Elite Pharmaceuticals Inc (ELTP)

[WeeZuhl]

Another CFO bites the dust.

I wish I could get away from Nasrat as easily as every CFO. The most likely explanation for the revolving door of CFOs is that the CEO is trying to make them sign off on things that are either unethical or illegal or both. What else would cause such rapid turnover? And I’m sure he treats the concerns of his CFO’s with the exact same disdain and dismissiveness as he treats shareholders’ concerns during conference calls. Professionals with qualified credentials do not have to tolerate his disrespectful attitude.

Shareholders are stuck with the outrageous behavior of this rogue CEO, but CFO’s can give him the middle finger and leave. The fact that this has happened multiple times in such a short period is indicative that the CEO is as big of an obstinate ass as he appears to be, probably bigger. If I could get away from him by simply typing up a letter, I would do it in a second. I’ve said it before and I’ll say it again: the introduction of Nasrat Hakim as CEO was the worst thing that ever happened for regular shareholders of ELTP.

Thanks for the promissory note, jerk. Why was that not possible when it was time to buy the assets from SunGen? Instead he bought the assets for himself so the millions of dollars flows into his account instead of ours, and now we are supposed to be grateful he is using that money to loan us $3 million at 9%. Why pay the bank loan back early instead of buying the Adderall ANDAs from Mikah? Instead of paying off and acquiring our critical assets from Mikah, we take another $3 million dollar loan from them? Whose interest does that serve? Did the bank quit Nasrat the same as every CFO?

Mikah is like the engorged tick I removed from our dog, except Nasrat Hakim is more worried about the parasite than the dog.

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