-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LtogpS7rIVloTZXb7Bde/bdG7XdxkYnvQfuCT62lQmyssDrzltwIKKetwN71ZnyY sGUclD/9MjFF2BfS50kFCA== 0000947871-10-000110.txt : 20100216 0000947871-10-000110.hdr.sgml : 20100215 20100216143836 ACCESSION NUMBER: 0000947871-10-000110 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20100216 DATE AS OF CHANGE: 20100216 GROUP MEMBERS: ADAM USDAN GROUP MEMBERS: TRELLUS OFFSHORE FUND LIMITED GROUP MEMBERS: TRELLUS PARTNERS L.P. GROUP MEMBERS: TRELLUS PARTNERS L.P. II SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ELITE PHARMACEUTICALS INC /DE/ CENTRAL INDEX KEY: 0001053369 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 223542636 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-59693 FILM NUMBER: 10606523 BUSINESS ADDRESS: STREET 1: 165 LUDLOW AVENUE CITY: NORTHVALE STATE: NJ ZIP: 07647 BUSINESS PHONE: 2017502646 MAIL ADDRESS: STREET 1: 165 LUDLOW AVENUE CITY: NORTHVALE STATE: NJ ZIP: 07647 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Trellus Management Company, LLC CENTRAL INDEX KEY: 0001307877 IRS NUMBER: 133807183 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 350 MADISON AVENUE - 9TH FL CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 212-389-8799 MAIL ADDRESS: STREET 1: 350 MADISON AVENUE - 9TH FL CITY: NEW YORK STATE: NY ZIP: 10017 SC 13D/A 1 ss84659_sc13da.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
SCHEDULE 13D
(Amendment No. 2)
Under the Securities Exchange Act of 1934
 
ELITE PHARMACEUTICALS, INC.
(Name of Issuer)
 
Common Stock
(Title of Class of Securities)
 
28659T200 
(CUSIP Number)
 
Anthony G. Miller
Trellus Management Company, LLC
350 Madison Avenue, 9th Floor
New York, NY 10017
 212.389.8799
 
Copy to:
 
Richard Metsch, Esq.
Shearman & Sterling LLP
599 Lexington Avenue
New York, NY 10022
212.848.4000
(Name, Address and Telephone Number of Person Authorized
 to Receive Notices and Communications)
 
October 26, 2009
(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 §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box o. 
 
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.
 
* 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 (“Act”) 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).
 
 
SCHEDULE 13D
 
CUSIP No.  28659T200 
  
Page 2 of 10 Pages
         
1
NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
 
Trellus Management Company, LLC (13-3807183) (on behalf of three managed accounts)
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) x
(b) o
 
 
3
SEC USE ONLY
 
 
4
SOURCE OF FUNDS (See Instructions)
 
WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 
 
o
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
Delaware limited liability company
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
 
-0-
8
SHARED VOTING POWER
 
23,391,687
9
SOLE DISPOSITIVE POWER
 
-0-
10
SHARED DISPOSITIVE POWER
 
23,391,687
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
23,391,687
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
 
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
27.93%
14
TYPE OF REPORTING PERSON (See Instructions)
 
IA
 
 
 
 
SCHEDULE 13D
 
CUSIP No.  28659T200 
  
Page 3 of 10 Pages
         
1
NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
 
Trellus Partners, L.P.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) x
(b) o
 
 
3
SEC USE ONLY
 
 
4
SOURCE OF FUNDS (See Instructions)
 
WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 
 
o
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
 
-0-
8
SHARED VOTING POWER
 
15,725,177
9
SOLE DISPOSITIVE POWER
 
-0-
10
SHARED DISPOSITIVE POWER
 
15,725,177
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
15,725,177
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
 
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
18.78%
14
TYPE OF REPORTING PERSON (See Instructions)
 
PN
 
 
SCHEDULE 13D
 
CUSIP No.  28659T200 
  
Page 4 of 10 Pages
         
1
NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
 
Trellus Partners, L.P. II
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) x
(b) o
 
 
3
SEC USE ONLY
 
 
4
SOURCE OF FUNDS (See Instructions)
 
WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 
 
o
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
 
-0-
8
SHARED VOTING POWER
 
200,982
9
SOLE DISPOSITIVE POWER
 
-0-
10
SHARED DISPOSITIVE POWER
 
200,982
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
200,982
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
 
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
0.24%
14
TYPE OF REPORTING PERSON (See Instructions)
 
PN
 
 
SCHEDULE 13D
 
CUSIP No.  28659T200 
  
Page 5 of 10 Pages
         
1
NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
 
Trellus Offshore Fund Limited
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) x
(b) o
 
 
3
SEC USE ONLY
 
 
4
SOURCE OF FUNDS (See Instructions)
 
WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 
 
o
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
Cayman Islands
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
 
-0-
8
SHARED VOTING POWER
 
7,465,618
9
SOLE DISPOSITIVE POWER
 
-0-
10
SHARED DISPOSITIVE POWER
 
7,465,618
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
7,465,618
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
 
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
8.91%
14
TYPE OF REPORTING PERSON (See Instructions)
 
CO
 
 
SCHEDULE 13D
 
CUSIP No.  28659T200 
  
Page 6 of 10 Pages
         
1
NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 
 
Adam Usdan
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) x
(b) o
 
 
3
SEC USE ONLY
 
 
4
SOURCE OF FUNDS (See Instructions)
 
WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 
 
o
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
USA
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
 
-0-
8
SHARED VOTING POWER
 
3,391,687
9
SOLE DISPOSITIVE POWER
 
-0-
10
SHARED DISPOSITIVE POWER
 
3,391,687
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
3,391,687
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
 
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
27.93%
14
TYPE OF REPORTING PERSON (See Instructions)
 
IN
 
 
Item 1.
Security and Issuer.
 
The class of equity securities to which this statement on Schedule 13D relates is the Common Stock (the “Shares”) of Elite Pharmaceutical, Inc. (the “Issuer”), with its principal executive offices located at 165 Ludlow Avenue, Northvale, NJ 07647.
 
Item 2.
Identity and Background.
 
(a) This statement is being filed jointly by Trellus Management Company, LLC (“Trellus”), Trellus Partners, L.P., a Delaware limited partnership (“TPLP”), Trellus Partners, L.P. II, a Delaware limited partnership (“TPLPII”), Trellus Offshore Fund Limited, a Cayman Islands limited liability company (“TOF”), and Adam Usdan (each a “Reporting Person” and collectively, the “Reporting Persons”).  Trellus Management Company, LLC is the investment adviser to TPLP, TPLPII, and TOF.  Adam Usdan is the controlling principal and chief investment officer of Trellus.
 
(b) The addresses of the principal business and principal offices of each Reporting Person is 350 Madison Avenue, 9th Floor, New York, New York 10017.
 
(c) The principal business of Trellus is the offering of investment advisory services to various entities.  The principal business of each of TPLP, TPLPII, and TOF is the investing in securities.
 
(d)  None of the Reporting Persons has been, and none of their executive officers or directors has been, during the last five years, convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
 
(e) None of the Reporting Persons has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction resulting in a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding any violation with respect to such laws.
 
Anthony Miller is the chief financial officer of Trellus.  John Alderman is a principal of Trellus and a portfolio manager.  The Reporting Persons have no executive officers other than Mr. Usdan, Mr. Miller and Mr. Alderman.  TOF has a board of directors and the remaining Reporting Persons do not have Boards of Directors.  Mr. Miller has not been subject to any proceeding described in (e) above.  Adam Usdan and Anthony Miller are citizens of the United States.

Item 3.
Source and Amount of Funds or Other Consideration

Not applicable.
 
Page 7 of 10
 
Item 4.
Purpose of Transaction.
 
The Reporting Persons do not have any present plans or proposals which relate to or would result in any of the following: (i) an extraordinary corporate transaction involving the Issuer or any of its subsidiaries, (ii) a sale or transfer of a material amount of the assets of the Issuer or any of its subsidiaries, (iii) any change in the present board of directors or management of the Issuer, (iv) any material change in the Issuer’s capitalization or divided policy, (v) any other material change in the Issuer’s business or capital structure, (vi) any change in the Issuer’s charter or bylaws or other instrument corresponding thereto or other action which may impede the acquisition of control of the Issuer by any person, (vii) causing a class of the Issuer’s securities to be deregistered or delisted, (viii) a class of equity securities of the Issuer becoming eligible for termination of registration or (ix) any action similar to any of those enumerated above.
 
Page 8 of 10
 
Item 5.
Interest in Securities of the Issuer.

(a) Items 11 and 13 of the cover page for each Reporting Person is incorporated herein by reference. The calculations of the percentages in this Statement are based on the number of shares of Common Stock and preferred stock convertible into common shares as disclosed by the Issuer to the Reporting Persons.
 
(b) Items 7 - 10 of the cover page for each Reporting Person is incorporated herein by reference.

(c) During the past sixty days the Reporting Persons have engaged in the following transactions in the securities of the Issuer:
    
Between October 26, 2009 and January 15, 2010, the Reporting persons sold 4,100,100 shares of Common Stock.
 
(d) Not applicable.

(e) Not applicable.

Item 6.
Contracts, Arrangements, Understanding or Relationships With Respect to Securities of the Issuer.

None.
 
Item 7.
Materials to be Filed as Exhibits.
 
Exhibit A.  Joint Filing Agreement.
 
 
Page 9 of 10
 
Signature
 
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
 
February 16, 2009
 
    /s/ Adam Usdan  
         
    Adam Usdan  
 
 
  Trellus Management Company, LLC  
         
  By:  /s/ Anthony G. Miller  
    Name:  Anthony G. Miller  
    Title:  Chief Financial Officer  
 
 
  Trellus Partners, L.P.  
         
  By:  /s/ Anthony G. Miller  
    Name:  Anthony G. Miller  
    Title: 
Chief Financial Officer of Trellus
Company, LLC, as the General Partner
  
 
 
  Trellus Partners, L.P. II  
         
         
  By:  /s/ Anthony G. Miller  
    Name:  Anthony G. Miller  
    Title: 
Chief Financial Officer of Trellus
Company, LLC, as the General Partner
  
 
 
  Trellus Offshore Fund Limited  
         
         
  By:  /s/ Anthony G. Miller  
    Name:  Anthony G. Miller  
    Title: 
Chief Financial Officer of Trellus
Management Company, LLC, as the Investment Adviser 
 
 
 
Page 10 of 10
 
Exhibit A
 
AGREEMENT
 
We, the undersigned, hereby express our agreement that the attached Schedule 13D, dated February 16, 2009, relating to common stock of Elite Pharmaceuticals, Inc. is filed on behalf of us.
 
    /s/ Adam Usdan  
         
    Adam Usdan  
 
 
  Trellus Management Company, LLC  
         
  By:  /s/ Anthony G. Miller  
    Name:  Anthony G. Miller  
    Title:  Chief Financial Officer  
 
 
  Trellus Partners, L.P.  
         
  By:  /s/ Anthony G. Miller  
    Name:  Anthony G. Miller  
    Title: 
Chief Financial Officer of Trellus
Company, LLC, as the General Partner
  
 
 
  Trellus Partners, L.P. II  
         
         
  By:  /s/ Anthony G. Miller  
    Name:  Anthony G. Miller  
    Title: 
Chief Financial Officer of Trellus
Company, LLC, as the General Partner
  
 
 
  Trellus Offshore Fund Limited  
         
         
  By:  /s/ Anthony G. Miller  
    Name:  Anthony G. Miller  
    Title: 
Chief Financial Officer of Trellus
Management Company, LLC, as the Investment Adviser 
 
 
         
  Date:  February 16, 2009
 
 
 -----END PRIVACY-ENHANCED MESSAGE-----