According to a VPNA (Valeant Pharmaceuticals North America) invoice to R&O, invoices are due in 30 days. See Exhibit E from VPNA’s counterclaim*.
According to the same counterclaim against R&O, “[…] R&O had 45 days in which to pay for the Valeant medications”. See page 9 of “VRX Counterclaim.pdf” available here.
So is it 30 or 45? If it is 30, then VPNA may lose a lot of credibility in court. As well, the timing affects the timeline of events. R&O (or Philidor?) stopped sending out drugs on August 31, the same day that Russell Reitz’s lawyer wrote a scathing letter to Isolani. From the VPNA version of events, August 31 is 45+1 days after the last payment was received from R&O. If VPNA’s credit terms are 30 days, then it is curious that the company continued to send drugs to R&O (or Philidor?) even after its credit terms were breached. Recall that VPNA’s own Exhibit E states “TERMS: Due in 30 Days”.
EDIT (11/4/2015): This post has been edited extensively because I didn’t realize that the example invoice from my original post was from VPNA’s own counterclaim.
Example invoice (Exhibit E from VPNA’s counterclaim):
*The example invoice in this blog post is Exhibit E from VPNA’s counterclaim. To view the original documents, sign up for PACER. ICJI has a tutorial for using PACER. To reduce your PACER usage costs (you can pretty much get PACER access for free), use the Recap plugin for Firefox and Chrome. Counterclaim exhibits are here (login required). The history/documents listing is here (again, login required).
**Sidenote: The Skeptic 21 on Twitter points out that the customer numbers are different for R&O in the “bill to” versus “ship to”.
*Disclosure: No position in VRX.
**It is possible that VPNA changed its credit terms after April 2015.