TPTX » Topics » What is the total amount of the payments, if any, that stockholders will receive?

This excerpt taken from the TPTX DEF 14A filed Jun 19, 2009.

What is the total amount of the payments, if any, that stockholders will receive?



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Based on our current projections of operating expenses and liquidation and dissolution costs, unless we are able to sell some or all of our assets for more than the total amount of our current liabilities and obligations, we expect that our stockholders will not receive any distributions. We cannot guarantee that any of our assets will be sold or that distributions will be made. See “Proposal No. 1—Approval of the Plan of Liquidation and Dissolution—Description of the Plan of Dissolution and Dissolution Process—Liquidating Distributions; Nature; Amount; Timing.”

As of March 31, 2009, we had approximately $6.3 million of cash and cash equivalents and our total liabilities on our balance sheet were approximately $4.9 million. We expect to pay all expenses and other known liabilities and establish a contingency reserve, consisting of cash or other assets, that we believe will be adequate for the satisfaction of all current, contingent or conditional claims and liabilities, including the lawsuit pending against us. In addition to the satisfaction of our liabilities, we have used and anticipate continuing to use cash in the next several months for a number of items, including, but not limited to, the following:



ongoing operating expenses;



expenses incurred in connection with extending our directors’ and officers’ insurance coverage;



expenses incurred in connection with the liquidation and dissolution process;



severance and related costs; and



professional, legal, consulting and accounting fees.

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