Replies to post #342244 on Elite Pharmaceuticals Inc (ELTP)

[imanjen13]

The man put up $3M of his own money to keep the profit sharing plan for the Adderall products away from another company. It would not have been in the best interest of Elite for a competing generic to own a piece of the largest revenue maker in the company's history.

It was surprising to hear Carter inform the shareholders that the cost was $3 Million. It would appear that when Elite has sufficient funds, NH will accept that sum to reimburse him, without making a profit, to guarantee strong growth for Elite from these products. This is in the best interest of the shareholders and is a win/win for NH.

[IB_]

What action is recommended to stop this ????????????????

IB_

[YJ4LIFE]

Weezuhl, I hear your concerns as well as many others here. My one question to you is... Are we going to do something about it or we’re just talking for the heck of it?

If we are going to do something about it, let’s hear your plan so maybe we, the frustrated investors can get involve. It’s not a joke and I’m being serious. Even though I still think Nasrat is doing a fine job steering the wheel, but I still question him about Mikah and his conflict of interest in the deal the with SUNGEN in regard to the ownership of Adderalls. it could have been easier for me to let it go if he could have answer that question on the CC, but he didn’t. TIA!

[The ELTP King]

Have you contacted the SEC like I have?

I'm also looking into contacting a law firm similar to the situation Elite found themselves in back in January of this year.

Enough. Enough of this bullshit. By the time Nasrat agrees to let Elite have these ANDA's, he will inflate the price to $30M+. He will accept a promissory note for the amount with 10% interest for multiple years. He will eventually get $50-$100M in ELTP shares for these two ANDA's that cost him $3M. Meanwhile, Elite shareholders will continue to experience substantial dilution at historically-low share prices. He will continue to fleece Elite shareholders by using Mikah as a secrecy shield. If he's willing to accept a $1.2M promissory note for trimipramine, why not accept a $3M promissory for the Adderalls now? The only reason is because it doesn't suit Nasrat's personal needs and desires. When he places his private company ahead of Elite shareholders, it is a direct violations of his fiduciary responsibilities to Elite.