sec document
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(AMENDMENT NO. 3)1
ELITE PHARMACEUTICALS,INC.
--------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE
--------------------------------------------------------------------------------
(Title of Class of Securities)
28659T200
--------------------------------------------------------------------------------
(CUSIP Number)
THOMAS J. FLEMING, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
505 Park Avenue
New York, New York 10022
(212) 753-7200
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
August 29, 2002
--------------------------------------------------------------------------------
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule
13G to report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box |_|.
Note. Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. See Rule 13d-7
for other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 16 Pages)
--------
1 The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall
not be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
-------------------------- ---------------------------
CUSIP No. 28659T200 13D Page 2 of 16 Pages
-------------------------- ---------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BRIDGE VENTURES, INC.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
FLORIDA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 369,970(1)
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
369,970(1)
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
369,970(1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a) 284,720 shares of Common Stock and (b) 85,250 shares
of Common Stock issuable upon the exercise of warrants.
-------------------------- ---------------------------
CUSIP No. 28659T200 13D Page 3 of 16 Pages
-------------------------- ---------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SMACS HOLDING CORP.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
FLORIDA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 121,000(1)
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
121,000(1)
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
121,000(1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a) 46,000 shares of Common Stock and (b) 75,000 shares
of Common Stock issuable upon the exercise of warrants.
-------------------------- ---------------------------
CUSIP No. 28659T200 13D Page 4 of 16 Pages
-------------------------- ---------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BRIDGE VENTURES, INC. EMPLOYEE PENSION PLAN
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
FLORIDA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 102,200(1)
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
102,200(1)
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
102,200(1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
EP
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a) 92,200 shares of Common Stock and (b) 10,000 shares
of Common Stock issuable upon the exercise of warrants.
-------------------------- ---------------------------
CUSIP No. 28659T200 13D Page 5 of 16 Pages
-------------------------- ---------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
HARRIS FREEDMAN
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 492,970(1)
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
102,200(2)
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
492,970(1)
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
102,200(2)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
595,170(1)(2)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a) 2,000 shares of Common Stock, (b) 369,970 shares of
Common Stock owned by Bridge Ventures, Inc. (including 85,250 shares
of Common Stock issuable upon exercise of warrants owned by Bridge
Ventures, Inc.) and (c) 121,000 shares of Common Stock owned by
SMACS Holding Corp. (including 75,000 shares of Common Stock
issuable upon exercise of warrants owned by SMACS Holding Corp.).
(2) Consists of 102,200 shares of Common Stock owned by Bridge Ventures,
Inc. Employee Pension Plan (including 10,000 shares of Common Stock
issuable upon exercise of warrants owned by Bridge Ventures, Inc.
Employee Pension Plan).
-------------------------- ---------------------------
CUSIP No. 28659T200 13D Page 6 of 16 Pages
-------------------------- ---------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SHARON WILL
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 240,800(1)
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
240,800(1)
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
240,800(1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a) 7,500 shares of Common Stock, (b) 217,500 shares of
Common Stock owned by Saggi Capital Corp. (including 110,000 shares
of Common Stock issuable upon exercise of warrants owned by Saggi
Capital Corp.), (c) 7,450 shares of Common Stock owned by Saggi
Capital Corp. Money Purchase Plan, and (d) 8,350 shares of Common
Stock owned by Saggi Capital Corp. Profit Sharing Plan.
-------------------------- ---------------------------
CUSIP No. 28659T200 13D Page 7 of 16 Pages
-------------------------- ---------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SAGGI CAPITAL CORP.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 217,500(1)
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
217,500(1)
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
217,500(1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a) 107,500 shares of Common Stock and (b) 110,000
shares of Common Stock issuable upon the exercise of warrants.
-------------------------- ---------------------------
CUSIP No. 28659T200 13D Page 8 of 16 Pages
-------------------------- ---------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SAGGI CAPITAL CORP. MONEY PURCHASE PLAN
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 7,450
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
7,450
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
7,450
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
EP
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-------------------------- ---------------------------
CUSIP No. 28659T200 13D Page 9 of 16 Pages
-------------------------- ---------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SAGGI CAPITAL CORP. PROFIT SHARING PLAN
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK
--------------------------------------------------------------------------------
UMBER OF 7 SOLE VOTING POWER
SHARES
NEFICIALLY 8,350
OWNED BY
EACH
EPORTING
RSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
8,350
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
8,350
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
EP
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-------------------------- ---------------------------
CUSIP No. 28659T200 13D Page 10 of 16 Pages
-------------------------- ---------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
MICHAEL H. FREEDMAN
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 23,500(1)
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
23,500(1)
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
23,500(1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a) 18,500 shares of Common Stock and (b) 5,000 shares
of Common Stock issuable upon the exercise of warrants.
-------------------------- ---------------------------
CUSIP No. 28659T200 13D Page 11 of 16 Pages
-------------------------- ---------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
THE ELITE VALUE COMMITTEE
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 859,470(1)
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
859,470(1)
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
859,470(1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (a) 2,000 shares of Common Stock owned by Harris
Freedman, (b) 369,970 shares of Common Stock owned by Bridge
Ventures, Inc. (including 85,250 shares of Common Stock issuable
upon exercise of warrants owned by Bridge Ventures, Inc.), (c)
121,000 shares of Common Stock owned by SMACS Holding Corp.
(including 75,000 shares of Common Stock issuable upon exercise of
warrants owned by SMACS Holding Corp.), (d) 102,200 shares of Common
Stock owned by Bridge Ventures, Inc. Employee Pension Plan
(including 10,000 shares of Common Stock issuable upon exercise of
warrants owned by Bridge Ventures, Inc. Employee Pension Plan), (e)
7,500 shares of Common Stock owned by Sharon Will, (f) 217,500
shares of Common Stock owned by Saggi Capital Corp. (including
110,000 shares of Common Stock issuable upon exercise of warrants
owned by Saggi Capital Corp.), (g) 7,450 shares of Common Stock
owned by Saggi Capital Corp. Money Purchase Plan, (h) 8,350 shares
of Common Stock owned by Saggi Capital Corp. Profit Sharing Plan,
and (i) 23,500 shares of Common Stock owned by Michael H. Freedman
(including 5,000 shares of Common Stock issuable upon exercise of
warrants owned by Michael H. Freedman).
-------------------------- ---------------------------
CUSIP No. 28659T200 13D Page 12 of 16 Pages
-------------------------- ---------------------------
The following constitutes Amendment No. 3 ("Amendment No. 3") to the
Schedule 13D filed by the undersigned. This Amendment No. 3 amends and restates
the Schedule 13D as specifically set forth below.
Item 4 is hereby amended to add the following:
On August 29, 2002, Harris Freedman delivered a letter to the Issuer
requesting the Issuer to provide a list of record holders of the Issuer's Common
Stock or mail the Committee's Consent Solicitation Statement to such security
holders pursuant to Rule 14a-7 of the Securities Exchange Act of 1934, as
amended. A copy of the letter is attached as an exhibit hereto and incorporated
herein by reference.
Item 7 is hereby amended to add the following exhibit:
3. Letter from Harris Freedman to Elite Pharmaceuticals,
Inc. dated August 29, 2002.
-------------------------- ---------------------------
CUSIP No. 28659T200 13D Page 13 of 16 Pages
-------------------------- ---------------------------
SIGNATURES
After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: August 29, 2002 BRIDGE VENTURES, INC.
By: /s/ Harris Freedman
------------------------------
Harris Freedman, Secretary
SMACS HOLDING CORP.
By: /s/ Harris Freedman
------------------------------
Harris Freedman, Secretary
BRIDGE VENTURES, INC.
EMPLOYEE PENSION PLAN
By: /s/ Harris Freedman
------------------------------
Harris Freedman, Trustee
/s/ Harris Freedman
------------------------------
HARRIS FREEDMAN
SAGGI CAPITAL CORP.
By: /s/ Sharon Will
------------------------------
Sharon Will, President
SAGGI CAPITAL CORP.
MONEY PURCHASE PLAN
By: /s/ Sharon Will
------------------------------
Sharon Will, Trustee
SAGGI CAPITAL CORP.
PROFIT SHARING PLAN
By: /s/ Sharon Will
------------------------------
Sharon Will, Trustee
/s/ Sharon Will
----------------------------------
SHARON WILL
/s/ Michael H. Freedman
----------------------------------
MICHAEL H. FREEDMAN
-------------------------- ---------------------------
CUSIP No. 28659T200 13D Page 14 of 16 Pages
-------------------------- ---------------------------
EXHIBIT INDEX
Exhibit Page
------- ----
1. Joint Filing Agreement dated August 5, 2002 (previously
filed).
2. Letter from Harris Freedman to Elite Pharmaceuticals, Inc.
dated August 5, 2002 (previously filed).
3. Letter from Harris Freedman to Elite Pharmaceuticals, Inc.
dated August 29, 2002. 15-16
-------------------------- ---------------------------
CUSIP No. 28659T200 13D Page 15 of 16 Pages
-------------------------- ---------------------------
HARRIS FREEDMAN
1241 Gulf of Mexico Drive
Longboat Key, Florida 34228
August 29, 2002
Elite Pharmaceuticals, Inc.
165 Ludlow Avenue
Northvale, New Jersey 07647
Attn: Corporate Secretary
Dear Sir or Madam:
Harris Freedman (the "Shareholder") is the beneficial holder of
595,170 shares (at least 1,000 shares of which are held of record) of common
stock, $0.10 par value (the "Common Stock"), of Elite Pharmaceuticals, Inc., a
Delaware corporation (the "Company"), as of the close of business on August 29,
2002.
The Shareholder hereby requests, pursuant to Rule 14a-7 of the
Securities Exchange Act of 1934, as amended ("Exchange Act"), that the Company
provide, within five business days of receipt of this letter, a complete record
or list of the holders of shares of Common Stock, certified by its transfer
agent(s) and/or registrar(s), showing the name, address and number of shares
registered in the name of each such holder, as of August 5, 2002 (the "Record
Date"), the record date established for the purpose of soliciting written
consents of the shareholders of the Company to, among other things, remove and
replace the members of the Company's Board of Directors.
If the Company refuses this request, then the Shareholder requests
that the Company, pursuant to Rule 14a-7(b)(2) of the Exchange Act, mail copies
of the Shareholder's solicitation materials, to be furnished to the Company by
the Shareholder, to the persons designated in the preceding paragraph who hold
1000 or more shares of Common Stock as of the Record Date.
The Company shall notify the Shareholder within five business days
of its election to either provide the Shareholder with the information set forth
above, or to mail solicitation materials on the Shareholder's behalf. If the
Company elects to mail solicitation materials on the Shareholder's behalf, then
the Company shall provide the Shareholder with the estimated costs of such
mailing.
The Shareholder will bear the reasonable expenses incurred by the
Company from the production of the information demanded, or from mailing the
Shareholder's solicitation materials.
Please immediately advise Thomas J. Fleming of Olshan Grundman Frome
Rosenzweig & Wolosky LLP at (212) 753-7200, as to the Company's intentions
regarding this matter.
/s/ Harris Freedman
-------------------
Harris Freedman
-------------------------- ---------------------------
CUSIP No. 28659T200 13D Page 16 of 16 Pages
-------------------------- ---------------------------
State of New York )
) ss:
County of New York )
HARRIS FREEDMAN, being sworn, states:
1. I executed the foregoing letter for the purpose of enabling me
to solicit and communicate with the Company's shareholders to
take the following actions (the "Proposals"):
(A) Removal of three present members of the Company's
Board of Directors without cause, Donald S.
Pearson, Harmon Aronson and Eric L. Sichel and any
person or persons elected to the Board to fill any
vacancy arising since the last annual meeting of
stockholders or any newly created directorships;
and
(B) Election of Harris Freedman, Sharon Will and
Michael H. Freedman to the Board of Directors to
fill the newly created vacancies on the Board, and
to serve until their respective successors are
duly elected and qualify.
2. I will not use the list information for any purpose other than
to solicit and communicate with security holders with respect
to the Company's intended consent revocation solicitation in
opposition to the solicitation of consents in favor of the
Proposals.
3. I will not disclose such information to any person other than
myself and to my employees and agents, to the extent necessary
to effectuate the communication and solicitation.
/s/ Harris Freedman
-------------------
Harris Freedman
Subscribed and sworn to before me
this 29th day of August, 2002.
/s/ Michael H. Freedman
-----------------------
Notary Public
My commission expires:_____________________