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		:
		:		Related Docket No. 94
		x

NOTICE OF FILING OF SUPPLEMENT TO

INITIAL MONTHLY OPERATING REPORT

PLEASE TAKE NOTICE that on October 29, 2013, the debtors and debtors-in-possession in the above-captioned jointly administered bankruptcy cases (collectively, the “Debtors”) filed the Initial Monthly Operating Report (Docket No. 94) (the “Initial Monthly Operating Report”).

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

 

 

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.

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PLEASE TAKE FURTHER NOTICE that the Debtors have herewith filed their supplement to the Initial Monthly Operating Report to provide the certificate of insurance regarding the Debtors’ Directors and Officers Liability insurance coverage, a copy of which is attached hereto as Exhibit A.

 

Dated:		Wilmington, Delaware
		November 5, 2013

 

 

2

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EXHIBIT A

 

3

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		Confirmation of Insurance PAGE 1 OF 8  |  11/5/2013  |  SAVIENT PHARMACEUTICALS, INC.

 

DATE		November 4, 2013
CONFIRMATION		S13032726
INSURED		Savient Pharmaceuticals, Inc.
ADDRESS		400 Crossing Boulevard, 3rd Floor Bridgewater, NJ 08807
COVERAGE CLASS		Public Company Directors and Officers Liability
POLICY TERM		3/30/2013 to Six (6) Years from Completion of Asset Sale (First $30,000,000) 3/30/2013 to 3/30/2014 ($15,000,000 xs $30,000,000)

THIS IS TO CERTIFY that the Insurer(s) scheduled below has (have) confirmed to RT ProExec that the insurance described herein has been effected subject to the terms, conditions and effective date(s) summarized below. While RT ProExec endeavors to negotiate coverage pursuant to any specifications requested by the Insured or their representative, such specifications are frequently unavailable from Insurer(s). It is agreed that the Insurer(s) scheduled below has (have) been selected solely by the Insured.

 

INSURER		POLICY NUMBER		PREMIUMS				REGULATORY TAXES & FEES
National Union Fire Ins Co Pittsburgh PA		01-843-95-53		$	1,594,000.00			$	14,346.00
AXIS Insurance Company		MBN759085/01/2013		$	795,000.00			$	7,155.00
XL Specialty Insurance Company		ELU129278-13		$	553,125.00			$	4,978.13
Beazley Insurance Company, Inc.		V117D513031		$	103,750.00			$	933.75
National Union Fire Ins Co Pittsburgh PA		01-855-78-11		$	33,831.00			$	304.00
				$	3,079,706.00			$	27,716.88
					Sub-Total			$	3,079,706.00
					TOTAL			$	3,107,422.88

 

 

 

RT ProExec is a division of R-T Specialty, LLC (in California: dba R-T Specialty Insurance Services, LLC License #OG97516) 40 Fulton Street, 15th Floor, New York, NY 10038 Phone - (212) 619-4220     Fax - (212) 766-1019

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		Confirmation No. S13032726 PAGE 2 OF 8  |  11/5/2013  |  SAVIENT PHARMACEUTICALS, INC.

 

 

SUBJECTIVITIES

Coverage under the following policy(ies) is subject to underwriter’s receipt and approval of the following materials:

 

1	Payment of the premium by the date indicated on the attached invoice.

 

2	TRIA forms completed

Failure to meet these subjectivities within ten (10) business days (unless otherwise specified) may result in coverage being cancelled or voided ab initio.

 

PRIMARY LAYER		POLICY FORM
National Union Fire Ins Co Pittsburgh PA POL#01-843-95-53		D&O 2/2000

 

COVERAGE SECTION		P&P DATE(S)
D&O		6/01/1992

 

LIMITS/RETENTIONS

D&O

$10,000,000 Aggregate Limit

$10,000,000 Per Claim Limit

$            0 each Claim for non-indemnifiable Loss

$ 500,000 each Claim with respect to company reimbursement

$ 500,000 each Securities Claim

$1,500,000 each Mergers & Acquisitions Claim

 

TERMS AND CONDITIONS

 

1.

Securities Claim Panel Counsel Addendum

 

2.

Appendix B – Crisis Fund Addendum ($25,000 Crisis Loss; $25,000 Delisting Crisis Loss)

 

3.

97886 – Policyholder Notice Regarding e-Discovery Consultant Services

 

4.

96557 Terrorism Exclusion

 

5.

MANU - Continuity Dates / Prior & Pending Litigation exclusion effective as of June 1, 1992 with respect to the first $3,000,000; as of August 1, 1997 with respect to the $2,000,000 excess of $3,000,000; and as of January 1, 2002 with respect to the $5,000,000 excess of $5,000,000

 

6.

Double Excess Outside Directorship Liability coverage for non-profit organizations (In Form)

 

7.

52158 – New Jersey Cancellation / Non-Renewal endorsement

 

8.

83550 - Nuclear Energy Liability exclusion

RT ProExec is a division of R-T Specialty, LLC (in California: dba R-T Specialty Insurance Services, LLC License #OG97516)

40 Fulton Street, 15th Floor, New York, NY 10038

Phone - (212) 619-4220     Fax - (212) 766-1019

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		Confirmation No. S13032726 PAGE 3 OF 8  |  11/5/2013  |  SAVIENT PHARMACEUTICALS, INC.

 

9.

90496 - Amend ERISA exclusion (m) to reference the Fair Labor Standards Act and include a retaliation carveback

 

10.

89371 - Delete No Liability Retention Waiver

 

11.

MANU – Separate Retention for Patent / Copyright Claims - $1,000,000

 

12.

99758 - Notice of Claim – Reporting by e-Mail

 

13.

94188 - Amend definition of Application to reference only those public documents filed in the 12 months preceding the first submission to underwriters and up to policy expiration (from documents filed prior to policy inception)

 

14.

91712 - Domestic Partner extension

 

15.

96346 - Amend Insured versus Insured amended to include reference to a “creditors committee” in the Bankruptcy Trustee carveback and provide SOX whistleblower carveback

 

16.

83547 – Medical Malpractice exclusion with a Securities Claims carveback

 

17.

83553 – Amend definition of Outside Entity to any not-for-profit organization

 

18.

83555 – Amend definition of Outside Entity Executive to delete requirement for such service to be at the “written request” of the Organization

 

19.

96344 - Amend definition of Securities Claim to include reference to common law violations and exclude stock option claims by Executives or employees

 

20.

MANU – Amend definition of Claim to include a “Wells” notice

 

21.

96345 - Provide punitive damages coverage for all Claims (except EPL claims) utilizing “most favorable jurisdiction” and “final adjudication” language

 

22.

83531 – Employed Lawyers extension with $1,000,000 sublimit (Continuity Date: March 30,2008)

 

23.

MANU – Order of Payments provision amended

 

24.

89386 - Derivative Demand Investigative Costs Coverage - $250,000 sublimit

 

25.

98919 – Specific Investigation / Claim / Litigation / Event or Act exclusion:

 

•

Richard Sagall, Et al. (as expiring)

 

•

U.S. SEC Subpoena Re: Savient Pharmaceuticals, Inc. (P-1674); Claim #550-048376-001

 

•

Tang Capital Partners, LP; Claim #550-086964-001

 

•

FBI; Claim #550-108184-001

 

26.

98918 – Amend Pollution exclusion to include a Securities Claim carveback

 

27.

100528 – Amend Subrogation provision to include final adjudication language

 

28.

94681 - Full Severability of all exclusions (except for Prior Notice, Prior & Pending Litigation and Insured versus Insured) as to Insured Persons; impute knowledge of the CEO, CFO, General Counsel or equivalent to the entity

 

29.

98916 – Amend the former Executive carveback to the Insured versus Insured exclusion to three (3) years

 

30.

94039 - State Amendatory Inconsistency endorsement

RT ProExec is a division of R-T Specialty, LLC (in California: dba R-T Specialty Insurance Services, LLC License #OG97516)

40 Fulton Street, 15th Floor, New York, NY 10038

Phone - (212) 619-4220     Fax - (212) 766-1019

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		Confirmation No. S13032726 PAGE 4 OF 8  |  11/5/2013  |  SAVIENT PHARMACEUTICALS, INC.

 

31.

94680 - Severability of the Application endorsement

 

•

Full severability with respect to Insured Persons

 

•

Knowledge of the CEO, COO and CFO is imputed to the entity

 

•

Fully non-rescindable policy provision “under any circumstances”

 

32.

103987 – Amend the anti-stacking language in the Other Insurance clause to provide a $30,000,000 limit threshold

 

33.

83509 - Audit Committee Coverage extension – amends definition of Executive to include members of the Audit Committee

 

34.

91490 - Extradition Coverage endorsement

 

35.

96339 - Amend Notice of Claim provision to as soon as practicable after the Risk Manager, General Counsel or equivalent becomes aware of the claim; further amend post-policy reporting window to 60 days for any Claim made within 60 days prior to policy expiration

 

36.

MANU - Amend exclusion (d), Prior Notice, to refer to any directors and officers or employment practices liability policies, or any other policy which covers wrongful employment practices

 

37.

101036 – Pro-Rata Cancellation endorsement

 

38.

104002 - Amend Section 12(b), Subsidiary Additions, such that the total assets are established as those reported in the most recent public filing

 

39.

97110 – E-Discovery Consultant Services Coverage - $25,000 sublimit

 

40.

109079 - Public Offering endorsement – clarifies that the Insurer shall not assert that the portion of any settlement, judgment or defense costs in a Securities Claim that relates to alleged violations of Section 11, 12 or 15 of the ’33 Act constitutes uninsurable loss; further amends exclusions A and B to not apply to a Securities Claim arising out of a public offering of securities

 

41.

99817 – Retention Erosion Through A-Side Insurance Fill-In

 

42.

86493 – Delete Entity Securities Claim coverage and provide a 100% pre-determined allocation provision for Securities Claims

 

43.

109065 - Amend Personal Misconduct exclusions (a), (b) and (c) to “a final, non-appealable adjudication in any proceeding other than a proceeding initiated by the Insurer”

 

44.

MANU – Separate retention for Mergers & Acquisitions Claims - $1,500,000

 

45.

89644 - Coverage Territory endorsement – OFAC

 

46.

78859 - Forms Index endorsement

 

47.

MANU – Six (6) Year Runoff Endorsement with Fully Earned Premium and Non-Cancelable provisions

RT ProExec is a division of R-T Specialty, LLC (in California: dba R-T Specialty Insurance Services, LLC License #OG97516)

40 Fulton Street, 15th Floor, New York, NY 10038

Phone - (212) 619-4220     Fax - (212) 766-1019

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		Confirmation No. S13032726 PAGE 5 OF 8  |  11/5/2013  |  SAVIENT PHARMACEUTICALS, INC.

 

EXCESS LAYER 1		POLICY FORM
AXIS Insurance Company         POL#MBN759085/01/2013		XS 0001 12 10

 

COVERAGE SECTION		P&P DATE(S)
D&O		SEE ITEM #2 BELOW
LIMITS/RETENTIONS
Excess of: $10,000,000
D&O
$ 10,000,000 Aggregate Limit
$ 10,000,000 Per Claim Limit
$ 0 each Claim for non-indemnifiable Loss
$ 500,000 each Claim with respect to company reimbursement
$ 500,000 each Securities Claim
$ 1,500,000 each Mergers & Acquisitions Claim
TERMS AND CONDITIONS

 

1.

XS 0005-NJ 1210 - New Jersey Amendatory endorsement

 

2.

XS 1131 1210 – Prior and Pending Claims exclusion effective as of January 1, 2004

 

3.

XS 1105 1010 – Follow Form of Underlying Runoff endorsement

 

EXCESS LAYER 2		POLICY FORM
XL Specialty Insurance Company         POL#ELU129278-13		EX 71 01 09 99

 

COVERAGE SECTION		P&P DATE(S)
D&O		AS EXPIRING
LIMITS/RETENTIONS

 

Excess of: $20,000,000

D&O

$ 10,000,000 Aggregate Limit

$ 10,000,000 Per Claim Limit

$ 0 each Claim for non-indemnifiable Loss

$ 500,000 each Claim with respect to company reimbursement

$ 500,000 each Securities Claim

$ 1,500,000 each Mergers & Acquisitions Claim

RT ProExec is a division of R-T Specialty, LLC (in California: dba R-T Specialty Insurance Services, LLC License #OG97516)

40 Fulton Street, 15th Floor, New York, NY 10038

Phone - (212) 619-4220     Fax - (212) 766-1019

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		Confirmation No. S13032726 PAGE 6 OF 8  |  11/5/2013  |  SAVIENT PHARMACEUTICALS, INC.

 

TERMS AND CONDITIONS

1.

Terrorism Insurance Disclosure

 

2.

OFAC endorsement

 

3.

XL Privacy Notice / XL Fraud Notice

 

4.

In Witness endorsement

 

5.

EX 82 01 07 07 - Change of Address of Insurer / Preamble Correction endorsement

 

6.

EX 80 24 03 03 Terrorism Premium endorsement

 

7.

EX 80 107 10 03 – Excess Terrorism endorsement

 

8.

EX 80 75 09 02 - Excess endorsement

 

9.

EX 83 22 11 01 – Prior and Pending Litigation exclusion backdated to match expiring

 

10.

EX 83 46 02 03 – Prior Notice exclusion

 

11.

EX 80 131 06 04 - Limit Shaving endorsement – recognizes contribution by the Insured toward satisfaction of the underlying limit in situations where the underlying carrier pays less than their full limit of liability

 

12.

MANU – Follow Form of Underlying Runoff endorsement

 

EXCESS LAYER 3		POLICY FORM
Beazley Insurance Company, Inc.         POL#V117D513031		F00021 032008

 

COVERAGE SECTION		P&P Date(s)
D&O		See Item 1 Below

 

LIMITS/RETENTIONS

Excess of: $30,000,000

D&O A-Side

$ 10,000,000 each Claim and in the aggregate with respect to non-indemnifiable Loss only with “drop-down”

$ 10,000,000 Per Claim Limit

$ 0 each Claim for non-indemnifiable Loss

$ 500,000 each Claim with respect to company reimbursement

$ 500,000 each Securities Claim

$ 1,500,000 each Mergers & Acquisitions Claim

RT ProExec is a division of R-T Specialty, LLC (in California: dba R-T Specialty Insurance Services, LLC License #OG97516)

40 Fulton Street, 15th Floor, New York, NY 10038

Phone - (212) 619-4220     Fax - (212) 766-1019

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		Confirmation No. S13032726 PAGE 7 OF 8  |  11/5/2013  |  SAVIENT PHARMACEUTICALS, INC.

 

TERMS AND CONDITIONS

 

1.

E00610062008 – Amended Prior & Pending Litigation exclusion effective as of March 30, 2007 with respect to the first $5,000,000; as of March 30, 2011 with respect to the $5,000,000 excess of $5,000,000 of the policy

 

2.

E00751092008 - Specific Investigation / Claim / Litigation / Event or Act exclusion:

 

•

Richard Sagall, Et al. Docket No. 08-CV-10262

 

•

U.S. SEC Subpoena Re: Savient Pharmaceuticals, Inc. (P-1674); AIG Claim #550-048376-001

 

•

Tang Capital Partners, LP; Claim reference #BEAZL100002777362

 

•

FBI; Claim reference #BEAZL100002791029

 

3.

E00800102008 – Other Insurance, Indemnification, Drop-Down and Difference in Conditions endorsement

 

4.

E01352072009 – Amend definition of Claim to include a Written Request or Demand for an Interview of an Insured Person by any governmental or self-regulatory authority

 

5.

E00646082008 – Foreign Corrupt Practices Sublimit - $100,000

 

6.

E01347072009 – Amend Domestic Partner coverage extension to refer to foreign laws

 

7.

E02481012011 – Amend Personal Conduct exclusions to not apply to the portion of any settlement resulting from alleged violations of Sections 11, 12 or 15 of the Securities Act of 1933

 

8.

E00586062008 – Amend Subrogation provision to include “final adjudication” language

 

9.

E00588062008 – Waiver of Bankruptcy Stay and Order of Payments endorsement

 

10.

E01348072009 – Amend Consent to Defense Counsel to stipulate that underwriters prior written consent shall not be required in connection with selection of defense counsel to the extent the Claim for which defense counsel is selected to defend the Insured is covered under any other insurance or as indemnification from any source

 

11.

E02804032011 – (Re)insurer Sanction Limitation and Exclusion clause

 

12.

E01204062009 – Amend definition of Insured to include Kenneth Zuerblis as a Consultant to the Company

RT ProExec is a division of R-T Specialty, LLC (in California: dba R-T Specialty Insurance Services, LLC License #OG97516)

40 Fulton Street, 15th Floor, New York, NY 10038

Phone - (212) 619-4220     Fax - (212) 766-1019

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		Confirmation No. S13032726 PAGE 8 OF 8  |  11/5/2013  |  SAVIENT PHARMACEUTICALS, INC.

 

EXCESS LAYER 4		POLICY FORM
National Union Fire Ins Co Pittsburgh PA POL#01-855-78-11		103224 (02/10)

 

COVERAGE SECTION		P&P DATE(S)
D&O		3/30/2011

 

LIMITS/RETENTIONS

Excess of: $40,000,000

D&O A-Side

$ 5,000,000 each Claim and in the aggregate

 

TERMS AND CONDITIONS

 

1.

96557 Terrorism exclusion

 

2.

103425 - Prior & Pending Litigation exclusion effective as of March 30, 2011

 

3.

103435 - Specific Investigation / Claim / Litigation / Event or Act exclusion:

 

•

Richard Sagall, Et al. Docket No. 08-CV-10262 filed November 25, 2008

 

•

U.S. SEC Subpoena Re: Savient Pharmaceuticals, Inc. (P-1674); Claim #550-048376-001

 

•

Tang Capital Partners, LP; Claim #550-086964-001

 

•

FBI; Claim #550-108184-001

 

4.

103933 – Side-A DIC Amendatory endorsement (clarifies that the policy follows the Beazley A-Side policy and includes “limit shaving” language)

 

5.

89644 – Coverage Territory endorsement (OFAC)

 

6.

78859 – Forms Index endorsement

RT ProExec is a division of R-T Specialty, LLC (in California: dba R-T Specialty Insurance Services, LLC License #OG97516)

40 Fulton Street, 15th Floor, New York, NY 10038

Phone - (212) 619-4220     Fax - (212) 766-1019