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Interesting article
http://news.independent.co.uk/business/news/article2966842.ece
I haven't really kept up with EEL but if memory serves me they never had a free carry anywhere, the huge delay's killed them, If we would merge with EEL we would have to pick up their obligations, we could be next staring down the throat of chapter 11 unless Offor picks up the slack (for more shares of course)....Don't they have a piece of blk 1 ??,
Just an ugly thought.... maybe Offor was the "lender" to EEL )
I'm sure it was the best possible deal they could do.... it just shows how desperate management is.... any company that accepts a death spiral convertable is despetate.
15 days is more than enough time to crush the sp to single digits....they will have to act BEFORE Dec.15th IMHO
jbofthecloth....You may be on to something ...If EEL doesn't pay off the 5 million by Dec 15th the lender will probably take control of the company
EEL is about out of options, ERHE could pay off the 5 million, force them into a merger on our terms before their management loses control completely..... I hope Offor is watching and waiting. Pure speculation on my part
I doubt we will even get a smell farrell, the fiannce group that gave them the toxic convertable (death spiral) already has their eyes on them BIG TIME....probably a hedge fund with really deep pockets...the only hope for survival for EEL is that they pay off the convertable in cash when due or before.....
6% is a great interest rate for this type of loan, this tells me that they are not even interested in the rate of return on the interest, they expect EEL to default....
This is a terrible deal for EEL, this type od financing is known as a "death Spiral".....usually means the stockholder will get squeezed out in favor of the people making the loan because the lower they can get the shares the more shares they get when the loan is converted. there is no bottom.
http://www.investopedia.com/terms/d/deathspiral.asp
Our "system" sucks, the MM's can trade with each other, one MM can say "I will sell to you at your bid, when the price drops you sell back to me at my ask....they could show 1 million shares traded and at the end of the day everyone is even on share count, maybe even pick up a few share from someone they paniced into selling.
If you and I would do that we would wind up in the Slammer for about 5 years....It would be called manipulation... It is legal for the MM's to do that, It is called "making a market"
The relevent question should be "Why are they doing this" In my opinion they are holding the price down for and with the help of their large costomers, the Hedge funds (unregulated).....OK you ask, whats in it for them...Good will and a willingness to "deal" with the funds who buy millions of shares.....if the funds can hold the price down 8 or 9 months more then load up they can use their money for other things....
Of all the stocks i have ever owned ERHE has the greatest potential for about a 20 or 30 bagger i have ever seen. There is so much money to be made here that normal rules will not apply
Even before we had our awards and $35 million in the bank the share price hovered at around $.50 cents for a year or more, something is definitly wrong, this flies in the face of logic
All the above is just my opinion of course... If anyone has a better senerio of why the price is so low i would love to hear it, please don't say "the investigation" we all know that is a straw man.
I doubt it...we have about 6 nigerian fortnights before it gets here )
OT... No i didn't see it, i don't get NOVA here in Raleigh, i did in New Orleans, i moved into an apt complex here, I get cable and internet free... the downside is it is on a take it or leave it basis, can't add any channels but free is hard to beat
I have a my Space account if you would like to discuss it,...( so we don't pi$$ Dad off) been some astounding progress in Quantum Mechanics in the last few months
http://www.myspace.com/ajax999
No problem busteedagain. i already apologized for the mistake in timing.... its 2 million light years away, it will take approx 4 billion years to arrive here....i am sure we will have crossed the $1 treshold by then...don't panic, don't sell..... )
Very funny doug......... )
You are right Tryoty, sorry about the mistake, i sure wouldn't want to panic everyone on the board with bad timing.... LOL
Dad... yes they are, they are locked in a gravational dance of death..... Andromeda is moving toward us at a pretty good clip...the closer it gets the faster it will move... the educated guess at this point is about 2 million years.
I have seen couputer models of just how it will happen, glad i won't be here, all other Galaxies are moving away from us, only Andromeda is coming at us.
My real interest lies in Cosmology and Quantum Mechanics, a little esoteric for most but fasinating
Andromeda and the milky way are going to collide in about 2 million years....... about the same time ERHE goes above a dollar )
OT Andromeda is a galaxy, much larger than our milky way....
I agree, it would a catastrophe..... Offor would wind up with all of ERHE's assets and stockholders would get a bag of peanuts in return.... I doubt he could get away with it with the SEC/DOJ looking down his throat..... even if he wanted to.... we have no reason to think that he would do such a thing, so far everything he has done has been to enhance the assets of ERHE.... also Chrome LTD is separate from Chrome in Nigeria..... i have always believed Offor wanted assets outside of Nigeria in case the winds change.
RUBY.. here is my guess (opinion)......
I predicted this a couple of months ago, I doubt anyone on this board is selling, it is someone with a lot of shares selling to crush the price... then buy back at a lot lower price,
they may get fooled though, I am not selling and most on this board will not sell.....on the face of it, it looks like a great opportunity for the MM's or a hedge fund to get a lot of cheap shares if they can panic people into selling,
a one year wait till they cash in big is nothing to someone with deep pockets, I believe it will get worse before it gets better. we will have a lot of ups and downs while the MM's or others accumulate shares...... hang in there...The oil is there and the investigations are a non-starter
Most on this board are loaded, I would buy, but i have no more cash in my account,
If i had 400K or 500K shares to play with,and a partner that would buy when i sell at a cheap price, then sell them back to me at even a cheaper price i bet we could take the SP down to below 10 cents by selling on the bid, then as the price dropped buying back on the ask...picking up more shares than i was selling... it would cost me a little money, but if i had deep pockets i wouldn't care..........the problem with that is me and my partner would wind up in the slammer..... the MM's have no such worry....it is legal, they would say they are just making a market like they are supposed to do.
Knowing the SP could be $5 to $7 in a year to 18 months, they have plenty of time and money to give us heartburn for the near future
This is blatant manipulation, hopefully the SEC is watching, the SEC is pretty benign on OTC stocks though, I am glad we are under close scrutiny by the powers that be or the manipulation would be worse, we would be down to pennies by now.
exceo.... the "before" would be more advantages to an insider than the "after" if the insider knew that there was a good or bad PR or 10Q coming he could make trades accordinly
exceo.. this is from memory but i think the rule is that "insiders" can trade 30 days before and/or 30 days after a company PR is released.....
I guess i will add my two cents, First, all this talk about a buyin/ buyout, merger in the past few years i thought was just BS.......UNTIL NOW............
The only reason i can think of that ERHE would need JDA approval for would be a merger, buyin etc.....they wouldn't need approval to increase the number of board seats, CEO or COB.....only a change of ownership or a buyin/buyout or merger
The JDA would need to investigate and approve the new company, they would have to accept the conditions that apply to ERHE, financial, experience, etc...thus the phrase in the PR that they had "expectations" that the JDA would approve the changes
I believe the new company is on the NASDAQ, probably with operations outside the GOG....I believe the new board seats and CEO will be filled by people from the new company
If you read the PR several times everything is there except the name of our suitor......to quote Oily, (and i hate to do that) it is more important what is not said than what they said..... lets hope his prediction of $6 price is correct. If it is i will have to eat an exceptionally large portion of crow pie as i have been pretty tough on him for quite a while.
All this is just my opinion though, but i haven't read a better one as yet.
This seems like a positive devolopment, lets hope the new board members know something about E & P companies... i also like the enphasis on coming up to NASDAQ standards, maybe someone is thinking ahead
Homeport.... 8.36% would make the blocks worthless, they would never have published those numbers on purpose, this has to be a mistake.... 83.6% is inline with 3D siesmic studies in other blks in the GOG....
Add 25K that my friend has in an online account
Your warnm and fuzzy feeling may misplaced.... maybe you should direct them toward the SEC....)
I'm not sure but right after the settlement he took shares to eliminate the $12 millon in debt that was owed.....
FAB got 60 million shares in the settlement
I read a while back that only 5% of investors read message boards, so getting a count seems impossible,
DG... I agree 100%, they must have someone around there that speaks standard English.....maybe they want a tower of babel... gives them deniability )
Wallgog... did you take your nasty pills this morning..... I look forward to BB's posts....i don't see an aganda in any of them
Feltang is a group of Nigerians, not the chinese as we thought....... onother give away to friends of Offor i assume
Can't get on, i have tried 20 times...
Its 9:04 and i cannot get on the website, the problem box comes up
I have not been able to log on, all i get is a window that says "there is a problem"
No PR yet..... if no PR before the CC it will be dull and more pablum....
Kobi... I think he would need a super majority to sell the company.....50.01% wouldn't do it.
Lets all think positive for Monday, we haven't seen this in a while....
http://www.rallymonkey.com/video/kenindex.swf
exceo.... i would bet we get good news Monday morning... Friday is the day for bad news.... so i hope you are wrong.
You would be kicking yourself in the butt about drilling time
Strass... I memory serves me the only dispute between EEL and ERHE is in what order they get to pick their blocks.... not a big deal in my opinion.
I am pretty sure ERHE will go with Addax and give them a percentage as in our other blks