Elite Pharmaceuticals Inc (ELTP)

[WeeZuhl]

Maybe, maybe not.

As an addendum, there has been No insider selling.

The real insiders here are the Epic guys, and less so, Treppel. All of them are resigned from the board long enough to avoid reporting their transactions. Other than Nasrat, no current insiders have anywhere near the number of shares these four individual hold. I have previously conjectured that one possible reason for Nasrat to convert his Preferred Shares to Common Shares is to provide cushion for some "friendly" entity to hold more shares without public reporting. "Friendly" entity in this case would be Nasrat's secret buddies in Epic Investments who gave him such a sweetheart deal for his lame generics.


140 million shares adds 7 million shares to the 5% reporting threshold. When the OS went from 711,000 to 893,000, the 5% reporting threshold went from 35 million to 44 million. This is the exact range needed to cover some of the Epic guys. For example Ashok Nigalaye owned 40,000,000 million shares in July 2015 (http://ir.elitepharma.com/profiles/investor/secDL.asp?c=1053369&ID=000146582515000003/0001465825-15-000003#LoadingArea).


The Epic guys still own millions of warrants. After Nasrat's conversion, Nigalaye could convert warrants, sell shares, or do whatever else he wants without reporting any transactions. Before Nasrat's conversion, these transactions would have been above the 5% ownership threshold and would have to be reported.


You wash my back, and I'll wash yours.