secwatch / observer

8-K filed August 9, 2024, 7:59 PM ET CIK 0001008848

other material confidence high sentiment negative materiality 1.00

Acorda Therapeutics, Inc.: going-concern / distress — Acorda Therapeutics liquidation plan confirmed; equity cancelled, management replaced

Acorda Therapeutics, Inc.

Asset sale to Merz Pharmaceuticals closed July 10, 2024 for $185M.
Bankruptcy court confirmed Modified First Amended Joint Chapter 11 Plan of Liquidation on August 7, 2024.
All equity securities cancelled; shareholders receive no distributions under the plan.
CEO Ron Cohen, CFO Michael Gesser, and other directors/officers deemed resigned on effective date; liquidating trustee appointed.
Company to dissolve after filing final tax returns and certificate of dissolution.

item 1.03 item 3.03 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Peder K. Jensen

Director

Acorda Therapeutics, Inc.

Filed: August 9, 2024, 7:59 PM ET

each of Ron Cohen, M.D., Chief Executive Officer and member of the Company’s Board of Directors (the “Board”), Thomas Burns, Peder K. Jensen, M.D., John P. Kelley, Sandra Panem, Ph.D., John Varian, members of the Board, and Michael A. Gesser, Chief Financial Officer and Treasurer, Neil S. Belloff, General Counsel and Corporate Secretary, and Kerry Clem, Chief Commercial Officer will each be deemed to have resigned from their respective positions as directors and officers of the Company.

Departed

Kerry Clem

Chief Commercial Officer

Acorda Therapeutics, Inc.

Filed: August 9, 2024, 7:59 PM ET

each of Ron Cohen, M.D., Chief Executive Officer and member of the Company’s Board of Directors (the “Board”), Thomas Burns, Peder K. Jensen, M.D., John P. Kelley, Sandra Panem, Ph.D., John Varian, members of the Board, and Michael A. Gesser, Chief Financial Officer and Treasurer, Neil S. Belloff, General Counsel and Corporate Secretary, and Kerry Clem, Chief Commercial Officer will each be deemed to have resigned from their respective positions as directors and officers of the Company.

Departed

Thomas Burns

Director

Acorda Therapeutics, Inc.

Filed: August 9, 2024, 7:59 PM ET

each of Ron Cohen, M.D., Chief Executive Officer and member of the Company’s Board of Directors (the “Board”), Thomas Burns, Peder K. Jensen, M.D., John P. Kelley, Sandra Panem, Ph.D., John Varian, members of the Board, and Michael A. Gesser, Chief Financial Officer and Treasurer, Neil S. Belloff, General Counsel and Corporate Secretary, and Kerry Clem, Chief Commercial Officer will each be deemed to have resigned from their respective positions as directors and officers of the Company.

Departed

Sandra Panem

Director

Acorda Therapeutics, Inc.

Filed: August 9, 2024, 7:59 PM ET

each of Ron Cohen, M.D., Chief Executive Officer and member of the Company’s Board of Directors (the “Board”), Thomas Burns, Peder K. Jensen, M.D., John P. Kelley, Sandra Panem, Ph.D., John Varian, members of the Board, and Michael A. Gesser, Chief Financial Officer and Treasurer, Neil S. Belloff, General Counsel and Corporate Secretary, and Kerry Clem, Chief Commercial Officer will each be deemed to have resigned from their respective positions as directors and officers of the Company.

Departed

John P. Kelley

Director

Acorda Therapeutics, Inc.

Filed: August 9, 2024, 7:59 PM ET

each of Ron Cohen, M.D., Chief Executive Officer and member of the Company’s Board of Directors (the “Board”), Thomas Burns, Peder K. Jensen, M.D., John P. Kelley, Sandra Panem, Ph.D., John Varian, members of the Board, and Michael A. Gesser, Chief Financial Officer and Treasurer, Neil S. Belloff, General Counsel and Corporate Secretary, and Kerry Clem, Chief Commercial Officer will each be deemed to have resigned from their respective positions as directors and officers of the Company.

Departed

Neil S. Belloff

General Counsel and Corporate Secretary

Acorda Therapeutics, Inc.

Filed: August 9, 2024, 7:59 PM ET

each of Ron Cohen, M.D., Chief Executive Officer and member of the Company’s Board of Directors (the “Board”), Thomas Burns, Peder K. Jensen, M.D., John P. Kelley, Sandra Panem, Ph.D., John Varian, members of the Board, and Michael A. Gesser, Chief Financial Officer and Treasurer, Neil S. Belloff, General Counsel and Corporate Secretary, and Kerry Clem, Chief Commercial Officer will each be deemed to have resigned from their respective positions as directors and officers of the Company.

Departed

Ron Cohen

Chief Executive Officer

Acorda Therapeutics, Inc.

Filed: August 9, 2024, 7:59 PM ET

each of Ron Cohen, M.D., Chief Executive Officer and member of the Company’s Board of Directors (the “Board”), Thomas Burns, Peder K. Jensen, M.D., John P. Kelley, Sandra Panem, Ph.D., John Varian, members of the Board, and Michael A. Gesser, Chief Financial Officer and Treasurer, Neil S. Belloff, General Counsel and Corporate Secretary, and Kerry Clem, Chief Commercial Officer will each be deemed to have resigned from their respective positions as directors and officers of the Company.

Departed

Michael A. Gesser

Chief Financial Officer and Treasurer

Acorda Therapeutics, Inc.

Filed: August 9, 2024, 7:59 PM ET

each of Ron Cohen, M.D., Chief Executive Officer and member of the Company’s Board of Directors (the “Board”), Thomas Burns, Peder K. Jensen, M.D., John P. Kelley, Sandra Panem, Ph.D., John Varian, members of the Board, and Michael A. Gesser, Chief Financial Officer and Treasurer, Neil S. Belloff, General Counsel and Corporate Secretary, and Kerry Clem, Chief Commercial Officer will each be deemed to have resigned from their respective positions as directors and officers of the Company.

Departed

John Varian

Director

Acorda Therapeutics, Inc.

Filed: August 9, 2024, 7:59 PM ET

each of Ron Cohen, M.D., Chief Executive Officer and member of the Company’s Board of Directors (the “Board”), Thomas Burns, Peder K. Jensen, M.D., John P. Kelley, Sandra Panem, Ph.D., John Varian, members of the Board, and Michael A. Gesser, Chief Financial Officer and Treasurer, Neil S. Belloff, General Counsel and Corporate Secretary, and Kerry Clem, Chief Commercial Officer will each be deemed to have resigned from their respective positions as directors and officers of the Company.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Acorda Therapeutics, Inc. entered chapter 11 in United States Bankruptcy Court for the Southern District of New York (petition 2024-04-01).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Southern District of New York
Petition: 2024-04-01

Exact text from the filing

On April 1, 2024, the Company, together with certain of its subsidiaries (together with the Company, the “Debtors”), commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code (the “Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Court”) under the caption In re Acorda Therapeutics, Inc., et al. (the “Chapter 11 Proceedings”).

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Peder K. Jensen resigned as Director at Acorda Therapeutics, Inc..

Action: resigned
Role: Director

Exact text from the filing

each of Ron Cohen, M.D., Chief Executive Officer and member of the Company’s Board of Directors (the “Board”), Thomas Burns, Peder K. Jensen, M.D., John P. Kelley, Sandra Panem, Ph.D., John Varian, members of the Board, and Michael A. Gesser, Chief Financial Officer and Treasurer, Neil S. Belloff, General Counsel and Corporate Secretary, and Kerry Clem, Chief Commercial Officer will each be deemed to have resigned from their respective positions as directors and officers of the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Kerry Clem resigned as Chief Commercial Officer at Acorda Therapeutics, Inc..

Action: resigned
Role: Chief Commercial Officer

Exact text from the filing

each of Ron Cohen, M.D., Chief Executive Officer and member of the Company’s Board of Directors (the “Board”), Thomas Burns, Peder K. Jensen, M.D., John P. Kelley, Sandra Panem, Ph.D., John Varian, members of the Board, and Michael A. Gesser, Chief Financial Officer and Treasurer, Neil S. Belloff, General Counsel and Corporate Secretary, and Kerry Clem, Chief Commercial Officer will each be deemed to have resigned from their respective positions as directors and officers of the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Thomas Burns resigned as Director at Acorda Therapeutics, Inc..

Action: resigned
Role: Director

Exact text from the filing

each of Ron Cohen, M.D., Chief Executive Officer and member of the Company’s Board of Directors (the “Board”), Thomas Burns, Peder K. Jensen, M.D., John P. Kelley, Sandra Panem, Ph.D., John Varian, members of the Board, and Michael A. Gesser, Chief Financial Officer and Treasurer, Neil S. Belloff, General Counsel and Corporate Secretary, and Kerry Clem, Chief Commercial Officer will each be deemed to have resigned from their respective positions as directors and officers of the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Sandra Panem resigned as Director at Acorda Therapeutics, Inc..

Action: resigned
Role: Director

Exact text from the filing

each of Ron Cohen, M.D., Chief Executive Officer and member of the Company’s Board of Directors (the “Board”), Thomas Burns, Peder K. Jensen, M.D., John P. Kelley, Sandra Panem, Ph.D., John Varian, members of the Board, and Michael A. Gesser, Chief Financial Officer and Treasurer, Neil S. Belloff, General Counsel and Corporate Secretary, and Kerry Clem, Chief Commercial Officer will each be deemed to have resigned from their respective positions as directors and officers of the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

John P. Kelley resigned as Director at Acorda Therapeutics, Inc..

Action: resigned
Role: Director

Exact text from the filing

each of Ron Cohen, M.D., Chief Executive Officer and member of the Company’s Board of Directors (the “Board”), Thomas Burns, Peder K. Jensen, M.D., John P. Kelley, Sandra Panem, Ph.D., John Varian, members of the Board, and Michael A. Gesser, Chief Financial Officer and Treasurer, Neil S. Belloff, General Counsel and Corporate Secretary, and Kerry Clem, Chief Commercial Officer will each be deemed to have resigned from their respective positions as directors and officers of the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Neil S. Belloff resigned as General Counsel and Corporate Secretary at Acorda Therapeutics, Inc..

Action: resigned
Role: General Counsel and Corporate Secretary

Exact text from the filing

each of Ron Cohen, M.D., Chief Executive Officer and member of the Company’s Board of Directors (the “Board”), Thomas Burns, Peder K. Jensen, M.D., John P. Kelley, Sandra Panem, Ph.D., John Varian, members of the Board, and Michael A. Gesser, Chief Financial Officer and Treasurer, Neil S. Belloff, General Counsel and Corporate Secretary, and Kerry Clem, Chief Commercial Officer will each be deemed to have resigned from their respective positions as directors and officers of the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Ron Cohen resigned as Chief Executive Officer at Acorda Therapeutics, Inc..

Action: resigned
Role: Chief Executive Officer

Exact text from the filing

each of Ron Cohen, M.D., Chief Executive Officer and member of the Company’s Board of Directors (the “Board”), Thomas Burns, Peder K. Jensen, M.D., John P. Kelley, Sandra Panem, Ph.D., John Varian, members of the Board, and Michael A. Gesser, Chief Financial Officer and Treasurer, Neil S. Belloff, General Counsel and Corporate Secretary, and Kerry Clem, Chief Commercial Officer will each be deemed to have resigned from their respective positions as directors and officers of the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Michael A. Gesser resigned as Chief Financial Officer and Treasurer at Acorda Therapeutics, Inc..

Action: resigned
Role: Chief Financial Officer and Treasurer

Exact text from the filing

each of Ron Cohen, M.D., Chief Executive Officer and member of the Company’s Board of Directors (the “Board”), Thomas Burns, Peder K. Jensen, M.D., John P. Kelley, Sandra Panem, Ph.D., John Varian, members of the Board, and Michael A. Gesser, Chief Financial Officer and Treasurer, Neil S. Belloff, General Counsel and Corporate Secretary, and Kerry Clem, Chief Commercial Officer will each be deemed to have resigned from their respective positions as directors and officers of the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

John Varian resigned as Director at Acorda Therapeutics, Inc..

Action: resigned
Role: Director

Exact text from the filing

each of Ron Cohen, M.D., Chief Executive Officer and member of the Company’s Board of Directors (the “Board”), Thomas Burns, Peder K. Jensen, M.D., John P. Kelley, Sandra Panem, Ph.D., John Varian, members of the Board, and Michael A. Gesser, Chief Financial Officer and Treasurer, Neil S. Belloff, General Counsel and Corporate Secretary, and Kerry Clem, Chief Commercial Officer will each be deemed to have resigned from their respective positions as directors and officers of the Company.

View on SEC.gov

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Source: SEC EDGAR

accession 0000950170-24-094382

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