Title
Too many Deaths, Too many Overdoses
Too many Deaths, Too many Overdoses
19-23649-rdd
Honorable Robert D. Drain, United States Bankruptcy Judge:
TBD
PILLSBURY WINTHROP SHAW PITTMAN LLP
Andrew M. Troop
31 West 52nd Street
New York, New York 10019
212-858-1000
https://www.leagle.com/decision/infdco20200812d43%20
https://www.law360.com/articles/1275648/attachments/0%20
UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK
The Debtors in these cases, along with the last four digits of each Debtor’s registration number in the applicable jurisdiction,are as follows: Purdue Pharma L.P. (7484), Purdue Pharma Inc. (7486), Purdue Transdermal Technologies L.P. (1868), Purdue Pharma Manufacturing L.P. (3821), Purdue Pharmaceuticals L.P. (0034), Imbrium Therapeutics L.P. (8810), Adlon Therapeutics L.P. (6745), Greenfield BioVentures L.P. (6150), Seven Seas Hill Corp. (4591), Ophir Green Corp. (4594), Purdue Pharma of Puerto Rico (3925), Avrio Health L.P. (4140), Purdue Pharmaceutical Products L.P. (3902), Purdue Neuroscience Company (4712), Nayatt Cove Lifescience Inc. (7805), Button Land L.P. (7502), Rhodes Associates L.P. (N/A), Paul Land Inc.(7425), Quidnick Land L.P. (7584), Rhodes Pharmaceuticals L.P. (6166), Rhodes Technologies (7143), UDF L.P. (0495), SVC Pharma L.P. (5717) and SVC Pharma Inc. (4014).The Debtors’ corporate headquarters is located at One Stamford Forum, 201 Tresser Boulevard, Stamford, CT 06901.19-23649-rdd Doc 17 Filed 09/16/19 Entered 09/16/19 03:41:02 Main Document Pg 1 of 64
Comments
IntroductionI.
Purdue Pharma L.P. (“Purdue Pharma”) and its subsidiaries that are debtors in possession in theabove-captioned chapter 11 cases (collectively, “Debtors” or “Purdue”)2are pharmaceutical companies that manufacture, sell, or distribute, among other products, extended-release, long-acting, abuse-deterrent opioid pain medications. OxyContin®Extended-Release Tablets CII (“OxyContin”), Purdue Pharma’s most prominent pain medication, has been the target of over 2,600 civil actions pendingin various state and federal courtsand other foraacross the United States and its territories (“Pending Actions”). These Pending Actions name as defendants Purdue Pharma and certain ofthe other Debtors(“Defendant Debtors”), among other parties,and generally allege that the Defendant Debtors falsely and deceptivelymarketed OxyContin and opioid pain medications,and are liablefor the national opioid crisis.Unlike most debtors, the Debtors have no funded debt and no material past due trade obligations.Nordo theyhave any judgment creditors.3Nonetheless, the onslaught of lawsuits has proved unmanageable and poses a grave threat to the Debtors’ continued viability. Indeed, although the Debtors have contested–and continue to contest–their liability in the Pending Actions, continued litigation of thousands of Pending Actions to judgment and through appeals in the civil tort system will benefit no one; it will resultonlyin the financial and operational destruction of the Debtorsand the immense value they could otherwise provide,and the squanderingof hundreds of millions of dollars onlawyers’ and professionals’ fees.Purdue Pharma, the Debtors’ main operating entity, is projected to spend approximately $263million on 2legalandrelatedprofessionalcosts in 2019, the vast bulk of which is related to the litigations and government investigations,and the financial pressure resulting therefrom.Indeed,by even the narrowest measure, Purdue Pharma has spent $63 million in the first half of thisyear on costs and fees related to litigating the Pending Actions in court,and is projected to spend $121million by year end –a rate of over $2 million per week. Moreover, “Copycat” complaints are being filed against the Defendant Debtors by the day, further exacerbating an already untenable situation. Read more https://www.docketbird.com/court-documents/Purdue-Pharma-L-P/Statement-Informational-Brief-filed-by-Eli-J-Vonnegut-on-behalf-of-Purdue-Pharma-L-P/nysb-7:2019-bk-23649-00017