Elite Pharmaceuticals Inc (ELTP)

[no2koolaid]

Really? Tell your friend that when the deal was put in place, Elite had no money and could only pay Nasrat in shares. So it remains. What he makes on Mikah, in fact, is what enabled him to agree to take on an onerous task of saving a company that was on verge of Chapter 7 BK.

While I do not like everything that has transpired with Mikah, what has impacted me as a shareholder was his loan to the company, his leveraging shares to keep the company afloat, and the sale of products to Mikah and Nostrum, even if discounted, enabled Elite to keep the lights on...not a small issue, as they could not access the LPC funding (another reason to recognize the effort to put Elite out of business).

And, tell your friend that shareholders include Nasrat, and he does not want to sell for 15 cents. That would merely make him wealthier. He is going for the big bucks. That was always part of his vision and evidence of his confidence. In truth, without Mikah and Nasrat, there is no Elite to complain about.

One more thing for your friend...while I understand the psychology of the "wealth effect" and how it makes companies and people feel, it remains that only those who sold shares in ELTP have lost.