Replies to post #380051 on Elite Pharmaceuticals Inc (ELTP)

[jour_trader]

Sucks for Elite. Since Lannett has no future relationship with Elite, they will not be given any sort of priority to be paid. Crappy situation for Elite and this should be called out as a subsequent event or Management notes in the 10K as a risk.

[The ELTP King]

Amazing news for Elite.

1. We got rid of Lannett on April 1 who has now filed for bankruptcy. Perfect timing.

2. Elite is Lannett's priority and they will pay us in full and on time as if nothing even happened to them.

"Commencing our Chapter 11 cases is an important step toward strengthening our financial position, and we intend to move through this process quickly and without disruption for our customers and partners."

"Lannett is expected to operate in the ordinary course of business through the Chapter 11 process. The RSA and the Prepackaged Plan provide for vendors, employees, and other partners to be paid in the ordinary course of business for obligations incurred prior to and after the commencement of the Chapter 11 cases. The Company has sufficient liquidity to operate its businesses, including the payment of all such obligations."