UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)
ELITE PHARMACEUTICALS, INC.
(Name of Issuer)
COMMON STOCK, $0.01 VALUE PAR SHARE
(Title of Class of Securities)
28659T200
(CUSIP Number)
DECEMBER 31, 2006
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
|_| Rule 13d-1(b)
|X| Rule 13d-1(c)
|_| Rule 13d-1(d)
*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 the
disclosures provided in a prior cover page.
The information required in 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).
PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED IN THIS
FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A CURRENTLY VALID OMB
CONTROL NUMBER.
SEC 1745 (12-02)
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CUSIP No. 28659T200 13G Page 2 of 8 Pages
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1.
NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
MARK FAIN
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2.
CHECK THE APPROPRIATE BOX IF A GROUP* (a)
(b) |X|
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3. SEC USE ONLY
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4.
CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
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NUMBER OF 5.
SHARES SOLE VOTING POWER 213,300
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BENEFICIALLY 6.
OWNED BY SHARED VOTING POWER 1,204,570
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EACH 7.
REPORTING SOLE DISPOSITIVE POWER 213,300
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PERSON WITH: 8.
SHARED DISPOSTIVE POWER 1,204,570
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9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,204,570
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10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.9%
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12.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN
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CUSIP No. 28659T200 13G Page 3 of 8 Pages
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13.
NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
CHAD COMITEAU
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14.
CHECK THE APPROPRIATE BOX IF A GROUP* (a)
(b) |X|
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15. SEC USE ONLY
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16.
CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
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NUMBER OF 17.
SHARES SOLE VOTING POWER 219,712
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BENEFICIALLY 18.
OWNED BY SHARED VOTING POWER 1,210,982
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EACH 19.
REPORTING SOLE DISPOSITIVE POWER 219,712
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PERSON WITH: 20.
SHARED DISPOSTIVE POWER 1,210,982
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21.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,210,982
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22.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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23.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.9%
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24.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN
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CUSIP No. 28659T200 13G Page 4 of 8 Pages
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ITEM 1.
(a) Name of Issuer: ELITE PHARMACEUTICALS, INC.
(b) Address of Issuer's Principal Executive Offices: 165 LUDLOW AVENUE, NORTHVALE, NJ 07647
ITEM 2.
(a) Name of Person Filing: THIS STATEMENT IS FILED BY
MARK FAIN AND CHAD COMITEAU.
(b) Address of Principal Business Office or, if none, Residence:
THE ADDRESS OF THE PRINCIPAL BUSINESS OFFICE OF EACH OF THE
REPORTING PERSONS IS 237 PARK AVENUE, SUITE 900, NEW YORK, NY
10017
(c) Citizenship: US
(d) Title of Class of Securities: COMMON STOCK, PAR VALUE $0.01 PER SHARE
(e) CUSIP Number: 28659T200
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SS.SS.240.13D-1(B) OR
240.13D-2(B) OR (C), CHECK WHETHER THE PERSON FILING IS A:
(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C.
78o).
(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15
U.S.C. 78c).
(d) [ ] Investment company registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C 80a-8).
(e) [ ] An investment adviser in accordance with
ss.240.13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with
ss.240.13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance with ss.
240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings associations as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment Company
Act of 1940 (15 U.S.C. 80a-3);
(j) [ ] Group, in accordance with ss.240.13d-1(b)(1)(ii)(J).
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CUSIP No. 28659T200 13G Page 5 of 8 Pages
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ITEM 4. OWNERSHIP.
A. Mark Fain
(a) Amount beneficially owned: As of December 31, 2006, Mark Fain beneficially owned 1,204,570 shares of
Common Stock of Elite Pharmaceuticals, Inc., which amount includes (i)
179,967 shares beneficially owned by Mr. Fain over which he has sole
voting power and sole dispositive power; (ii) 33,333 convertible shares
beneficially owned by Mr. Fain over which he has sole voting power and
sole dispositive power; (iii) 33,000 shares beneficially owned by
Stratford Management Money Purchase Pension Plan over which Mr. Fain has
shared voting power and shared dispositive power; (iv) 808,270 shares
beneficially owed by Stratford Partners, L.P. of which Mr. Fain is a
Managing Member, and over which Mr. Fain has shared voting power and
shared dispositive power; and (v) 150,000 convertible shares beneficially
owed by Stratford Partners, L.P. over which Mr. Fain has shared voting
power and shared dispositive power.
(b) Percent of class: 5.9% beneficially owned by Mr. Fain. Calculation of percentage of beneficial
ownership is based on 20,457,000 shares of Issuer's Common Stock outstanding on
December 6, 2006 as reported by the Issuer in its Form 8-K filed
on December 12, 2006.
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote: 213,300
(ii) Shared power to vote or to direct the vote: 1,204,570
(iii) Sole power to dispose or to direct the disposition of: 213,300
(iv) Shared power to dispose or to direct the disposition of: 1,204,570
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CUSIP No. 28659T200 13G Page 6 of 8 Pages
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B. Chad Comiteau
(a) Amount beneficially owned: As of December 31, 2006, Chad Comiteau beneficially owned 1,152,712
shares of Common Stock of Elite Pharmaceuticals, Inc., which amount
includes (i) 187,047 shares beneficially owned by Mr. Comiteau over which
he has sole voting power and sole dispositive power; (ii) 32,665
convertible shares beneficially owned by Mr. Comiteau over which he has
sole voting power and sole dispositive power; (iii) 33,000 shares
beneficially owned by Stratford Management Money Purchase Pension Plan
over which he has shared voting power and shared dispositive power; (iv)
808,270 shares beneficially owed by Stratford Partners, L.P. of which Mr.
Comiteau is a Managing Member, and over which Mr. Comiteau has shared
voting power and shared dispositive power; and (v) 150,000 convertible
shares beneficially owed by Stratford Partners, L.P. over which Mr.
Comiteau has shared voting power and shared dispositive power.
(b) Percent of class: 5.9% beneficially owned by Mr. Comiteau. Calculation of percentage of beneficial
ownership is based on 20,457,000 shares of Issuer's Common Stock outstanding on
December 6, 2006 as reported by the Issuer in its Form 8-K filed
on December 12, 2006.
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote: 219,712
(ii) Shared power to vote or to direct the vote: 1,210,982
(iii) Sole power to dispose or to direct the disposition of: 219,712
(iv) Shared power to dispose or to direct the disposition of: 1,210,982
ITEM 5-9 Not Applicable
Filing of this statement by Mssrs. Fain and Comiteau shall not be deemed an
admission that they beneficially own the securities reported herein as held in
customer accounts at Stratford Partners, L.P. Mssrs. Fain and Comiteau expressly
disclaim beneficial ownership of all securities held in such customer accounts.
No single client's interest as reported in the customer accounts at Stratford
Partners, L.P. exceeds 5% of the outstanding Common Stock of the Issuer.
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CUSIP No. 28659T200 13G Page 7 of 8 Pages
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ITEM 10. CERTIFICATION
(a) The following certification shall be included if the statement is filed pursuant to ss.240.13d-1(b):
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to above
were acquired and are held in the ordinary course of
business and were not acquired and are not held for the
purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not
acquired and are not held in connection with or as a
participant in any transaction having that purpose or
effect. [X]
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CUSIP No. 28659T200 13G Page 8 of 8 Pages
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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 6, 2007
Date
/s/ Mark Fain
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Signature
Mark Fain
Name/Title
February 6, 2007
Date
/s/ Chad Comiteau
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Signature
Chad Comiteau
Name/Title
The original statement shall be signed by each person on whose behalf the
statement is filed or his authorized representative. If the statement is signed
on behalf of a person by his authorized representative other than an executive
officer or general partner of the filing person, evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement, provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any title of each person who signs the statement shall be typed or
printed beneath his signature.
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. SEE ss.240.13d-7 for other
parties for whom copies are to be sent.
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001)