and elite has no money
in FACT, their current liabilities exceed current assets even disregarding the new jersey eda bond for which they are already in default and, therefore, in danger of losing their facility
just one of the reasons why elite's own filing with the SEC says there is doubt as to their ability to continue as a going concern
maybe if novel had not invested in elite six years ago it would have some value. instead they have lost over 95% of their investment -- which, ironically, reduces the value of novel now that elite wants to redeem its 10% interest!
elite even managed to screw up its own investment! ha, ha, ha!
just like the guy that works for minimum wage and lives in a flop house so he doesn't have to pay alimony. if elite ever did get some cash on the balance sheet the vultures would start circling.
makes one wonder if they are in arrears with their fat pill supplier, and that is why they got put on a short leash...