Elite Pharmaceuticals Inc (ELTP)

[WeeZuhl]

as a business man that does not make any sense whats so ever!!! How about he gets what he paid for in hand first by the 50% rights and them make a sweat heart deal to elite... all win win..

"As a business man", Nasrat's first role is CEO and board member of Elite Pharmaceuticals. He has a fiduciary responsibility to Elite shareholders. There might be ways he could conduct private business in a way that does not conflict with his ethical and legal responsibilities to Elite shareholders, but so far Nasrat has ignored every single remedy available to him. He hides his self-dealing behind the Mikah shield instead of disclosing the details that are most important to Elite shareholders. It is true that every deal between Elite and Mikah has been a sweetheart deal... for Mikah. Elite shareholders get screwed over by Mikah every time.


The playbook is right there in front of you, as previously witnessed with the original 13 ANDA's and trimipramine. Same thing is happening with Adderall.

1. Inflate purchase price >10X, accept promissory note with 10% interest, due in a few years.

2. When total payment is due, accept shares.



Shareholders gave Nasrat a promissory note for $10M for 13 ANDA's worth a few hundred thousand dollars, at best. He collected interest for several years so that shareholders owed him >$13M by the time he converted to Series I Preferred. He gave himself another 79M shares for converting to Series J Preferred. This is how Nasrat turned 13 junk ANDA's into 237M shares of ELTP. Hardly a sweetheart deal for Elite shareholders. How many decent ANDA's could Elite have developed with $13M+??? Instead, we got 5 ANDA's for phentermine and a "deal" with Nasrat's partners at Epic, who took the blame for sitting on these worthless ANDA's for multiple years. Had these ANDA's been commercialized in a timely fashion, Elite shareholders would have realized much sooner how badly they had been snookered by Mikah. Nasrat's Epic partners played an important role in hiding the malfeasance of the original deal for 13 ANDA's.


Need more evidence of sweetheart deals? Look at trimipramine. Mikah paid less than $50K for this crap ANDA, probably much less. As per his usual, he hid the details behind the Mikah shield. He then inflated the price substantially and accepted a promissory note for $1.2M. Now Elite shareholders already owe him $1.6M and will owe $2M by the time Nasrat accepts shares for the total amount.


Enough. Enough of this bullshit. By the time Nasrat agrees to let Elite have these ANDA's, he will inflate the price to $30M+. He will accept a promissory note for the amount with 10% interest for multiple years. He will eventually get $50-$100M in ELTP shares for these two ANDA's that cost him $3M. Meanwhile, Elite shareholders will continue to experience substantial dilution at historically-low share prices. He will continue to fleece Elite shareholders by using Mikah as a secrecy shield. If he's willing to accept a $1.2M promissory note for trimipramine, why not accept a $3M promissory for the Adderalls now? The only reason is because it doesn't suit Nasrat's personal needs and desires. When he places his private company ahead of Elite shareholders, it is a direct violations of his fiduciary responsibilities to Elite.


Sweetheart deals, indeed.