UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
ELITE PHARMACEUTICALS, INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
28659T200
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(CUSIP Number)
Edward B. Winslow, Esq.
Jacobs Persinger & Parker
77 Water Street, New York, New York 10005 212-344-1866
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
October 7, 1998
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(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 Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-7(d), 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(b) 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
<PAGE>
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 purposes 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. 28659T200
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(1) NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (entities
only).
Jerome Belson
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(2) CHECK THE APPROPRIATE BOX IF A (a) / /
MEMBER OF A GROUP (See Instructions) (b) /X/
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(3) SEC USE ONLY
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(4) SOURCE OF FUNDS (See Instructions)
PF
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(5) CHECK BOX IF DISCLOSURE OF LEGAL / /
PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
Not applicable.
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(6) CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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NUMBER OF SHARES (7) SOLE VOTING POWER
BENEFICIALLY
OWNED BY EACH 788,500, inclusive of 277,500
shares which there is a right to acquire.
REPORTING PERSON --------------------------------------
WITH (8) SHARED VOTING POWER
---
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(9) SOLE DISPOSITIVE POWER
788,500, inclusive of 277,500
shares which there is a right to acquire.
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(10) SHARED DISPOSITIVE POWER
---
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(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
788,500 shares, inclusive of 277,500 shares which
there is a right to acquire.
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(12) CHECK IF THE AGGREGATE AMOUNT IN /X/
ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
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(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.6%
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(14) TYPE OF REPORTING PERSON (See Instructions)
IN
<PAGE>
SCHEDULE 13D
CUSIP No. 28659T200
-----------------------------------------------------------
(1) NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS(entities
only).
Maxine Belson
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(2) CHECK THE APPROPRIATE BOX IF A (a) / /
MEMBER OF A GROUP (See Instructions) (b) /X/
-----------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------
(4) SOURCE OF FUNDS (See Instructions)
PF
-----------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL / /
PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
Not applicable.
-----------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
USA
-----------------------------------------------------------
NUMBER OF SHARES (7) SOLE VOTING POWER
BENEFICIALLY
OWNED BY EACH 15,000
REPORTING PERSON --------------------------------------
WITH (8) SHARED VOTING POWER
---
--------------------------------------
(9) SOLE DISPOSITIVE POWER
15,000
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(10) SHARED DISPOSITIVE POWER
---
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(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
15,000 shares
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(12) CHECK BOX IF THE AGGREGATE AMOUNT IN / /
ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
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(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.2%
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(14) TYPE OF REPORTING PERSON (See Instructions)
IN
<PAGE>
SCHEDULE 13D
ITEM 1. SECURITY AND ISSUER
This Schedule 13D relates to shares of Common Stock,
par value $.01 per share (the "Common Stock"), of Elite
Pharmaceuticals, Inc. (the "Company"), whose principal
executive office is located at 165 Ludlow Avenue,
Northvale, New Jersey 07647.
ITEM 2. IDENTITY AND BACKGROUND
The names and addresses of the persons filing this
Schedule are as follows:
Jerome Belson, whose address is Jerome Belson
Associates, Inc., 495 Broadway, New York, New York 10012.
Jerome Belson is Chairman of the Board of Jerome Belson
Associates, Inc., a real estate management company;
Chairman of the Board of WE Magazine (magazine on lifestyle
of people with disabilities); and President of Associated
Builders and Owners of Greater New York, Inc.
Maxine Belson is a housewife and the spouse of Jerome
Belson. Her address is 197 Rugby Road, Brooklyn, New York
11226.
Neither Jerome Belson nor Maxine Belson, has during the
past five years been (i) convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors), or
(ii) a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction as a result
of which such individual or entity was or is subject to 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.
Jerome Belson and Maxine Belson are United States
citizens.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The aggregate purchase price of the 788,500 shares of
Common Stock of the Company (inclusive of 277,500 shares of
common stock which there is a right to acquire in
accordance with warrants that are currently exercisable)
purchased by Jerome Belson is $1,741,528 including
brokerage commissions. Included in the aggregate purchase
price of $1,741,528 is the sum of $195,968 which is
allocable to the purchase of the warrants. Jerome Belson
used his personal funds to purchase such shares of Common
Stock.
The aggregate purchase price of the 15,000 shares of
Common Stock of the Company purchased by Maxine Belson is
$84,400 including brokerage commissions. Maxine Belson
used her personal funds to purchase such shares of Common
Stock.
ITEM 4. PURPOSE OF TRANSACTION.
The purchases of the shares reported in this Schedule
13D were made for the purpose of making an investment in
the Company. Consistent with such purpose, Jerome Belson
has had and expects to continue to have discussions with
management of the Company concerning the Company and the
investment of persons making this filing therein. Jerome
Belson may also engage in such discussions with other
shareholders of the Company.
The persons making this filing may, in the future,
purchase additional shares of the Common Stock of the
Company depending on the price of the shares and
circumstances at the time such acquisitions, if any, are
made. Alternatively, any of the persons making this filing
may at any time determine to realize on such person's
investment in the shares of Common Stock through the sale
of the shares.
The persons making this filing have no present plans or
proposals to effect one or more of the transactions
enumerated in paragraphs (b) to (j) of ITEM 4 of Schedule
13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As of the close of business on October 6, 2000,
Jerome Belson and Maxine Belson beneficially owned 788,500
and 15,000 shares, respectively, of the Company for an
aggregate of 803,500 shares representing approximately 8.7%
of the outstanding Common Stock of the Company (based on
information from the Company's Quarterly Report on Form 10-
QSB for period ended June 30, 2000). The shares owed by
Mr. Belson includes the right to purchase 277,500 shares of
common stock represented by warrants that are currently
exercisable.
(b) Each of Jerome Belson and Maxine Belson has the
sole power to vote or to direct the vote and sole power to
dispose of or direct the disposition of the shares of
Common Stock of the Company owned by each of them.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO THE SECURITIES
OF THE ISSUER
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit 1: Written agreement relating to the
filing of a joint acquisition statement.
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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.
Dated: October 6, 2000
/s/ Jerome Belson
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Jerome Belson
/s/ Maxine Belson
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Maxine Belson
<PAGE>
EXHIBIT 1
The undersigned hereby agree that the Schedule 13D and
any amendments thereto, filed by Jerome Belson and Maxine
Belson under the Securities Exchange Act of 1934, (the
"Act") reporting the beneficial ownership of shares of
Common Stock of Elite Pharmaceuticals, Inc. may be filed
with the Securities and Exchange Commission pursuant to
Rule 13d-1(k)(1) under the Act on behalf of the
undersigned.
Dated: October 6, 2000
/s/ Jerome Belson
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Jerome Belson
/s/ Maxine Belson
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Maxine Belson
