Elite Pharmaceuticals Inc (ELTP)

[WeeZuhl]

Let Nasrat Hakim run the show - buy some popcorn and watch your investment grow!!!

Right, just like I've been watching it grow for the past 8 years. My investment has finally grown back to it's 2016 level. Hakim's show has been marked by monumental failures of his own making and only moderate successes that required a lot of help. Throughout his entire tenure he has ignored his fiduciary duty to Elite shareholders and repeatedly favored himself in a series of unfair self-deals with Mikah. He charged us $10,000,000 for a rag tag collection of ANDA's that weren't worth half a million dollars on their best day. To hide the malfeasance, he then parked those ANDA's with his BUSINESS PARTNERS at Epic and proceeded to blame THEM for doing nothing. He lied to shareholders and the whole world in a press release that claimed SequestOx was bio-equivalent with comparator, when he very well knew it was very far from bio-equivalent under fed conditions. It was a billion dollar lie, and shareholders had to be told about it by the FDA in a CRL. He hyped the 3 buckets incessantly, and then he sold off the generic opioids nearly as soon as they were approved. He starved the company of revenue, and then claimed to be the savior by overcharging us 100X for toxic trimipramine, which Mikah acquired long after Hakim told shareholders and the SEC that Mikah had wound down operations. When Elite had the opportunity to acquire full ownership of the their flagship Adderall ANDAs, Hakim couldn't be bothered to arrange a deal on behalf of shareholders. Instead, he made the deal for himself, and it has been a very lucrative deal for Mikah and Hakim personally. But the Adderall profit splits are only a drop in the bucket compared to what he intends to get for these ANDA's. When it finally comes time for a buyout, he will make a secret side deal for these properties that will make him fabulously wealthy. Whatever slimy second tier company is willing to deal with him, they will gladly make an overly generous secret deal for Mikah in exchange for a massive discount for public Elite. Hakim gets the gold saying "None of your business" while shareholders sit and wonder what happened to our payout.

I will never understand why shareholders show such incredible deference to a self-interested mediocre CEO like Hakim, but I for one think he's gotten rich enough off the backs of Elite shareholders. It's time for him to do the right thing and extract Mikah entirely from Elite. We need a neutral mediator to simulate an arm's length transaction, and we need to buy out Mikah immediately. Whatever the cost, today is the cheapest it will ever be. Tomorrow it gets more expensive and every day thereafter it gets harder and costs more to do. If we continue to kick the can down the road until the buyout, then Hakim will get his secret side deal for Mikah, and Elite shareholders will get screwed yet again. Fiduciary duty be damned. This is the Mikah Tax we will all pay at buyout if we don't force Mikah out now. All one has to do is look at Hakim's history with Mikah and Elite shareholders, and it becomes obvious what his intentions are for Mikah and Adderall.

Stop making excuses for a man who has screwed you over multiple times. Flick the tick, repeal the Mikah Tax now.

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