Wednesday, July 05, 2023 1:57:44 PM
First, any outside objective observer would be concerned if not disturbed about Nasrat's obvious conflicts of interest. Mikah is a big issue now but it gets more complicated in the future and could cause a myriad of problems for a potential buyout or uplisting. The rapid turnover of CFO's does nothing to alleviate the concern about a CEO with conflicting fiduciary duties. In conference calls, it says a lot when he refuses to take live questions and then attacks submitted questions instead of answering them.
Second, the post ignores Hakim's history with long term shareholders. He sold us a picnic basket full of turd sandwiches and used his buddies at Epic to hide it from shareholders. He followed it up with a craptacular dessert in the form of trimipramine. His proceeds from these ANDAs represent the large majority of his ownership but not a significant revenue stream for shareholders. Longs were diluted hundreds of millions of shares to pay him off for his bargain bin of castaway drugs. It was never a good deal for longs and never meant to be.
Third, the post forgets why we ever needed SunGen in the first place. After Epic failed to market any of the drugs we paid hundreds of millions of shares for, longs were further diluted to develop a line of generic opioids. The approvals of Norco and Percocet were the most important and potentially lucrative ANDA's in the company's history, but instead of marketing them and rejuvenating the company, they were neglected and sold for pennies on the dollar. Starved of revenue, the company was forced to seek outside capital. Had our own assets been properly utilized, the company would have been able to fund its own R&D without SunGen, Epic, or anyone else.
Finally, the post has a fairly lopsided perspective of the Adderall transaction. If it was so important for Elite to own the assets, then Hakim should have negotiated the best deal possible and done whatever was necessary to raise the cash for Elite. Apparently, he didn't know anyone willing to invest in Elite, including himself. Instead of hard-nosed negotiating on behalf of Elite, he scooped us and took the sweet deal on a distressed asset all for himself. Where would Elite be if we were also receiving the Mikah half of the Adderall profits all this time? We could have paid off a promissory note multiple times by now. IMO, this week's conference call makes it seem highly doubtful Elite will ever acquire Mikah's half of the Adderalls.
A whole lot of facts have to be ignored in order to think this guy is a savior to investors.
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#FreeSequestOx
#FreeTacoForShareholders
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