER 31, | NOVEMBER 30, | ||||||||||||||||||||||||||||
| DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: | 2013 | 2013 | 2013 | |||||||||||||||||||||||||||
| TOTAL DISBURSEMENTS |
|
$ | - | $ | 13,700,376 | $ | 13,700,376 | |||||||||||||||||||||||
| LESS: INTERCOMPANY TRANSFERS |
|
- | 13,700,356 | 13,700,356 | ||||||||||||||||||||||||||
| PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) |
|
- | - | - | ||||||||||||||||||||||||||
| TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES |
|
$ | - | $ | 20 | $ | 20 | |||||||||||||||||||||||
| SPHI_MOR_1 | FORM MOR-1 | |
| (04/07) |
| In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |
| Reporting Period: November 1, 2013 - November 30, 2013 |
SAVIENT (13-12680): BANK RECONCILIATIONS
| PNC | Fidelity | Wells Fargo | Wells Fargo (Utilities Account) | Petty Cash | ||||||||||||||||||||||||||||
| # | # | # | # | # | ||||||||||||||||||||||||||||
| BALANCE PER BOOKS |
$ | 10,507,093 | $ | - | $ | 6,209,134 | $ | 14,228 | $ | 1,000 | ||||||||||||||||||||||
| BANK BALANCE |
$ | 10,843,881 | $ | - | $ | 6,209,134 | $ | 14,228 | $ | - | ||||||||||||||||||||||
| (+) DEPOSITS IN TRANSIT |
- | - | - | - | - | |||||||||||||||||||||||||||
| (-) OUTSTANDING CHECKS |
(336,788 | ) | - | - | - | - | ||||||||||||||||||||||||||
| OTHER |
- | - | - | - | - | |||||||||||||||||||||||||||
| ADJUSTED BANK BALANCE |
$ | 10,507,093 | $ | - | $ | 6,209,134 | $ | 14,228 | $ | - | ||||||||||||||||||||||
| DEPOSITS IN TRANSIT |
Date | Amount | Date | Amount | Date | Amount | Date | Amount | Date | Amount | ||||||||||||||||||||||
| NONE |
||||||||||||||||||||||||||||||||
| CHECKS OUTSTANDING |
Ck. # | Amount | Ch. # | Amount | Ck. # | Amount | Ck. # | Amount | Ck. # | Amount | ||||||||||||||||||||||
| Total Outstanding Checks |
$ | 336,788 | ||||||||||||||||||||||||||||||
| Savient MOR_1a | FORM MOR-1a | |
| (04/07) |
| In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |
| Reporting Period: November 1, 2013 - November 30, 2013 |
SPHI (13-12681): BANK RECONCILIATIONS
| PNC | ||||||||
| # | ||||||||
| BALANCE PER BOOKS |
$ | 3,241,584 | ||||||
| BANK BALANCE |
$ | 3,241,584 | ||||||
| (+) DEPOSITS IN TRANSIT |
- | |||||||
| (-) OUTSTANDING CHECKS |
- | |||||||
| OTHER |
- | |||||||
| ADJUSTED BANK BALANCE |
$ | 3,241,584 | ||||||
| DEPOSITS IN TRANSIT |
Date | Amount | ||||||
| NONE |
||||||||
| CHECKS OUTSTANDING |
Ck. # | Amount | ||||||
| NONE |
||||||||
| SPHI MOR_1a | FORM MOR-1a | |
| (04/07) |
MOR-1a (Addendum)
Savient (13-12680): Open Bank Accounts as of November 30, 2013
| Account number |
Bank | Type | Month End Book Balance | |||||
| xxxxx-9201 |
Wells Fargo | U.S. Treasury Money Market Fund | $ | 5,380,245 | ||||
| xxxxx-9201 |
Wells Fargo | CD Portfolio | $ | 828,889 | ||||
| xxxxxx5904 |
Wells Fargo | Utilities (Bankruptcy account) | $ | 14,228 | ||||
| xxxxxx5687 |
PNC | Savient Inc Operating Account | $ | 10,507,093 | ||||
MOR-1a (Addendum)
SPHI (13-12681): Open Bank Accounts as of November 30, 2013
| Account number | Bank | Type | Month End Book Balance | |||||||||
| xxxxxx6418 |
PNC | SPHI Operating Account | $ | 3,241,584 | ||||||||
| In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |
| Reporting Period: November 1, 2013 - November 30, 2013 |
SAVIENT (13-12680): 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 | |||||||||||||||||
| Paul, Weiss, Rifkand, Wharton & Garrison LLP | 10/14-10/31/2013 | N/A | Savient Pharmaceuticals, Inc. | Wire | 11/19/2013 | $ | 95,901 | $ | 1,878 | $ | 95,901 | $ | 1,878 | |||||||||||||
| The Garden City Group | Advance | N/A | Savient Pharmaceuticals, Inc. | Wire | 11/4/2013 | $ | 63,400 | $ | 6,600 | $ | 63,400 | $ | 6,600 | |||||||||||||
| The Garden City Group | Advance | N/A | Savient Pharmaceuticals, Inc. | Wire | 11/5/2013 | $ | 18,000 | $ | 7,000 | $ | 18,000 | $ | 7,000 | |||||||||||||
| Mary Bordeaux Consulting | 10/15-10/31/2013 | N/A | Savient Pharmaceuticals, Inc. | 67595 | 11/21/2013 | $ | 600 | $ | - | $ | 600 | $ | - | |||||||||||||
| SAVIENT MOR_1b | FORM MOR-1b | |
| (04/07) |
| In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |
| Reporting Period: November 1, 2013 - November 30, 2013 |
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 11/1/13 through 11/30/13 |
||||||||||||||||||
| SPHI MOR_1b | FORM MOR-1b | |
| (04/07) |
| In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |
| Reporting Period: November 1, 2013 - November 30, 2013 |
SAVIENT (13-12680): STATEMENT OF OPERATIONS
(Income Statement)
| For the | Cumulative | |||||||||||
| For The | Period | Filing to Date | ||||||||||
| Month Ended | October 15, 2013 | October 15, 2013 | ||||||||||
| November, 30 | Through | Through | ||||||||||
| REVENUES | 2013 | October 31, 2013 | November 30, 2013 | |||||||||
| Gross Revenues | $ 2,909,758 | $ 2,371,888 | $ 5,281,646 | |||||||||
| Less: Gross-to-Net Adjustments |
1,260,970 | 804,467 | 2,065,437 | |||||||||
| Net Revenue |
$ | 1,648,788 | $ | 1,567,421 | $ | 3,216,209 | ||||||
| COST OF GOODS SOLD |
- | |||||||||||
| Beginning Inventory |
$ | 1,162,188 | $ | 1,208,192 | $ | 2,370,380 | ||||||
| Add: Purchases |
- | - | - | |||||||||
| Add: Cost of Labor |
- | - | - | |||||||||
| Add: Other Costs |
- | - | - | |||||||||
| Less: Ending Inventory |
$ | 1,108,913 | $ | 1,162,188 | $ | 2,271,101 | ||||||
| Change in Inventory |
53,275 | 46,004 | 99,279 | |||||||||
| - | ||||||||||||
| Add: Royalties (MVP & DUKE) |
126,362 | 115,679 | 242,041 | |||||||||
| Add: Royalties (Office of the Chief Scientist of Israel) |
53,184 | 42,984 | 96,168 | |||||||||
| Add: Management fee allocation to COGS |
38,607 | 19,303 | 57,910 | |||||||||
| Add: Stability testing |
29,501 | 20,805 | 50,306 | |||||||||
| Add: Distribution fees |
30,198 | 18,007 | 48,205 | |||||||||
| Cost of Goods Sold |
$ | 331,127 | $ | 262,782 | $ | 593,909 | ||||||
| Gross Profit |
$ | 1,317,661 | $ | 1,304,639 | $ | 2,622,300 | ||||||
| OPERATING EXPENSES |
- | |||||||||||
| Research and Development Related Expenses: |
- | |||||||||||
| Investigator grants |
$ | - | $ | 150,000 | $ | 150,000 | ||||||
| QC & Stability testing |
21,431 | 38,929 | 60,360 | |||||||||
| CRO costs |
23,816 | 32,720 | 56,536 | |||||||||
| Pharmacovigilance |
31,713 | 16,552 | 48,265 | |||||||||
| Process development and Improvement |
- | 23,878 | 23,878 | |||||||||
| IP Related |
3,159 | 5,935 | 9,094 | |||||||||
| Central labs |
3,281 | 3,483 | 6,764 | |||||||||
| REMS Communication and assessment |
- | 6,307 | 6,307 | |||||||||
| Publications |
1,969 | 984 | 2,953 | |||||||||
| Total Research and Development Related Expenses |
$ | 85,369 | $ | 278,788 | $ | 364,157 | ||||||
| $ | - | |||||||||||
| Selling and Marketing Related Expenses: |
- | |||||||||||
| Pricing and reimbursement |
$ | 50,123 | $ | 59,107 | $ | 109,230 | ||||||
| Exhibit booth |
- | 52,957 | 52,957 | |||||||||
| Speakers programs |
- | 32,000 | 32,000 | |||||||||
| Marketing and other promotional activity |
28,438 | - | 28,438 | |||||||||
| Medical meetings and symposia |
15,267 | 7,633 | 22,900 | |||||||||
| Medical education |
7,483 | 3,742 | 11,225 | |||||||||
| Market research |
2,234 | 1,117 | 3,351 | |||||||||
| Publications |
- | 78 | 78 | |||||||||
| Total Selling and Marketing Related Expenses |
$ | 103,545 | $ | 156,634 | $ | 260,179 | ||||||
| General and Administrative Related Expenses: |
- | |||||||||||
| Compensation and related benefits and taxes |
$ | 1,184,799 | $ | 633,342 | $ | 1,818,141 | ||||||
| Share-based compensation (SFAS 123-R expense) |
195,742 | 178,510 | 374,252 | |||||||||
| Sales force commissions |
234,388 | 117,194 | 351,582 | |||||||||
| Insurance (amortization of prepaid insurance) |
234,745 | 116,797 | 351,542 | |||||||||
| Occupancy |
119,801 | 66,240 | 186,041 | |||||||||
| Travel and entertainment |
80,611 | 84,924 | 165,535 | |||||||||
| Outside consulting services |
41,723 | 29,350 | 71,073 | |||||||||
| Accrued Board of Directors’ cash payments |
35,000 | 19,194 | 54,194 | |||||||||
| Legal |
33,636 | 17,992 | 51,628 | |||||||||
| Licenses and information |
25,429 | 8,884 | 34,313 | |||||||||
| Corporate communications and investor relations |
14,306 | 11,938 | 26,244 | |||||||||
| Communications (Utilities) |
4,883 | 19,163 | 24,046 | |||||||||
| General office expenses and office supplies |
235 | 3,771 | 4,006 | |||||||||
| Postage and Shipping |
1,277 | 1,426 | 2,703 | |||||||||
| Total General and Administrative Related Expenses: |
$ | 2,206,575 | $ | 1,308,725 | $ | 3,515,300 | ||||||
| Total Operating Expenses Before Depreciation |
$ | 2,395,489 | $ | 1,744,147 | $ | 4,139,636 | ||||||
| Depreciation and amortization |
32,660 | 15,209 | 47,869 | |||||||||
| Net Loss Before Other Income & Expenses |
$ | (1,110,488 | ) | $ | (454,717 | ) | $ | (1,565,205 | ) | |||
| - | ||||||||||||
| OTHER INCOME AND (EXPENSES) |
- | |||||||||||
| Dividend income |
$ | 576 | $ | 3 | $ | 579 | ||||||
| Interest Expense on capital leases |
(1,100 | ) | (553 | ) | (1,653 | ) | ||||||
| Bank charges |
(1,487 | ) | (628 | ) | (2,115 | ) | ||||||
| Net Profit (Loss) Before Reorganization Items |
$ | (1,112,499 | ) | $ | (455,895 | ) | $ | (1,568,394 | ) | |||
| REORGANIZATION ITEMS |
- | |||||||||||
| Distribution to Noteholders |
$ | - | $ | 8,000,000 | $ | 8,000,000 | ||||||
| Professional Fees |
1,805,500 | 1,335,596 | 3,141,096 | |||||||||
| U. S. Trustee Quarterly Fees |
- | - | - | |||||||||
| Interest Earned on Accumulated Cash from Chapter 11 |
- | - | - | |||||||||
| Gain (Loss) from Sale of Equipment |
- | - | - | |||||||||
| Total Reorganization Expenses |
$ | 1,805,500 | $ | 9,335,596 | $ | 11,141,096 | ||||||
| Income Taxes |
- | - | - | |||||||||
| Net Profit (Loss) |
$ | (2,917,999 | ) | $ | (9,791,491 | ) | $ | (12,709,490 | ) | |||
| SAVIENT_MOR_2 | FORM MOR-2 | |
| (04/07) |
| In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |
| Reporting Period: November 1, 2013 -November 30, 2013 |
SPHI (13-12681): STATEMENT OF OPERATIONS
(Income Statement)
| REVENUES | For The Month Ended November, 30 2013 |
For the Period October 15, 2013 Through October 31, 2013 |
Cumulative Filing to Date October 15, 2013 Through November 30, 2013 |
|||||||||
| 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 office expenses and office supplies |
- | - | - | |||||||||
| Accrued Board of Directors’ cash payments |
- | - | - | |||||||||
| Communications (Utilities) |
- | - | - | |||||||||
| Legal expenses |
- | - | - | |||||||||
| Corporate communications and investor relations |
- | - | - | |||||||||
| Total General and Administrative Related Expenses: |
$ | - | $ | - | $ | - | ||||||
| Total Operating Expenses Before Depreciation |
$ | - | $ | - | $ | - | ||||||
| Depreciation and amortization |
- | - | - | |||||||||
| Net Loss Before Other Income & Expenses |
$ | - | $ | - | $ | - | ||||||
| - | ||||||||||||
| OTHER INCOME AND (EXPENSES) |
- | |||||||||||
| Dividend income |
$ | - | $ | 73 | $ | 73 | ||||||
| Interest Expense on capital leases |
- | - | - | |||||||||
| Bank charges |
- | (20 | ) | (20 | ) | |||||||
| Net Profit (Loss) Before Reorganization Items |
$ | - | $ | 53 | $ | 53 | ||||||
| REORGANIZATION ITEMS |
- | |||||||||||
| Impairment of intercompany note receivable from Parent (Savient) |
$ | - | $ | 13,700,356 | $ | 13,700,356 | ||||||
| - | - | - | ||||||||||
| Total Reorganization Expenses |
$ | - | $ | 13,700,356 | $ | 13,700,356 | ||||||
| Income Taxes |
- | - | - | |||||||||
| Net Profit (Loss) |
$ | - | $ | (13,700,303 | ) | $ | (13,700,303 | ) | ||||
| SPHI_MOR 2 | FORM MOR-2 | |
| (04/07) |
| In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |
| Reporting Period: November 1, 2013 - November 30, 2013 |
SAVIENT (13-12680): BALANCE SHEET
| ASSETS | BOOK VALUE AT |
BOOK VALUE AT |
BOOK VALUE ON |
|||||||||||||||||||||
| CURRENT ASSETS | ||||||||||||||||||||||||
| Cash and cash equivalents |
||||||||||||||||||||||||
| Petty cash |
$ | 1,000 | $ | 1,000 | $ | 1,000 | ||||||||||||||||||
| PNC Bank business operating account |
10,507,093 | 10,717,130 | 4,207,573 | |||||||||||||||||||||
| Wells Fargo utilities account |
14,228 | 13,053 | - | |||||||||||||||||||||
| Fidelity U.S. Treasury money market account |
- | 383,692 | 383,689 | |||||||||||||||||||||
| Wells Fargo money market account |
5,380,245 | 3,169,442 | 3,169,442 | |||||||||||||||||||||
| Total cash and cash equivalents |
$ | 15,902,566 | $ | 14,284,317 | $ | 7,761,704 | ||||||||||||||||||
| Short-term investments |
||||||||||||||||||||||||
| Wells Fargo CD Portfolio |
$ | 828,889 | $ | 3,039,116 | $ | 3,039,116 | ||||||||||||||||||
| Total short-term investments |
$ | 828,889 | $ | 3,039,116 | $ | 3,039,116 | ||||||||||||||||||
| - | ||||||||||||||||||||||||
| Accounts receivable (Net) |
$ | 7,385,044 | $ | 7,079,399 | $ | 7,088,730 | ||||||||||||||||||
| Inventories (Net) |
$ | 1,108,913 | $ | 1,162,188 | $ | 1,208,192 | ||||||||||||||||||
| Prepaid expenses and other current assets |
||||||||||||||||||||||||
| Prepaid D&O insurance |
$ | 2,396,454 | $ | 2,534,459 | $ | 2,603,465 | ||||||||||||||||||
| Professional retainers |
1,477,562 | 1,571,762 | 1,552,562 | |||||||||||||||||||||
| Other receivables non-trade |
523,980 | 622,746 | 622,746 | |||||||||||||||||||||
| Prepaid-other |
370,619 | 296,384 | 313,115 | |||||||||||||||||||||
| Prepaid-other insurance |
135,526 | 192,566 | 221,089 | |||||||||||||||||||||
| Prepaid rent |
119,319 | 119,259 | 65,698 | |||||||||||||||||||||
| Prepaid marketing costs (YNF- Co-pay program) |
60,409 | 75,358 | 83,424 | |||||||||||||||||||||
| Prepaid product liability insurance |
38,535 | 77,070 | 96,338 | |||||||||||||||||||||
| Advances to employees |
600 | 600 | 600 | |||||||||||||||||||||
| Total prepaid expenses and other current assets |
$ | 5,123,004 | $ | 5,490,204 | $ | 5,559,037 | ||||||||||||||||||
| TOTAL CURRENT ASSETS |
$ | 30,348,416 | $ | 31,055,224 | $ | 24,656,779 | ||||||||||||||||||
| PROPERTY AND EQUIPMENT |
||||||||||||||||||||||||
| Office equipment |
$ | 656,229 | $ | 656,229 | $ | 656,229 | ||||||||||||||||||
| Other furniture and fixtures |
6,005 | 6,005 | 6,005 | |||||||||||||||||||||
| Leasehold Improvements |
1,496,216 | 1,496,216 | 1,496,216 | |||||||||||||||||||||
| Capital lease assets |
212,770 | 212,770 | 212,770 | |||||||||||||||||||||
| Less Accumulated Depreciation |
(737,459 | ) | (703,570 | ) | (684,933 | ) | ||||||||||||||||||
| TOTAL PROPERTY & EQUIPMENT |
$ | 1,633,761 | $ | 1,667,650 | $ | 1,686,287 | ||||||||||||||||||
| OTHER ASSETS |
||||||||||||||||||||||||
| Investment in wholly-owned subsidiary (Savient Pharma Holdings, SPHI) |
$ | 147,259,564 | $ | 147,259,564 | $ | 147,259,564 | ||||||||||||||||||
| Investment in wholly-owned subsidiary (Savient Pharma Ireland, Limited, SPIL) |
134 | 134 | 134 | |||||||||||||||||||||
| TOTAL OTHER ASSETS |
$ | 147,259,698 | $ | 147,259,698 | $ | 147,259,698 | ||||||||||||||||||
| TOTAL ASSETS |
$ | 179,241,875 | $ | 179,982,572 | $ | 173,602,764 | ||||||||||||||||||
| SAVIENT_MOR_3 | FORM MOR-3 | |
| (04/07) |
| In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |
| Reporting Period: November 1, 2013 - November 30, 2013 |
| LIABILITIES AND OWNER EQUITY | BOOK VALUE AT NOVEMBER 30, 2013 |
BOOK VALUE AT OCTOBER 31, 2013 |
BOOK VALUE ON PETITION DATE |
|||||||||||||||||||||
| LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition) | ||||||||||||||||||||||||
| Accounts payable |
$ | 153,569 | $ | 218,153 | $ | 12,972 | ||||||||||||||||||
| Accrued expenses |
||||||||||||||||||||||||
| Accrued professional fees |
$ | 3,033,955 | $ | 1,446,746 | $ | - | ||||||||||||||||||
| Accrued employee expense reimbursement |
34,444 | 34,540 | 13,093 | |||||||||||||||||||||
| Other accrued postpetition liabilities |
503,885 | 331,829 | - | |||||||||||||||||||||
| Total accrued expenses |
$ | 3,572,284 | $ | 1,813,115 | $ | 13,093 | ||||||||||||||||||
| Other liabilities not subject to compromise |
||||||||||||||||||||||||
| Accrued royalties payable |
$ | 1,283,388 | $ | 1,103,842 | $ | 943,189 | ||||||||||||||||||
| Deferred revenue |
471,275 | 786,174 | 936,535 | |||||||||||||||||||||
| Reserve for returns |
388,641 | 389,088 | 407,355 | |||||||||||||||||||||
| Reserve for chargeback’s |
225,473 | 308,319 | 264,528 | |||||||||||||||||||||
| Reserve for Medicaid claims |
574,818 | 308,236 | 241,584 | |||||||||||||||||||||
| Capital lease liability |
178,093 | 182,998 | 185,672 | |||||||||||||||||||||
| Accrued distribution fees |
83,006 | 72,591 | 44,528 | |||||||||||||||||||||
| Accrued Delaware franchise taxes |
38,920 | 58,380 | 58,380 | |||||||||||||||||||||
| Accrued sales and use taxes |
3,424 | 5,362 | - | |||||||||||||||||||||
| Accrued payroll taxes (Puerto Rico) |
40 | 1,241 | - | |||||||||||||||||||||
| Total other liabilities not subject to compromise |
$ | 3,247,078 | $ | 3,216,231 | $ | 3,081,771 | ||||||||||||||||||
| TOTAL LIABILITIES NOT SUBJECT TO COMPRMISE (POSTPETITION LIABILITIES) |
$ | 6,972,931 | $ | 5,247,499 | $ | 3,107,836 | ||||||||||||||||||
| LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) |
||||||||||||||||||||||||
| Accounts payable |
$ | 1,386,512 | $ | 1,391,857 | $ | 1,402,335 | ||||||||||||||||||
| Accrued expenses |
||||||||||||||||||||||||
| Other accrued postpetition liabilities |
$ | 1,752,636 | $ | 1,752,636 | $ | 1,818,953 | ||||||||||||||||||
| Total accrued expenses |
$ | 1,752,636 | $ | 1,752,636 | $ | 1,818,953 | ||||||||||||||||||
| Other liabilities subject to compromise |
||||||||||||||||||||||||
| Senior Secured 2019 Notes |
$ | 144,257,695 | $ | 144,257,695 | $ | 144,257,695 | ||||||||||||||||||
| Subordinated Debt 2018 Convertible Notes |
99,555,240 | 99,555,240 | 99,555,240 | |||||||||||||||||||||
| Intercompany loan payable to wholly owned subsidiary Savient Pharma Holdings, SPHI |
29,204,944 | 29,204,944 | 15,504,588 | |||||||||||||||||||||
| Accrued Purchase commitment reserve |
3,771,066 | 3,771,066 | 3,771,066 | |||||||||||||||||||||
| Accrued Severance liability |
2,102,695 | 2,102,695 | 2,102,695 | |||||||||||||||||||||
| Warrant Liability |
1,479,776 | 1,479,776 | 1,479,776 | |||||||||||||||||||||
| Accrued home office bonuses |
1,370,749 | 1,370,749 | 1,370,749 | |||||||||||||||||||||
| Accrued Sales commissions |
1,171,938 | 937,551 | 820,357 | |||||||||||||||||||||
| Embedded conversion features liability 2018 convertible notes |
848,100 | 848,100 | 848,100 | |||||||||||||||||||||
| Accrued retention bonuses |
821,030 | 821,030 | 821,030 | |||||||||||||||||||||
| Accrued vacation |
382,207 | 382,207 | 281,395 | |||||||||||||||||||||
| Employee benefit related (flex spending liabilities) |
77,578 | 47,708 | 50,597 | |||||||||||||||||||||
| Total other liabilities subject to compromise |
$ | 285,043,018 | $ | 284,778,761 | $ | 270,863,288 | ||||||||||||||||||
| TOTAL LIABILITIES SUBJECT TO COMPRIMISE (PRE-PETITION) |
$ | 288,182,166 | $ | 287,923,254 | $ | 274,084,576 | ||||||||||||||||||
| TOTAL LIABILITIES |
$ | 295,155,097 | $ | 293,170,753 | $ | 277,192,412 | ||||||||||||||||||
| OWNER EQUITY |
||||||||||||||||||||||||
| Common Stock |
$ | 736,949 | $ | 736,949 | $ | 736,949 | ||||||||||||||||||
| Additional Paid-In Capital |
401,125,012 | 400,932,054 | 400,739,096 | |||||||||||||||||||||
| Retained Earnings - Pre-Petition |
(505,065,693 | ) | (505,065,693 | ) | (505,065,693 | ) | ||||||||||||||||||
| Retained Earnings - Postpetition |
(12,709,490 | ) | (9,791,491 | ) | - | |||||||||||||||||||
| NET OWNER EQUITY |
$ | (115,913,222 | ) | $ | (113,188,181 | ) | $ | (103,589,648 | ) | |||||||||||||||
| TOTAL LIABILITIES AND OWNERS’ EQUITY |
$ | 179,241,875 | $ | 179,982,572 | $ | 173,602,764 | ||||||||||||||||||
| SAVIENT_MOR_3 | FORM MOR-3 | |
| (04/07) |
| In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |
| Reporting Period: November 1, 2013 - November 30, 2013 |
SPHI (13-12681): BALANCE SHEET
| BOOK VALUE AT | BOOK VALUE AT | BOOK VALUE ON | ||||||||||
| ASSETS | NOVEMBER 30, 2013 | OCTOBER 31, 2013 | PETITION DATE | |||||||||
| CURRENT ASSETS | ||||||||||||
| Cash and cash equivalents |
||||||||||||
| PNC Bank business operating account |
3,241,584 | 3,241,584 | 3,241,604 | |||||||||
| Fidelity U.S. Treasury money market account |
- | - | 13,700,283 | |||||||||
| Total cash and cash equivalents |
$ | 3,241,584 | $ | 3,241,584 | $ | 16,941,887 | ||||||
| TOTAL CURRENT ASSETS |
$ | 3,241,584 | $ | 3,241,584 | $ | 16,941,887 | ||||||
| TOTAL ASSETS |
$ | 3,241,584 | $ | 3,241,584 | $ | 16,941,887 | ||||||
| OWNER EQUITY |
||||||||||||
| Common Stock |
$ | 1 | $ | 1 | $ | 1 | ||||||
| Additional Paid-In Capital |
147,259,563 | 147,259,563 | 147,259,563 | |||||||||
| Retained Earnings - Pre-Petition |
(130,317,677) | (130,317,677) | (130,317,677) | |||||||||
| Retained Earnings - Postpetition |
(13,700,303) | (13,700,303) | - | |||||||||
| NET OWNER EQUITY |
$ | 3,241,584 | $ | 3,241,584 | $ | 16,941,887 | ||||||
| TOTAL LIABILITIES AND OWNERS’ EQUITY |
$ | 3,241,584 | $ | 3,241,584 | $ | 16,941,887 | ||||||
| SPHI_MOR_3 | FORM MOR-3 | |
| (04/07) |
| In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |||
| Reporting Period: November 1, 2013 - November 30, 2013 |
SAVIENT (13-12680): STATUS OF POSTPETITION TAXES
All postpetition taxes were current as of November 30, 2013 and paid in the ordinary course by the Debtor.
SUMMARY OF UNPAID POSTPETITION DEBTS
As reflected below, Debtor is current on all postpetition debts.
| Number of Days Past Due | ||||||||||||||||||||||||
| Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | |||||||||||||||||||
| Accounts Payable |
$ | 153,569 | $ | - | $ | - | $ | - | $ | - | $ | 153,569 | ||||||||||||
| Employee Expenses Payable (Concur) |
34,444 | - | - | - | - | $ | 34,444 | |||||||||||||||||
| Wages Payable |
- | - | - | - | - | - | ||||||||||||||||||
| Taxes Payable |
- | - | - | - | - | - | ||||||||||||||||||
| Rent/Leases-Building |
- | - | - | - | - | - | ||||||||||||||||||
| Rent/Leases-Equipment |
- | - | - | - | - | - | ||||||||||||||||||
| Secured Debt/Adequate Protection Payments |
- | - | - | - | - | - | ||||||||||||||||||
| Professional Fees |
- | - | - | - | - | - | ||||||||||||||||||
| Amounts Due to Insiders |
- | - | - | - | - | - | ||||||||||||||||||
| Total Postpetition Debts |
$ | 188,013 | $ | - | $ | - | $ | - | $ | - | $ | 188,013 | ||||||||||||
| SAVIENT_MOR_4 | FORM MOR-4 | |
| (04/07) |
| In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |
| Reporting Period: November 1, 2013 - November 30, 2013 |
SPHI (13-12681): STATUS OF POSTPETITION TAXES
All postpetition taxes were current as of November 30, 2013 and paid in the ordinary course by the Debtor.
SUMMARY OF UNPAID POSTPETITION DEBTS
The Debtor is current on all postpetition debts.
| SPHI_MOR_4 |
FORM MOR-4 | |
| (04/07) |
| In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |
| Reporting Period: November 1, 2013 - November 30, 2013 |
SAVIENT (13-12680): ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
| Accounts Receivable Reconciliation | BOOK VALUE AT NOVEMBER 30, 2013 |
BOOK VALUE AT OCTOBER 31, 2013 |
||||||||
| Total Accounts Receivable at the beginning of the reporting period |
$ | 7,116,283 | 7,045,577 | |||||||
| + Amounts billed during the period |
2,570,042 | 2,177,755 | ||||||||
| - Amounts collected during the period |
(1,243,215) | (1,455,908) | ||||||||
| - Discounts and Chargeback’s |
(1,036,869) | (600,708) | ||||||||
| - Return Credits |
(2,551) | (20,378) | ||||||||
| - Prompt Pay Discounts |
(31,351) | (30,055) | ||||||||
| Total Accounts Receivable at the end of the reporting period |
$ | 7,372,339 | $ | 7,116,283 | ||||||
| - Provision for discounts |
(34,907) | (59,679) | ||||||||
| + Accounts receivable other |
47,612 | 22,795 | ||||||||
| Total Accounts Receivable, Net at the end of the reporting period |
$ | 7,385,044 | $ | 7,079,399 | ||||||
| Accounts Receivable Aging |
|
BOOK VALUE AT NOVEMBER 30, 2013 |
|
|
BOOK VALUE AT OCTOBER 31, 2013 |
| ||||
| 0 - 30 days old |
$ | 5,679,858 | 5,672,068 | |||||||
| 31 - 60 days old |
263,279 | - | ||||||||
| 61 - 90 days old |
6,427 | 21,440 | ||||||||
| 91+ days old |
1,422,775 | 1,422,775 | ||||||||
| Total Accounts Receivable at the end of the reporting period |
$ | 7,372,339 | $ | 7,116,283 | ||||||
| - Provision for discounts |
(34,907) | (59,679) | ||||||||
| + Accounts receivable other |
47,612 | 22,795 | ||||||||
| Total Accounts Receivable, Net at the end of the reporting period |
$ | 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 | |||||||||
| SAVIENT_MOR_5 | FORM MOR-5 | |
| (04/07) |
| In re: Savient Pharmaceuticals, Inc., et al | Case No. 13-12680 (MFW) | |
| Reporting Period: November 1, 2013 - November 30, 2013 |
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 | ||||||
| SPHI_MOR_5 | FORM MOR-5 | |
| (04/07) |