Savient Pharmaceuticals, Inc. Plummets as Hedge Fund Claims It's Bankrupt

Savient Pharmaceuticals(SVNT_) is insolvent and its directors are greedy pigs more interested in emptying the company's dwindling cash pile into their own pockets than repaying creditors, alleges a West Coast hedge fund and Savient's largest creditor in a lawsuit filed Tuesday. Alright, I'm taking some sensationalist liberties with the exact language used by Tang Capital Partners in its legal battle against Savient management, but only just slightly. Tang Capital is asking the Delaware Court to declare Savient insolvent, stop the company from moving ahead with a planned financing, and appoint a receiver to liquidate and distribute the company's remaining assets to creditors.