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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 7)*
Akorn, Inc.
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(Name of Issuer)
Common Stock, no par value
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(Title of Class of Securities)
009728 10 6
-------------------------------
(CUSIP Number)
John N. Kapoor Copy to: Christopher R. Manning
EJ Financial Enterprises, Inc. Burke, Warren, MacKay
225 E. Deerpath, Suite 250 & Serritella, P.C
Lake Forest, IL 60045 330 N. Wabash, 22nd Floor
Chicago, IL 60611
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 30, 2000
---------------------------------
(Date of Event which Requires Filing
of this Statement)
If the filing person has previously field a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 240.13d-1(f) or 240.13d-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 SECTION.240.13d-7 FOR OTHER
PARTIES TO WHOM COPIES ARE TO BE SENT.
*The remainder of this cover page shall be filed 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).
<PAGE>
SCHEDULE 13D
CUSIP NO. 009728 10 6 Page 2 of 9 PAGES
------------
1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)
John N. Kapoor Trust, dtd 9/20/89
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
00
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d) or 2(e)
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
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Number Of 7. SOLE VOTING POWER
Shares
Beneficially 839,500 (But see Items 2 and 5)
Owned by ------------------------------------
Each 8. SHARED VOTING POWER
Reporting
Person -0-(But see Items 2 and 5)
With ------------------------------------
9. SOLE DISPOSITIVE POWER
839,500 (But see Items 2 and 5)
------------------------------------
10. SHARED DISPOSITIVE POWER
-0-(But see Items 2 and 5)
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
839,500 (But see Items 2 and 5)
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) / /
EXCLUDES CERTAIN SHARES*
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4%
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14. TYPE OF REPORTING PERSON*
00
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP NO. 009728 10 6 Page 3 of 9 PAGES
------------
1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)
John N. Kapoor
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d) or 2(e)
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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Number Of 7. SOLE VOTING POWER
Shares
Beneficially 4,387,938 (But see Items 2 and 5)
Owned by ------------------------------------
Each 8. SHARED VOTING POWER
Reporting
Person -0- (But see Items 2 and 5)
With ------------------------------------
9. SOLE DISPOSITIVE POWER
4,387,938 (But see Items 2 and 5)
------------------------------------
10. SHARED DISPOSITIVE POWER
-0-(But see items 2 and 5)
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,387,938 (But see Items 2 and 5)
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) /X/
EXCLUDES CERTAIN SHARES*
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
22.8%
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14. TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP NO. 009728 10 6 Page 4 of 9 PAGES
------------
1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)
EJ Financial Investment VIII, L.P.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /x/
(b) / /
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d) or 2(e)
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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Number Of 7. SOLE VOTING POWER
Shares
Beneficially 2,000,000 (But see Items 2 and 5)
Owned by ------------------------------------
Each 8. SHARED VOTING POWER
Reporting
Person -0- (But see Items 2 and 5)
With ------------------------------------
9. SOLE DISPOSITIVE POWER
2,000,000 (But see Items 2 and 5)
------------------------------------
10. SHARED DISPOSITIVE POWER
-0- (But see Items 2 and 5)
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,000,000 (But see Items 2 and 5)
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) / /
EXCLUDES CERTAIN SHARES*
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.4%
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14. TYPE OF REPORTING PERSON*
PN
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--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP NO. 009728 10 6 Page 5 of 9 PAGES
------------
1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)
Editha A. Kapoor
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /x/
(b) / /
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d) or 2(e)
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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Number Of 7. SOLE VOTING POWER
Shares
Beneficially 63,600 (But see Items 2 and 5)
Owned by ------------------------------------
Each 8. SHARED VOTING POWER
Reporting
Person -0- (But see Items 2 and 5)
With ------------------------------------
9. SOLE DISPOSITIVE POWER
63,600 (But see Items 2 and 5)
------------------------------------
10. SHARED DISPOSITIVE POWER
-0- (But see Items 2 and 5)
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
63,600 (But see Items 2 and 5)
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) / /
EXCLUDES CERTAIN SHARES*
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.3% (But see Items 2 and 5)
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14. TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP NO. 009728 10 6 Page 6 of 9 PAGES
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1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)
EJ Financial/Akorn Management, L.P.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /x/
(b) / /
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
00
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d) or 2(e)
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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Number Of 7. SOLE VOTING POWER
Shares
Beneficially 1,395,000 (But see Items 2 and 5)
Owned by ------------------------------------
Each 8. SHARED VOTING POWER
Reporting
Person -0- (But see Items 2 and 5)
With ------------------------------------
9. SOLE DISPOSITIVE POWER
1,395,000 (But see Items 2 and 5)
------------------------------------
10. SHARED DISPOSITIVE POWER
-0- (But see Items 2 and 5)
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,395,000 (But see Items 2 and 5)
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) / /
EXCLUDES CERTAIN SHARES*
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.2% (But see Items 2 and 5)
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14. TYPE OF REPORTING PERSON*
PN
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--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP NO. 009728 10 6 Page 7 of 9 PAGES
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Item 1 SECURITY AND ISSUER. This Amendment No. 7 (the "Amendment") to
Schedule 13D relates to the common stock, no par value ("Akorn Common
Stock") of Akorn, Inc., a Louisiana corporation ("Akorn") with
principal executive offices at 2500 Millbrook Drive, Buffalo Grove,
Illinois 60089, and is being filed pursuant to Rule 13d-2 of the
General Rules and Regulations under the Securities Exchange Act of
1934, as amended. This Amendment is filed jointly by the John N.
Kapoor Trust, dated 9/20/89 (the "Trust"), of which John N. Kapoor is
Trustee and sole beneficiary, John N. Kapoor, Editha Kapoor, wife of
John N. Kapoor, EJ Financial Investment VIII, L.P., a Delaware limited
partnership ("EJ VIII"), of which John N. Kapoor is managing general
partner and Editha Kapoor is the other general partner and EJ
Financial/Akorn Management, L.P., a Delaware limited partnership
("EJ/Akorn") of which John N. Kapoor is managing general partner and
Editha Kapoor is the other general partner.
Item 2 IDENTITY AND BACKGROUND. The Trust is an Illinois trust of which John
N. Kapoor is the Trustee and sole beneficiary. EJ VIII and EJ/Akorn
are each Delaware limited partnerships. The Trust, EJ VIII and
EJ/Akorn were each formed to hold investments. The address of the
Trust's, EJ VIII's and EJ/Akorn's principal offices are each at 225
East Deerpath Rd., Suite 250, Lake Forest, Illinois 60045. John N.
Kapoor and Editha Kapoor are each citizens of the United States. At
the present time, John N. Kapoor is President and Chairman of the
Board of Directors of EJ Financial Enterprises Inc., a Delaware
corporation ("EJ"), 225 East Deerpath, Suite 250, Lake Forest,
Illinois 60045. At the present time, Editha Kapoor is an officer of
EJ. During the last five years, neither the Trust, John N. Kapoor,
Editha Kapoor, EJ VIII nor EJ/Akorn: (i) have been convicted in a
criminal proceeding excluding traffic violations or similar
misdemeanors, or (ii) were a party to a civil proceeding of a judicial
or administrative body of competent jurisdiction and, as a result of
such proceeding, was or is subject to a judgment, decree or final
order enjoining future violations of or prohibiting or mandating
activity subject to, federal or state securities laws or finding any
violations with respect to such laws.
Item 3 SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. On November 30,
2000 the Trust transferred 1,395,000 shares of Akorn Common Stock to
EJ/Akorn in exchange for 1,000 general partnership units and 141,370
limited partnership units in EJ/Akorn.
Item 4 PURPOSE OF TRANSACTION. The shares of Akorn Common Stock transferred
by the Trust to EJ/Akorn have been under the voting and disposition
power of John N. Kapoor as trustee of the Trust and will continue to
be under the voting and disposition power of John N. Kapoor as
Managing General Partner of EJ/Akorn. The shares of Akorn Common Stock
have been and continue to be held for investment purposes and the
transfer of shares of Akorn Common Stock from the Trust to EJ/Akorn
was undertaken as part of a restructuring of Dr. Kapoor's securities
holdings. EJ/Akorn has acquired the shares of Akorn Common Stock as an
investment and intends to continue to review Akorn's business affairs
and general economic and industry conditions. Based on such review,
EJ/Akorn will, on an ongoing basis, evaluate various alternative
courses of action including additional capital investments in Akorn.
Alternatively, EJ/Akorn may sell all or a portion of its holdings in
Akorn in the open market, subject to the requirements of Rule 144 or
as otherwise permitted.
Item 5 INTEREST IN SECURITIES OF THE ISSUER.
(a) As of the date hereof, (i) the Trust owns 839,500 shares of
Akorn Common Stock representing 4.4% of the issued and
outstanding shares of Akorn Common Stock,; (ii) John N.
Kapoor beneficially owns (A) presently exercisable options
to purchase 133,438 shares (the "Option Shares") of Akorn
Common Stock representing .7% of the issued and outstanding
shares of Akorn Common Stock, (B) 20,000 shares of Akorn
Common Stock representing .1% of the issued and outstanding
shares of Akorn Common Stock, (C) 839,500 shares of Akorn
Common Stock representing 4.4% of the issued and outstanding
shares of Akorn Common Stock through the Trust, of which he
is sole Trustee, (D) 2,000,000 shares of Akorn Common Stock,
representing 10.4% of the issued and outstanding shares of
Akorn Common Stock in his capacity as Managing General
Partner of EJ VIII; and (E) 1,395,000 shares of Akorn Common
Stock, representing 7.2% of the issued and outstanding
shares of Akorn Common Stock in his capacity as Managing
General Partner of EJ/Akorn; (iii) Editha Kapoor
beneficially owns 63,600 shares of Akorn Common Stock
representing
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP NO. 009728 10 6 Page 8 of 9 PAGES
------------
.3% of the issued and outstanding shares of Akorn Common
Stock in her capacity as Trustee of four trusts established
for the benefit of the children of John Kapoor and Editha
Kapoor (the "Chidrens' Trusts"); (iv) EJ VIII owns 2,000,000
shares of Akorn Common Stock representing 10.4% of the
issued and outstanding shares of Akorn Common Stock; and (v)
EJ/Akorn owns 1,395,000 shares of Akorn Common Stock
representing 7.2% of the issued and outstanding shares of
Akorn Common Stock.
(b) The Trust, acting through its trustee, has sole voting and
dispositive power over 839,500 shares of Akorn Common Stock
and does not share voting power or dispositive power over
any other shares of Akorn Common Stock. John N. Kapoor has
sole voting and dispositive power over 4,387,938 shares of
Akorn Common Stock (comprised of the shares of Akorn Common
Stock held by the Trust, EJ VIII and EJ/Akorn and the Option
Shares). Editha Kapoor, as trustee of the Childrens' Trusts,
has sole voting and dispositive power over 63,600 shares of
Akorn Common Stock representing the shares held in the
Childrens' Trusts. EJ VIII, acting through its managing
general partner, has sole voting and dispositive power over
2,000,000 shares of Akorn Common Stock and does not share
voting or dispositive power over any other shares of Akorn
Common Stock. EJ/Akorn, acting through its managing general
partner, has sole voting and dispositive power over
1,395,000 shares of Akorn Common Stock and does not share
voting or dispositive power over any other shar4es of Akorn
Common Stock.
(c) On October 18,2000, the Trust acquired 10,000 shares of
Akorn Common Stock at a price of $3.9894 per share in an
open market purchase and Dr. Kapoor exercised options for
5,000 shares at a price of $2.75 per share. Except for the
foregoing transactions, and as set forth above, the
Reporting Persons do not beneficially own any shares of
Akorn Common Stock and have effected no transactions in
shares of Akorn Common Stock during the preceding 60 days.
(d) Inapplicable.
(e) Inapplicable.
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP NO. 009728 10 6 Page 9 of 9 PAGES
------------
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.
/s/ John N. Kapoor
December 22, 2000 -----------------------------------
John N. Kapoor
December 22, 2000 /s/ Editha Kapoor
-----------------------------------
Editha Kapoor
John N. Kapoor Trust
dtd 9/20/89
December 22, 2000 By: /s/ John N. Kapoor, Trustee
----------------------------------
John N. Kapoor as Trustee
EJ FINANCIAL INVESTMENTS VIII, L.P.
December 22, 2000 By: /s/ John N. Kapoor
----------------------------------------
John N. Kapoor, Managing
General Partner
EJ FINANCIAL/AKORN MANAGEMENT, L.P.
December 22, 2000 By: /s/ John N. Kapoor
----------------------------------------
John N. Kapoor, Managing
General Partner
183705.1
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
