Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
The simple answer for me about EO is that back in the day he was funding ERHC through notes, etc, then he STOPPED.
What's the old adage: Don't throw good money after bad???
Had he wanted control of ERHC he would have done it through convertible notes. He did not. End of story.
The immediate catalyst is day/swing traders. This was so deeply oversold and manipulated downward that most "longs" won't even break even until $20 even if they averaged down, so no resistance on top.
Then you have the possibility that the company is past the dilution phase to keep the doors open, so that selling pressure is gone and has probably been replaced with someone with deep pockets who converted a boatload of cheap shares at the bottom who are now wanting to make a killing.
The other thing that may be going on is I saw a mention not too long ago about the FDA lifting the menthol restrictions to buy votes for the upcoming election. Or there could be positive developments along those lines in the legal system that we don't know about yet but insiders do...
The most positive outcome would be for Oceanwide to go through with the bankruptcy and clear the unsupportable debt they incurred.
Then they can reorganize the profitable portions of the business under the new shell. They were doing ok before they expanded into other areas.
I see lots of information about partial payment on taxes due but NOTHING about bribery.
Talk about distorted logic to spin a tale. It's similar to the short sale logic.
Well, that shoots down my theory that Total cut out Kosmos. It looks like they TRIED to cut them out but lost.
The short excerpts that show up in my search engine indicate that after the legal victory Jon Cappon of Kosmos was working with STP to try and preserve/clarify those rights that Kosmos now controls. But all of that was 5 years ago.
It appears to be an ongoing battle, but I sure don't see ERHC shareholders being in a very good position. As has been pointed out, IF ERHC can manage to get anything at all out of this, the Nigerians who control the company will certainly be sure to skim any assets and steer them into their personal pockets.
And I've got my 3%.
To elaborate a little bit more:
Considering that the hugely redacted TOTAL agreement was entered into just a few days before the Kosmos lawsuit went to trial, I'm inclined to believe that TOTAL entered into that agreement not to make ERHC wealthy, but rather to keep Kosmos from getting a foot in the door. Kosmos probably would have prevailed in court against ERHC, but now TOTAL has been able to keep the door shut to BOTH Kosmos and ERHC. Once the option ERHC has with STP expires TOTAL can step in and deal directly with STP and cut ERHC out of the picture.
It's also quite possible that TOTAL encouraged STP to put the block up seeking interested parties so they would know what kind of competition they may have for the block...
I would expect similar tactics with the JDZ: ERHC will be cut off and shrivel up and blow away.
Of course he always wins. It's hard to lose when you can sell for a profit at any price, and then when you get low on shares just print some more...
At this point in time I just don't see ERHC getting anything for block 4 simply because there is not enough interest to have a bidding war with any kind of urgency. November is like tomorrow now, and any interested parties would just let the clock run out and then deal directly with STP. ERHC has been a thorn in the side for everyone and now they can get rid of them by just waiting a few more months.
As far as shorts go, the only shortage I see is between the ears of certain individuals who have nothing else to hold onto other than vain imaginations. Have a nice day.
It doesn't take a rocket scientist to know where the "extreme downward movement" is coming from.
Look at the chart and compare it with the effective date of the registration of the million dollars' worth of new shares that are being sold to pay for operations.
Buyers were warned both in the filings and on this message board.
So, "wizards" are going to do this so they can buy shares of ERHE?:
Determine your eligibility for citizenship. Before applying for Canadian citizenship, you should check if you are eligible to receive citizenship. To be eligible for Canadian citizenship, you must meet these conditions:
Age: You must be at least 18 years old to apply. If you are applying for a child under 18, you must be the child’s parent, adoptive parent or legal guardian, the child must be a permanent resident, and one parent must be a Canadian citizen or be applying to become a citizen at the same time.
Permanent Resident Status: You must have permanent resident status and must not have any unfulfilled conditions related to your status.[11] That means you are not under investigation, have not committed any crimes, or under a removal order. Fortunately, you don't need a PR card to apply for citizenship.
Time lived in Canada: After you have obtained permanent residency, you will have needed to be physically present in Canada for at least 1095 days (3 years) in the 5-year period before you apply for Canadian citizenship.[12] These conditions do not apply to children under 18 or certain Crown servants. Luckily, the government has provided a tool to help you find out if you have lived in Canada long enough.
Income tax filing: You must have met your personal income tax filing obligations for at least 3 of the last 5 years immediately before the date you apply for citizenship.
Intent to reside: You must declare your intent to reside during the citizenship application process. That means you intend to live in Canada, work outside Canada as a Crown servant, or live abroad with certain family members who are Crown servants.
Be able to speak English or French: You will need to send documents to prove that you can speak and listen in English or French. An officer during your application process will also evaluate your language skills. Being able to speak in English or French means you can take part in short, everyday conversations about common topics, understand simple instructions, questions and directions, use basic grammar, and know enough common words and phrases to answer questions and express yourself.
Know Canada well: You will need to take a citizenship test that tests your knowledge of Canada.[13] You will need to know Canada's history, values, institutions, and symbols. It is usually a written test but can sometimes be taken orally with an officer.
Prohibitions: If you have committed a crime, you are not eligible for citizenship for a period of time. That means you are not currently on parole or probation, you have not been convicted or indicted of any crimes, and you are not on trial or involved in an appeal of an offence.
Seems to me that's about as likely as $8/share...
So, "wizards" are going to do this so they can buy shares of ERHE?:
Determine your eligibility for citizenship. Before applying for Canadian citizenship, you should check if you are eligible to receive citizenship. To be eligible for Canadian citizenship, you must meet these conditions:
Age: You must be at least 18 years old to apply. If you are applying for a child under 18, you must be the child’s parent, adoptive parent or legal guardian, the child must be a permanent resident, and one parent must be a Canadian citizen or be applying to become a citizen at the same time.
Permanent Resident Status: You must have permanent resident status and must not have any unfulfilled conditions related to your status.[11] That means you are not under investigation, have not committed any crimes, or under a removal order. Fortunately, you don't need a PR card to apply for citizenship.
Time lived in Canada: After you have obtained permanent residency, you will have needed to be physically present in Canada for at least 1095 days (3 years) in the 5-year period before you apply for Canadian citizenship.[12] These conditions do not apply to children under 18 or certain Crown servants. Luckily, the government has provided a tool to help you find out if you have lived in Canada long enough.
Income tax filing: You must have met your personal income tax filing obligations for at least 3 of the last 5 years immediately before the date you apply for citizenship.
Intent to reside: You must declare your intent to reside during the citizenship application process. That means you intend to live in Canada, work outside Canada as a Crown servant, or live abroad with certain family members who are Crown servants.
Be able to speak English or French: You will need to send documents to prove that you can speak and listen in English or French. An officer during your application process will also evaluate your language skills. Being able to speak in English or French means you can take part in short, everyday conversations about common topics, understand simple instructions, questions and directions, use basic grammar, and know enough common words and phrases to answer questions and express yourself.
Know Canada well: You will need to take a citizenship test that tests your knowledge of Canada.[13] You will need to know Canada's history, values, institutions, and symbols. It is usually a written test but can sometimes be taken orally with an officer.
Prohibitions: If you have committed a crime, you are not eligible for citizenship for a period of time. That means you are not currently on parole or probation, you have not been convicted or indicted of any crimes, and you are not on trial or involved in an appeal of an offence.
Seems to me that's about as likely as $8/share...
There's definitely a connection, but just what the details are remain to be seen.
Undoubtedly the connection with JBZY has to do with future plans and not the past.
Fingers crossed....
Some big spender just dropped $0.015 to show a gain of 9900% for the day. It must have been one of those panicked shorts covering his massive position...
You're just looking at it the wrong way:
There are many shorts here, riding the short bus...
What about the preferred shares? Doesn't the holder of those still control the "shareholder" vote, and thus what can be done?
You are correct. They can now begin selling the $1million+ shares to whoever is willing to buy them...
The way I see it is IF the one and only post by LBSR/IR is true and from Tracy, a crime/sec violation was committed. That post could have been made by anyone, but since the alias was created many years ago it does lend credence to it belonging to someone who has been following the board but not posting until now. It makes one wonder why the need to post now when the sp is rising vs during the days of billion dollar ore bodies just waiting to be scooped up and taken to market...
Stu won't be gone until his shares are gone, which will be some time after his death....
The latest S-1 explains most everything. Once a couple million dollars' worth of new shares start saturating the market the gloating will turn to moaning and complaining....
My .02: I agree with the facts presented by gitreal, and I think the future will show that the new "insider" take-over of the company is a ploy to get one more pay cycle out of this ticker for the insiders.
That being said, it could easily run to an exorbitant evaluation until the anticipated source of revenue is assayed and found to be wanting. There's no way I would hold waiting for the drilling results...
It looks to me like we should know in the next few days if the dilution is finished or if the seller is just waiting on a fresh batch of shares at very low prices...
I noticed the same thing: PPP loans were among the most frequently falsified in history. The news is full of companies and individuals who falsified their applications to line their pockets with the easy money.
I would have been disappointed in ERHE's ability to continue scamming had they missed that easy money.
I would even wager that Peter never bought any shares: that he falsified the filings to instill confidence in the sheep and provide a better market for the conversion shares...
Those class A shares he's buying have 200 votes each. He may be just taking shares as compensation for the interest on his convertible note rather than putting up cash, which could point to a take-over for personal gain...
I agree. That's why I jumped in. The difference between the .00029 and the .0003 is the broker's commission...
The way it works is when new shares are being added the selling broker shorts the shares and then covers the short position at a slightly discounted price to cover his commission on the sale. The 50M yesterday at .00029 would have been to cover 50M shorted at .0003 earlier in the day.
The 37k is the amount stated in the latest 10q. It is possible that there was a "subsequent event" that impacted that number, but I don't think it very likely since the company has been pretty good about disclosure. Also keep in mind that it takes more than 37k worth of stock sales to offset the 37k cash since the shares are issued at a discount to market and these guys also want to maximize profits. Either way, I think we're close to the end of the dilution.
GT? It's been a long time. Spell it out and help my memory...
Having lived in Africa for the past 2+ years in countries bordering Nigeria and the Gulf of Guinea I can assure you that most Africans don't even know what a share of a publicly traded company is, much less how to buy one.
I remember looking through the printed shareholder list at one of the shareholder meetings and seeing pages of names that appeared to be African who only owned 1 or 2 shares of ERHE, so some do know how to buy (unless they were gifted), but they sure didn't buy very many, and certainly not a grey sheets....
Ask them. They're the ones who said it: "Prior to effecting its reverse split, the Company will complete the re-structuring and extinguishing of all convertible debt from its balance sheet."
The 37000 is the only convertible debt in the 10q
There's nothing wrong with the math: just the context.
There are not a billion shares authorized to sell.
The few shares that traded at .0002 were probably impatient or fearful retail. The matching trades at .00029 which are a sign of dilution were occurring with the purchases at .0003
With only 37000 in convertible debt, there's no reason to sell 200k worth of shares at any price...
Instead of throwing out meaningless gibberish, how about basing it on facts?
The latest 10q shows the balance owed on convertible debt to be 37000 as of end of June and the unissued of the authorized shares to be around 430 million. That means they would need to sell about 185M at .0002 or 124M at .0003 to wipe out the convertible debt.
I figure there's a pretty good chance that has happened, and the last of the conversion shares were being offered at the .00029 price that we saw for several days. That's why I jumped in.
They also stated that the restructuring of the debt with non-dilutive financing would happen before the RS. That means it's in the works right now IF the convertible debt is all gone.
Then the RS will happen so they can complete the acquisition of Prolog.
The meaningful news for the sp would be the completion of the merger and details of NON-DILUTIVE financing moving forward, and of course revenues...
I don't buy to flip. I added about 9M at .0004 today (cleared them out at the time). The 999999 share trades were mine.
I chose to buy because I think the dilution stops here. There is retail playing games, but with dilution ending the pressure will be to move up, not down. I see at least double 00's before much resistance on the upside, and with news it could easily go back to .006/8 levels, perhaps even copper.
If I remember correctly they did say that the existing debt would be converted before the rs, and I got the impression that the terms of the arranged financing deal probably require there to be no other outstanding debt to protect the assets that will be used as collateral for the new loan. If you think there is a chance the company is telling the truth this could be a great trade from these levels. If you don't and think they're lying to be able to sell shares into oblivion, then just stay away. I started the whole thing today by buying the first 20 million, I like the chances here. I really didn't expect the others piling on....
I'm in Libreville now. I was in Cameroon at the time of the election and was planning on returning to Gabon the 4th of September, but with the borders getting closed it took a few more days to get a visa. All is calm and people seem to be happy. No violence at all.
Actually, YOU are the one who neglected to read, and as usual you are trying to deflect and distort and LIE to make yourself look intelligent and to be some kind of "authority" that should be heeded.
The post I replied to stated "Check your own posting history idiot. 95% of your posts are on this board." And that is exactly what I supplied data for. Now you're trying to change it to other boards as well. It reminds me of the adage that figures don't lie but liars figure.
Then you come with your usual LIE about short sellers and try to smear me by alleging that I'm one of those "bad guys" who's responsible for the sp being near ZERO for years now.
I realize I'm not the expert like you with insider connections. I only attended 2 shareholder meetings back in the day. I remember meeting tamtam and RubyMartin and a few others, but that was a long time ago. I do know that at the time of the last shareholder meeting I attended the sp was around .40 and I was a proud holder of 930000 shares. You can do the math and tell me what those shares are worth now, but even had I shorted at that price it would have been cost prohibitive since as I recall there was a minimum requirement of 2.50 cash/share of equity required in the account/brokerage I was using.
Try peddling your lies somewhere else. I will continue to follow occasionally just to see what becomes of this issue since it did form a relatively significant portion of my life at one time. I did decide to finally walk away from it and sold my 100 million shares that I had accumulated when I saw a "no bid" future coming. You probably have some or all of those shares now and you're welcome to them. I hope you enjoy wallowing in the mud: just don't expect to not get some on yourself.
As of right now, 6980 of his 14590 posts are on this board. If you bother with a calculator, that's approximately 47.8409869%
Some here are suffering from a very severe malady pervading society today of a total inability to recognize truth because they are drowning in and have fallen in love with lies.
Some of us know Who represents Truth and who is considered the father of lies.
I can't believe I even bother to occasionally follow here. I guess I just have too much free time on my hands.
Over the years I've recommended ERHC/ERHE to several people as an investment. None of them are happy with me.
What really got me was when Ntephe and his buddy said that they were purchasing shares themselves. I thought it was a pretty good sign, and actually held more shares than Ntephe himself.
Then I started wondering why Ntephe was buying shares if the value was going to zero.
After now having spent over 2 years in Africa just a short distance from Nigeria, I think I now understand why: Ntephe probably NEVER purchased any shares, at least not with his own money. He most likely made a false filing to encourage people like me to buy and provide a market for the shares being dumped. Many Africans will say and do ANYTHING to put money in their pocket. I wonder if our dedicated "longs" are African or just delusionally hopeful???