Savient Noteholders Can't Force Receivership, Judge Says

Law360, Wilmington (July 23, 2012, 11:16 PM EDT) -- A Delaware judge Monday squelched a bid led by Tang Capital Partners LP to force a receiver on Savient Pharmacueticals Inc., ruling the drugmaker's noteholders lacked standing to bring such a suit under the terms of the indenture.

After hearing arguments from both side Monday, Vice Chancellor Sam Glasscock III dismissed Tang Capital's primary claim, stating that the language of the indenture clearly barred noteholders from bringing a receiver motion unless certain conditions has been met.

Moreover, Tang's assertion that one of those conditions — a...
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