Elite Pharmaceuticals Inc (ELTP)

[paulbk]

Dem, Elite will not sue Epic. Aside from it being counter productive they are basically friendly partners that are pretty much tied together at this point. I don't, however, have an answer as to why Epic used the excuse of the Pharma lawsuit to not pay the one million dollar closing but as I stated before, as long as Elite does not need the money, that's a good thing. Maybe Epic doesn't have the million in cash, maybe they figure they have enough stock in Elite as it is, I just don't know.
If you want to look at lawsuits, examine the one between the holders of the C and D preferred against Elite. They sued to exercise their anti-dilution rights when Elite made the deal with Epic. Elite lost. Elite had to equalize the C and D investment.
My take on that is that the C and D holders were PO'ed that their share was diluted when Epic came in and suddenly owned a monster share of the company. They didn't appreciate being pushed down. I showed in a previous post how one of them, Midsummer, would have about 25 million shares now if they were not net sellers. They now have about 7 million according to their last filing.
I've concluded that the C and D holders are the ones kicking the pants off the stock pretty much out of spite. They definitely sell the shares they get for interest payments, some 10 million per quarter. That's just my take on the matter reviewing what I can see in the filings,
Good luck to you