Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
FOR THE DISTRICT OF DELAWARE
In re Vion Pharmaceuticals, Inc. | Case No. 09-14429 (CSS) | |
Reporting Period: February 2010 | ||
Federal Tax I.D.# 13-3671221 |
CORPORATE MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after end of month and submit a copy of the report to any official committee appointed in the case.
REQUIRED DOCUMENTS | Form No. | Document Attached | Explanation Attached | |||
Schedule of Cash Receipts and Disbursements | MOR-1 | Yes | No | |||
Bank Reconciliation (or copies of debtor’s bank reconciliations) | MOR-1 (CON’T) | Yes | No | |||
Copies of bank statements | No | No | ||||
Cash disbursements journals | No | No | ||||
Statement of Operations | MOR-2 | Yes | No | |||
Balance Sheet | MOR-3 | Yes | No | |||
Status of Post-petition Taxes | MOR-4 | Yes | No | |||
Copies of IRS Form 6123 or payment receipt | No | No | ||||
Copies of tax returns filed during reporting period | No | No | ||||
Summary of Unpaid Post-petition Debts | MOR-4 | Yes | No | |||
Listing of aged accounts payable | Yes | No | ||||
Accounts Receivable Reconciliation and Aging | MOR-5 | Yes | No | |||
Taxes Reconciliation and Aging | MOR-5 | Yes | No | |||
Payments to Insiders and Professional | MOR-6 | Yes | No | |||
Post Petition Status of Secured Notes, Leases Payable | MOR-6 | Yes | No | |||
Debtor Questionnaire | MOR-7 | Yes | No |
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 | |||
/s/ Karen Schmedlin | March 19, 2010 | |||
Signature of Authorized Individual* | Date | |||
Karen Schmedlin | Vice President, Finance, Chief Accounting Officer and Secretary | |||
Printed Name of Authorized Individual | Title of Authorized Individual |
* | Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. |
PAGE 1 OF 2
In re Vion Pharmaceuticals, Inc. | Case No. 09-14429 (CSS) | |
Debtor | Reporting Period: February 2010 |
DEBTOR QUESTIONNAIRE
Must be completed each month. If the answer to any of the questions is “Yes”, provide a detailed explanation of each item. Attach additional sheets if necessary | Yes | No | ||||
1 | Have any assets been sold or transferred outside the normal course of business this reporting period? | X | ||||
2 | Have any funds been disbursed from any account other than a debtor in possession account this reporting period? | X | ||||
3 | Is the Debtor delinquent in the timely filing of any post-petition tax returns? | X | ||||
4 | Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies? | X | ||||
5 | Is the Debtor delinquent in paying any insurance premium payment? | X | ||||
6 | Have any payments been made on pre-petition liabilities this reporting period? | X (1) | ||||
7 | Are any post petition receivables (accounts, notes or loans) due from related parties? | X | ||||
8 | Are any post petition payroll taxes past due? | X | ||||
9 | Are any post petition State or Federal income taxes past due? | X | ||||
10 | Are any post petition real estate taxes past due? | X | ||||
11 | Are any other post petition taxes past due? | X | ||||
12 | Have any pre-petition taxes been paid during this reporting period? | X | ||||
13 | Are any amounts owed to post petition creditors delinquent? | X (2) | ||||
14 | Are any wage payments past due? | X | ||||
15 | Have any post petition loans been received by the Debtor from any party? | X | ||||
16 | Is the Debtor delinquent in paying any U.S. Trustee fees? | X | ||||
17 | Is the Debtor delinquent with any court ordered payments to attorneys or other professionals? | X | ||||
18 | Have the owners or shareholders received any compensation outside of the normal course of business? | X |
(1) | Explanation for Question 6 — Certain Taxes (franchise tax) totaling $3,272 were paid during this reporting period pursuant to Court order. As such, Taxes paid have not been allocated between pre- and post-petition periods. | |
(2) | Explanation for Question 13 — Includes certain post-petition payables totaling $85,763 per MOR-4 which represent: (i) Retained Professional fees paid in March 2010 upon receipt of Court approval; (ii) amounts due under pre-petition contracts subject to rejection; or (iii) amounts due related to licensed technologies not sold which will be referred to Licensor for payment. |
FORM MOR-7
2/2008
2/2008
PAGE 2 OF 2
In re Vion Pharmaceuticals, Inc. | Case No.: 09-14429 (CSS) | |
Debtor | Reporting Period: February 2010 |
MOR-1 — SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS (UNAUDITED)
Account Description | Checking | Money Market | Investment | Utility Escrow | Current Month | |||||||||||||||||||
Bank Account | Citibank | Citibank | UBS | Citibank | Actual | |||||||||||||||||||
Bank Account | Petty Cash | xxx4853 | xxx7468 | xxx47KL | xxx2478 | Total of | ||||||||||||||||||
GL Account | 1050-00 | 1041-00 | 1042-00 | 1060-00 | 1045-00 | All Accounts | ||||||||||||||||||
Cash, Beginning of Month | $ | 400 | $ | 101,835 | $ | 50,011 | $ | 13,663,259 | $ | 4,367 | $ | 13,819,872 | ||||||||||||
Receipts: | ||||||||||||||||||||||||
Interest Income | 6 | 156 | 162 | |||||||||||||||||||||
COBRA Receipts | 389 | 389 | ||||||||||||||||||||||
Insurance Refunds | 67,890 | 67,890 | ||||||||||||||||||||||
Vendor Rebate | 41 | 41 | ||||||||||||||||||||||
Transfers (from DIP Accounts) | 50,011 | 50,011 | ||||||||||||||||||||||
Total Receipts | $ | — | $ | 118,331 | $ | 6 | $ | 156 | $ | — | $ | 118,493 | ||||||||||||
Disbursements: | ||||||||||||||||||||||||
Payroll, Taxes and Benefits | $ | 27,922 | $ | 270,443 | $ | 298,365 | ||||||||||||||||||
R&D Outside Tests, Services,Licenses & Supplies | 1,403 | 1,403 | ||||||||||||||||||||||
Clinical Trials | — | |||||||||||||||||||||||
Drug Storage and Handling | — | |||||||||||||||||||||||
Professional Fees — Debtor | 3,522 | 536 | 4,058 | |||||||||||||||||||||
Professional Fees — Creditors Committee | — | |||||||||||||||||||||||
US Trustee Fees | — | |||||||||||||||||||||||
Facilities and Related | 53,234 | 53,234 | ||||||||||||||||||||||
Sales, Use and Other Taxes and Licenses | — | |||||||||||||||||||||||
Business Insurance | — | |||||||||||||||||||||||
Business Travel | 3,714 | 3,714 | ||||||||||||||||||||||
Shtudown Costs — Lab, Drug and Facilities | 25,000 | 25,000 | ||||||||||||||||||||||
Transfers (to DIP Accounts) | 50,011 | 50,011 | ||||||||||||||||||||||
Total Disbursements | $ | — | $ | 114,795 | $ | 50,011 | $ | 270,979 | $ | — | $ | 435,785 | ||||||||||||
Net Cash Flow | $ | — | $ | 3,536 | $ | (50,005 | ) | $ | (270,823 | ) | $ | — | $ | (317,292 | ) | |||||||||
Cash, End of Month | $ | 400 | $ | 105,371 | $ | 6 | $ | 13,392,436 | $ | 4,367 | $ | 13,502,580 | ||||||||||||
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES
Total Disbursements | $ | 435,785 | ||
Less: Transfers to other DIP accounts | (50,011 | ) | ||
Plus: Estate disbursements made by outside sources | 0 | |||
Total Disbursements for Calculating U.S. Trustee Quarterly Fees — Quarter-to-Date | $ | 385,774 |
BANK RECONCILIATIONS AND CASH DISBURSEMENTS JOURNAL
Account Description | Checking | Money Market | Investment | Utility Escrow | ||||||||||||
Bank Account | Citibank | Citibank | UBS | Citibank | ||||||||||||
Bank Account | xxx4853 | xxx7468 | xxx47KL | xxx2478 | ||||||||||||
GL Account | 1041-00 | 1042-00 | 1060-00 | 1045-00 | ||||||||||||
Balance per Books | $ | 105,371 | $ | 6 | $ | 13,392,436 | $ | 4,367 | ||||||||
Deposit-in-Transit | $ | (388 | ) | |||||||||||||
Outstanding Checks | $ | 27,907 | ||||||||||||||
Balance per Bank | $ | 132,890 | $ | 6 | $ | 13,392,436 | 4,367 | |||||||||
Vion Pharmaceuticals, Inc. (the “Debtor”) hereby submits this attestation regarding bank account reconciliations in lieu of providing copies of bank statements and cash disbursements journal. Such documents are available upon request. The Debtor’s standard practice is to insure that each bank account is reconciled to monthly bank statements for each calendar month within 20 days after month end.
I attest that each of the Debtor’s bank accounts for the period is reconciled to the bank statements and that all cash disbursements are summarized in MOR 1.
On behalf of Vion Pharmaceuticals, Inc.:
/s/ Karen Schmedlin | ||
Vice President, Chief Accounting Officer and Secretary |
In re Vion Pharmaceuticals, Inc. | Case No.: 09-14429 (CSS) | |
Debtor | Reporting Period: February 2010 |
MOR-2 — STATEMENT OF OPERATIONS (UNAUDITED)
Cumulative from | ||||||||
For the Month | 12/17/09 (Petition | |||||||
of February | Date) through | |||||||
2010 | 2/28/10 | |||||||
Technology License Revenues | $ | — | $ | 51 | ||||
Operating Expenses: | ||||||||
Payroll, taxes and benefits | 267,008 | 883,389 | ||||||
Drug storage, lab supplies | 2,492 | 15,063 | ||||||
Facilities-rent,maintenance, postage, supplies | 54,478 | 138,423 | ||||||
Shutdown costs-facilities, lab and drug disposal | 50,580 | 50,580 | ||||||
Clinical trials expense | (15,280 | ) | 385,177 | |||||
Professional fees | 32,428 | 49,273 | ||||||
Insurance expense | 36,204 | 128,242 | ||||||
Taxes | (2,342 | ) | (2,341 | ) | ||||
Travel | 3,378 | 9,012 | ||||||
Other | — | (12,206 | ) | |||||
Noncash depreciation and stock compensation expense | 13,054 | 43,755 | ||||||
Total Operating Expenses | 442,000 | 1,688,367 | ||||||
Operating Loss | (442,000 | ) | (1,688,316 | ) | ||||
Interest Income | (134 | ) | (547 | ) | ||||
Loss Before Reorganization Items and Taxes | $ | (441,866 | ) | $ | (1,687,769 | ) | ||
Reorganization Items: | ||||||||
Professional fees | 147,754 | 532,643 | ||||||
US Trustee fees | 0 | 975 | ||||||
Loss before Taxes | $ | (589,620 | ) | $ | (2,221,387 | ) | ||
State Income Taxes | 0 | 250 | ||||||
Net Loss | $ | (589,620 | ) | $ | (2,221,637 | ) | ||
The statements of operations for the periods are unaudited and do not reflect all adjustments necessary to represent results for the periods in accordance with Generally Accepted Accounting Principles in the United Stated (“GAAP”). The Debtor prepares financial statements on a quarterly basis and as such the interim periods above may also include quarter-end adjustments that do not relate solely to the period above.
In re Vion Pharmaceuticals, Inc. Debtor | Case No.: 09-14429 (CSS) Reporting Period: February 2010 |
MOR-3 — BALANCE SHEETS (UNAUDITED)
2/28/2010 | 12/17/2009 | |||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 13,502,580 | $ | 14,368,704 | ||||
Available-for-sale securities | 14,563 | 19,938 | ||||||
Miscellaneous receivables | 359 | 58,522 | ||||||
Prepaid expenses | 130,242 | 270,524 | ||||||
Property and equipment, net | 135,791 | 178,197 | ||||||
Security deposits | 25,000 | 25,000 | ||||||
Total Assets | $ | 13,808,535 | $ | 14,920,885 | ||||
Liabilities Not Subject to Compromise (Post-petition):(1) | ||||||||
Accounts payable | $ | 409,212 | $ | — | ||||
Taxes payable | 88 | 31,057 | ||||||
Accrued clinical trials expense | 390,047 | — | ||||||
Accrued payroll and benefits | 139,712 | 2,017 | ||||||
Accrued professional fees | 324,127 | 35,970 | ||||||
Other accrued liabilities | 1,469 | — | ||||||
Total Liabilities Not Subject to Compromise (Post-petition) | 1,264,655 | 69,044 | ||||||
Liabilities Subject to Compromise (Pre-petition):(1) | ||||||||
Senior notes | 60,000,000 | 60,000,000 | ||||||
Interest payable | 1,562,917 | 1,562,917 | ||||||
Accounts payable | 389,259 | 305,721 | ||||||
Taxes payable | — | — | ||||||
Accrued clinical trials expense | 3,343,320 | 3,492,947 | ||||||
Accrued payroll and benefits | — | — | ||||||
Accrued professional fees | — | — | ||||||
Other accrued liabilities | 3,085 | 19,295 | ||||||
Total Liabilities Subject to Compromise (Pre-petition) | 65,298,581 | 65,380,880 | ||||||
Shareholders’ Equity: | ||||||||
Common stock | 80,545 | 80,825 | ||||||
Additional paid-in-capital | 215,550,539 | 215,548,909 | ||||||
Other Comprehensive Income | 14,563 | 19,937 | ||||||
Accumulated deficit | (268,400,348 | ) | (266,178,710 | ) | ||||
Total Shareholders’ Equity | (52,754,701 | ) | (50,529,039 | ) | ||||
Total liabilities and shareholders’ equity | $ | 13,808,535 | $ | 14,920,885 | ||||
These balance sheets are unaudited and do not reflect all adjustments necessary to represent the Debtor’s financial position in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”).
(1) | Amounts and classification of Liabilities as “subject to compromise” and “not subject to compromise” are subject to change. |
In re Vion Pharmaceuticals, Inc. Debtor | Case No.: 09-14429 (CSS) Reporting Period: February 2010 |
MOR-4 — STATUS OF POST-PETITION TAXES
Amount Withheld | ||||||||||||||||||||||||||||
Beginning Tax | and/or Accrued | Amount Paid | Dates Paid(1) | Check # or EFT | Other Adjustment | Ending Tax | ||||||||||||||||||||||
Federal: | ||||||||||||||||||||||||||||
Withholding(1) | $ | — | $ | 54,399 | $ | (54,399 | ) | 2/9/10 and 2/24/10 | (1 | ) | $ | — | ||||||||||||||||
FICA-Employee(1) | — | 19,355 | (19,355 | ) | 2/9/10 and 2/24/10 | (1 | ) | — | ||||||||||||||||||||
FICA-Employer, net of COBRA Subsidy Credit(1) | — | 17,702 | (17,702 | ) | 2/9/10 and 2/24/10 | (1 | ) | — | ||||||||||||||||||||
Unemployment (1) | — | 98 | (98 | ) | 2/9/10 and 2/24/10 | (1 | ) | — | ||||||||||||||||||||
Income(2) | — | — | ||||||||||||||||||||||||||
Total Federal | $ | — | $ | 91,554 | $ | (91,554 | ) | $ | — | |||||||||||||||||||
State and Local: | ||||||||||||||||||||||||||||
Withholding(1) | $ | — | $ | 12,312 | $ | (12,312 | ) | 2/9/10 and 2/24/10 | (1 | ) | $ | — | ||||||||||||||||
Unemployment(1) | — | 2,562 | (2,562 | ) | 2/9/10 and 2/24/10 | (1 | ) | — | ||||||||||||||||||||
Income(3) | — | — | — | |||||||||||||||||||||||||
Sales and Use(4) | 1 | 87 | — | 88 | ||||||||||||||||||||||||
Real Property(5) | — | — | — | |||||||||||||||||||||||||
Personal Property(6) | — | — | — | |||||||||||||||||||||||||
Other: Franchise Tax (7) | 5,700 | (3,272 | ) | 2/25/10 | (7 | ) | (2,428 | ) | — | |||||||||||||||||||
Total State and Local | $ | 5,701 | $ | 14,961 | $ | (18,146 | ) | $ | (2,428 | ) | $ | 88 | ||||||||||||||||
Total Taxes | $ | 5,701 | $ | 106,515 | $ | (109,700 | ) | $ | (2,428 | ) | $ | 88 | ||||||||||||||||
(1) | Semi-monthly payroll processing including remission of payroll taxes is outsourced. The Debtor made the payroll/tax wires to its payroll processing company on 2/9/10 and 2/24/10 and the related federal and state tax deposits were made timely by its payroll processing company. | |
(2) | Debtor does not have 2009 and 2010 Federal income tax liabilities due to net tax losses. | |
(3) | Debtor recorded prepetition a provision for estimated 2009 state income minimum taxes of $250. Also, in January 2010, it recorded a provision for estimated 2010 state income taxes of $250. Such taxes will be computed and credited against income tax carryforward of $5,000 per 2008 return as part of its 2009 and 2010 state income tax returns due under extension October 1, 2010 and 2011, respectively. | |
(4) | Ending tax represents estimated state use tax accrual for January and February 2010 which is payable with Debtor’s Q1 2010 use tax return due April 30, 2010. represents state use tax accrual for January and February 2010 which is due April 30, 2010. | |
(5) | Real estate taxes related to Debtor’s leased premises were invoiced and paid in January 2010 pursuant to Court Order. Next payment is due July 1, 2010. | |
(6) | Personal property taxes were invoiced and paid in January 2010 pursuant to Court Order. Next payment is due July 1, 2010. | |
(7) | 2009 DE franchise tax filing was made in February 2010 with balance due of $3,272 pursuant to Court Order. As such, the amount paid was not allocated between pre-and post-petition periods. An adjustment of $2,428 was recorded to reduce the estimated liability to the actual amount paid. |
Vion Pharmaceuticals, Inc. (the “Debtor”) hereby submits this attestation regarding post-petition taxes in lieu of providing copies of tax payment receipts and tax returns filed. Such documents are available upon request.
I attest that tax returns have been filed in accordance with federal, state and city requirements for the period. Taxes payments made for the period are summarized in MOR-1.
On behalf of Vion Pharmaceuticals, Inc.:
/s/ Karen Schmedlin | ||||
Karen Schmedlin | ||||
Vice President, Chief Accounting Officer and Secretary | ||||
In reVion Pharmaceuticals, Inc. | Case No.: | 09-14429 (CSS) | ||
Debtor | Reporting Period: | February 2010 |
MOR-4 (continued) — SUMMARY OF UNPAID POST-PETITION DEBTS
Number of Days Past Due | ||||||||||||||||||||||||
Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | |||||||||||||||||||
Accounts Payable(1) | $ | 323,449 | $ | 85,763 | $ | 409,212 | ||||||||||||||||||
Accrued Taxes | 88 | 88 | ||||||||||||||||||||||
Accrued Payroll, Taxes and Benefits | 139,712 | 139,712 | ||||||||||||||||||||||
Accrued Clinical Trials Expense | 390,047 | 390,047 | ||||||||||||||||||||||
Accrued Professional Fees | 324,127 | 324,127 | ||||||||||||||||||||||
Accrued Other Expenses | 1,469 | 1,469 | ||||||||||||||||||||||
Total Post Petition Debt | $ | 1,178,892 | $ | 85,763 | $ | — | $ | — | $ | — | $ | 1,264,655 | ||||||||||||
(1) | See attached aging of post-petition accounts payable as of 2/28/2010. |
In reVion Pharmaceuticals, Inc. | Case No.: | 09-14429 (CSS) | ||
Debtor | Reporting Period: | February 2010 |
MOR-4 (continued) — AGING OF POST-PETITION ACCOUNTS PAYABLE
Vendor Name | Current | 0 - 30 days | 31 - 60 days | 61 - 90 days | Over 90 days | Total | ||||||||||||||||||
Airgas East | 124.41 | 124.41 | ||||||||||||||||||||||
Almac Clinical Services(2) | 1,469.04 | 716.98 | 2,186.02 | |||||||||||||||||||||
American Express | 1,190.00 | 1,190.00 | ||||||||||||||||||||||
American Express | 1,099.12 | 1,099.12 | ||||||||||||||||||||||
American Express | 28.50 | 28.50 | ||||||||||||||||||||||
American Express | 379.01 | 379.01 | ||||||||||||||||||||||
AON Risk Services, Inc. of CT | 10,700.16 | 10,700.16 | ||||||||||||||||||||||
A T & T | 1,192.20 | 1,192.20 | ||||||||||||||||||||||
AT & T Mobility | 1,986.77 | 1,986.77 | ||||||||||||||||||||||
A T & T | 1,562.21 | 1,562.21 | ||||||||||||||||||||||
Avaya, Inc. | 515.38 | 515.38 | ||||||||||||||||||||||
Clean Harbors Environmental Service Inc | 25,579.60 | 25,579.60 | ||||||||||||||||||||||
Covance Labs | 5,000.00 | 5,000.00 | ||||||||||||||||||||||
Delaware Claims Agency, LLC | 4,672.78 | 4,672.78 | ||||||||||||||||||||||
Delaware Secretary of State | 3,272.08 | 3,272.08 | ||||||||||||||||||||||
Federal Express | 300.17 | 300.17 | ||||||||||||||||||||||
Fulbright & Jaworski L.L.P.(1) | 106,143.91 | 63,197.70 | 169,341.61 | |||||||||||||||||||||
GE Capital | 5,936.88 | 5,936.88 | ||||||||||||||||||||||
Giamalis & Company | 515.00 | 515.00 | ||||||||||||||||||||||
Graebel Companies Inc. | 180.00 | 180.00 | ||||||||||||||||||||||
Hyman, Phelps & McNamara, P.C. | 675.00 | 675.00 | ||||||||||||||||||||||
IngeniX division i3 Research(2) | 50,074.64 | 21,063.17 | 71,137.81 | |||||||||||||||||||||
Iron Mountain | 1,521.25 | 1,521.25 | ||||||||||||||||||||||
Dr. Ivan King | 600.00 | 600.00 | ||||||||||||||||||||||
Law Office of Albert Wai-Kit Chan, PLLC(3) | 3,429.50 | 785.50 | 4,215.00 | |||||||||||||||||||||
MegaPath Inc. | 313.54 | 313.54 | ||||||||||||||||||||||
Newman’s Cleaning Service, Inc. | 700.00 | 700.00 | ||||||||||||||||||||||
Pitney Bowes Global Financial Serv. | 12.40 | 12.40 | ||||||||||||||||||||||
Premiere Global Services | 272.95 | 272.95 | ||||||||||||||||||||||
Premier Supplies | 90.10 | 90.10 | ||||||||||||||||||||||
PR Newswire Association, LLC | 1,152.00 | 1,152.00 | ||||||||||||||||||||||
Richards, Layton & Finger | 82,825.11 | 82,825.11 | ||||||||||||||||||||||
Science Park Development Corp. | 4,964.47 | 4,964.47 | ||||||||||||||||||||||
Thomson Reuters (Markets) LLC | 1,065.84 | 1,065.84 | ||||||||||||||||||||||
UHY Advisors NE, LLC | 3,414.78 | 3,414.78 | ||||||||||||||||||||||
The United Illuminating Company | 105.96 | 105.96 | ||||||||||||||||||||||
Verizon Wireless | -16.03 | -16.03 | ||||||||||||||||||||||
Xu Kevin Lin | 400.00 | 400.00 | ||||||||||||||||||||||
Total | 323,448.73 | 85,763.35 | 409,212.08 | |||||||||||||||||||||
(1) | Amounts shown in 0-30 day column for Retained Professional was paid in March upon receipt of Court approval. | |
(2) | Amounts shown in 0-30 day column relate to pre-petition contracts which are subject to rejection. | |
(3) | Amount shown in 0-30 day column relates to licensed technologies not sold and will be referred to Licensor for potential payment. |
In re Vion Pharmaceuticals, Inc. | Case No.: 09-14429 (CSS) | |
Debtor | Reporting Period: February 2010 |
MOR-5 — ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
The Debtor did not have any accounts receivable during the period.
MOR-5 — TAXES RECONCILIATION AND AGING
Current | 0-30 Days | 31-60 Days | 61-90 Days | Over 90 Days | Total | |||||||||||||||||||
Total Taxes Payable | $ | 88 | $ | 88 | ||||||||||||||||||||
Total Accounts Payable(1) | $ | 323,449 | $ | 85,763 | $ | 409,212 | ||||||||||||||||||
(1) | See MOR-4 for aging of post-petition accounts payable as of 2/28/10. |
In re Vion Pharmaceuticals, Inc. | Case No.: 09-14429 (CSS) | |
Debtor | Reporting Period: February 2010 |
MOR-6 — PAYMENTS TO INSIDERS AND PROFESSIONALS
INSIDERS | ||||||||||||||
Total Paid | ||||||||||||||
Amount Paid | Post-Petition | Total Unpaid | ||||||||||||
Name | Type of Payment | for Period | To Date | Post-Petition | ||||||||||
Ann Cahill | Salary | $ | 13,274.34 | $ | 33,891.86 | $ | — | |||||||
Howard B. Johnson | Salary | 16,184.99 | ||||||||||||
Flexible spending account reimbursement | 500.00 | |||||||||||||
Commuting reimbursement | 1,164.34 | |||||||||||||
Total | 17,849.33 | 46,607.79 | — | |||||||||||
Alan Kessman | Salary | 18,878.47 | ||||||||||||
Travel reimbursement | 1,685.14 | |||||||||||||
Flexible spending account reimbursement | 3,374.69 | |||||||||||||
Total | 23,938.30 | 63,190.62 | — | |||||||||||
Ivan King | Salary | 14,439.18 | 36,695.48 | — | ||||||||||
Karen Schmedlin | Salary | 11,523.26 | 29,746.64 | |||||||||||
James Tanguay | Salary | 6,890.87 | — | |||||||||||
Vacation | 6,014.61 | |||||||||||||
Total | 12,905.48 | 23,564.10 | ||||||||||||
Total Payments to Insiders | $ | 93,929.89 | $ | 233,696.49 | $ | — | ||||||||
PROFESSIONALS | ||||||||||||||||||||
Total Paid | Total Incurred | |||||||||||||||||||
Date of Court Order | Amount | Amount Paid | Post-Petition | and Unpaid | ||||||||||||||||
Name | Authorizing Payment | Approved | for Period | to Date | Post-Petition | |||||||||||||||
Fulbright & Jaworski LLP | $ | — | $ | — | $ | 316,529 | (3) | |||||||||||||
Richards, Layton and Finger PA | — | — | 194,817 | (4) | ||||||||||||||||
Delaware Claims Agency LLC | 12/21/2009 | (1) | — | 3,027.12 | 8,573 | (5) | ||||||||||||||
Ernst & Young, LLP | 2/17 and 2/18/2010 | (2) | — | — | 57,908 | (6) | ||||||||||||||
Total Payments to Professionals | $ | — | $ | 3,027.12 | $ | 577,827 | ||||||||||||||
(1) | For approved fees and expenses, see Schedule A to the Services Agreement dated 12/8/2009 filed with Retention Application on 12/17/2009. | |
(2) | For approved fees and expenses, see Engagement Letters included in Retention Applications filed 1/4/2010 and 2/1/2010. | |
(3) | Amount represents fees and expenses billed for the period from 12/17/09-2/28/10. | |
(4) | Amounts represents fees and expenses billed for the period from 12/17/09-1/31/10 and estimated fees for 2/1-2/28/10, before applying retainer of $48,211. | |
(5) | Amount represents fees and expenses billed for the period 1/1/10-2/28/10. | |
(6) | Amount represents fees and expenses billed for the period from 12/17/09-1/31/10. |