Edgar Filing: HALSEY DRUG CO INC/NEW

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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SCHEDULE 13D
(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13d-1(a) AND AMENDMENTS
THERETO FILED PURSUANT TO RULE 13d-2(a)

Halsey Drug Co., Inc.
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(Name of Issuer)

Common Stock, par value $0.01 per share
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(Title of Class of Securities)

4063691087
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(CUSIP Number)

Michael Weisbrot
170 S. Warner Rd., Suite 106
Wayne, PA 19087
Tel. No.: (610) 688-6393
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)

February 6, 2004
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(Date of Event Which Requires Filing of this Statement)

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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 Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
[ ]

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 or otherwise subject to the liabilities of that section of the Exchange Act
but shall be subject to all other provisions of the Exchange Act (however, see
the Notes).

SCHEDULE 13D

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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

Michael and Susan Weisbrot
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [x]

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3. SEC USE ONLY

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4. SOURCE OF FUNDS*

PF
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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

United States
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7. SOLE VOTING POWER
NUMBER OF 3,651,593*
SHARES --------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 0
EACH --------------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON WITH 3,651,593*
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10. SHARED DISPOSITIVE POWER
0
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

3,651,593*
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12. CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

[ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

14.9%
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14. TYPE OF REPORTING PERSON*

IN
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* Includes 2,839,605 shares of common stock issuable upon conversion of
convertible senior secured debentures issued by the Company to the Reporting
Person.

SCHEDULE 13D

Item 1. Security and Issuer.

This statement on Schedule 13D (this "Schedule 13D") relates to the
Common Stock, par value $0.01 per share (the "Shares"), of Halsey Drug
Co., Inc., a New York corporation (the "Company"). The principal
executive offices of the Company are located at 616 N. North Court,
Suite 120, Palatine, Illinois 60067.

Item 2. Identity and Background.

(a) This Schedule 13D is being filed by Michael and Susan Weisbrot,
each an individual (the "Reporting Person").

(b) 170 S. Warner Rd., Suite 106, Wayne, PA 19087

(d) During the five years prior to the date hereof, neither Michael
nor Susan Weisbrot have been convicted in a criminal proceeding
(excluding traffic violations and similar misdemeanors).

(e) During the five years prior to the date hereof, neither Michael
nor Susan Weisbrot were a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction 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 activities subject to, Federal or State securities laws
or finding any violation with respect to such laws.

(f) Michael and Susan Weisbrot are a citizens of the United States of
America.

Item 3. Source and Amount of Funds or Other Consideration.

Personal funds

Item 4. Purpose of Transaction.

Personal investment

Item 5. Interest in Securities of the Issuer.

(a) The Reporting Person is a beneficial owner of 3,651,593 Shares
constituting 14.9% of the outstanding capital stock of the
Company.

(b) The Reporting Person has sole voting power and dispositive power
with respect to 3,651,593 Shares constituting 14.9% of the
outstanding capital stock of the Company.

SCHEDULE 13D

(c) Reporting Person has participated in the following transactions
relating to shares of the Issuer's Common Stock during the past
sixty (60) days:

Transaction Date Number of Shares Transaction Type Price Per Share
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February 6, 2004 1,115,619 Private Placement(1) $.1285

(1) Represents shares underlying convertible senior secured
debentures issued February 6, 2004 in the principal amount
of $143,357.

(d) No person, other than the Reporting Person, is known to have the
right to receive or the power to direct the receipt of dividends
from, or the proceeds from the sale of, any Shares owned by the
Reporting Person.

(e) Not applicable.

Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer.

N/A

Item 7. Material to be filed as Exhibits

N/A

SIGNATURE

After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certifies that the information set forth in this
statement is true, complete and correct.

Dated: March 10, 2004 /s/ Michael Weisbrot
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Michael Weisbrot

/s/ Susan Weisbrot
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Susan Weisbrot