Elite Pharmaceuticals Inc (ELTP)

[WeeZuhl]

The licensing agreement dated 6/10/21 you posted on the LCI site was very interesting. It was signed by NH on behalf of Mikah and by Marc Bergman CFO on behalf of Elite.

Right, and before Marc Bregman it was Carter Ward who signed on behalf of Elite, while Nasrat signed on behalf of Mikah. Why? Why doesn't Nasrat just sign for both sides? Because everybody (EVERYBODY!) understands that it would be an obvious conflict of interest. You can't sign both sides of a business contract because corporate self-dealing is illegal in many cases and unethical in most. The concept that there is no conflict as long as the two entities are not in direct competition is ludicrous and easily refuted with a simple google search of "self dealing conflict of interest."

Remember, if Nasrat's true goal in purchasing the Adderall ANDA's from SunGen was to acquire and protect the assets for Elite, then he could have just negotiated the best deal for the distressed assets and loaned the money to the Elite, just like he did for the original 13 "merged" ANDA's and the subsequent trimipramine ANDA. The reason he couldn't do this is because Mikah is used to launder ANDA's, and those ANDA's needed to go through that private "black box," where the true costs are hidden from Elite's public shareholders.

Just like Walter White in Breaking Bad bought a carwash to launder the proceeds from his amphetamine business, Mikah is Nasrat's carwash. The ANDA's go in one end of Mikah as low cost, low value divesture orphans with a discrete price tag and receipts, and then the freshly-laundered ANDA comes out the other end of Mikah (the ass end) as high-cost, high-value, top-secret *potential* revenue-generating portfolio, with a sale price set by Nasrat on one side and negotiated by Nasrat on the other side. Remember, the original ANDA's were kept secret from shareholders, and there was even a sham Epic distribution agreement that seemed to provide cover and make it appear as if they had value. As shareholders learned much, much later, 5 of the 13 were for one drug (phenetermine) and Epic it seemed never had any intention to do anything with any of those drugs. The ANDA carwash came alive again for trimipramine, another divestiture orphan with no value for any other company, except for Mikah. Ask yourself, how did Mikah make $2 million off an ancient ANDA that not one other pharma company was willing to buy? (Hint: it required a thorough laundering and then Nasrat sitting on both ends of the negotiating table.)

Does anyone really believe Nasrat Hakim did not personally profit by millions of dollars from the sale of Mikah's barely-deodorized ANDA's to Elite shareholders? Does anyone really believe Nasrat Hakim will not try to extract millions of dollars more in personal profit from Elite shareholders for Adderall? I agree 100% with what Jour Trader posted: Nasrat should sell these ANDA's to Elite less any split payments he has already received. If he profits even $1 then he has violated his fiduciary duty to shareholders, period. A neutral third party could insure a fair, arm's length deal for shareholders, and if he doesn't use one, then everybody (EVERYBODY!) knows exactly why. Mikah is Nasrat's carwash.

.