Elite Pharmaceuticals Inc (ELTP)

[WeeZuhl]

Good morning meschcan,

Nasrat is an investor and he took a path to have the most ROI for him and Elite. 50/50. Elite didn't have money at that time so in fact he could buy the whole Adderall if he wanted. Anyway, you like it or not, it is LEGAL and it is what it is and you CAN'T do anything about it.

I noticed you've posted this type of message several times, and I think it is important to provide a rebuttal. You very nicely describe Nasrat's pursuit of pharmaceutical profits for himself as an investor, and that in itself is a breach of his fiduciary duty to Elite and its shareholders. On a transactional level, every time Mikah records a profit in a business deal with Elite, it is a breach of Hakim's fiduciary duty to Elite and its shareholders. When he scooped the company and bought the distressed ANDA assets from SunGen for himself, it was a breach of his fiduciary duty to shareholders. Even if you buy his argument that he was simply too lazy and unmotivated to arrange financing for the company, what barriers remain at this time? The deal is in place, the cash is in hand, yet Mikah continues to profit at the expense of Elite. This is an ongoing, active breach of fiduciary duty to Elite's shareholders.

You can google whatever links you need in order to better understand that Hakim's fiduciary duty to shareholders is a LEGAL obligation. It is not a suggestion or a matter of ethics, it is a matter of law. FACT: When Mikah profits at the expense of Elite, it is against the law. I've pointed out many times that there are easy ways he could at least simulate an arm's length transaction by using neutral third parties, but he never does. Mikah ALWAYS gets the better end of the deal. If Mikah still owns Adderall at the time of the Elite buyout, it will be for only one reason. It will be because Hakim wants to use it to screw shareholders and get more than his fair share of the total buyout. You might be right, meschcan, that there is nothing we can do about it- for now. But! I am advised that if Hakim ever attempts to sell the Adderalls to a third party, then at that time there will be multiple class-action lawsuits actively recruiting for plaintiffs, and those suits will eventually be consolidated into a single class-action suit. That class action will be about more than just disrupting his private sale of Adderall, it will be about clawing back every dollar of profit Mikah ever made from Elite, up to and including the original 13 ANDA's. In other words, the class action lawsuit will demand that he return any ELTP shares that he acquired as a result of a non-arm's length transaction between Mikah and Elite, which is a very large percentage of his ownership.

So, in summary, Hakim's Mikah shenanigans are in fact illegal, and there are remedies that will be available to shareholders, when the time is right. To this day Mr. Hakim continues to fail to honor his fiduciary duty to Elite shareholders. He can fix this now by using a neural third party to oversee a fair deal for both parties and then dissolve Mikah for real and forever. The longer he continues to choose personal profit over fiduciary duty, the worse it looks for him. Elite shareholders will hold him accountable for his entire tenure 2013-current. I am not a lawyer. Shareholders should seek their own advice.

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