You can't always get what you want, but if you try sometimes, you get want you need. Rolling Stones
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Krom, are you referring the value of ERHC's "goodwill"? If so, I value that as zero, if fact it probably has a negative valve as if anyone checks ERHC's past business dealings, they probably would not do business with them.
Does Ehrc own assets that the IRS does not have a lien on? Not likely!
In that case before erhc can offer up any of their "assets" the IRS lien would have to be paid off FIRST. With the Kenyan assets, erhc would have to pay the money owed to Cespa first before Ehrc could offer up this asset to anybody else. (Plus the IRS lien).
What else does erhc have to offer up???
Wow, someone throw away $2,000 on this POS.
I bet PN/SO get paid more than that this week!
Two questions for you old oil since only facts will satisfy you.
Do you believe there is any new off shore deep water exploration wells being drilled this year? If yes please provide details. Note it is impossible for me to prove a negative (as in no drilling), only the positive can be proved be providing the drilling companies and the drilling sites.
At what price of oil do you think offshore exploration will begin
With oil prices $45-$50, new offshore drilling in deep water is NOT occurring as this is cost prohibitive. If oil gets back to $80 ( which is highly unlikely for the next several years) then and only then will there be deep water exploration. There is no chance (as in not a chance in hell) that Erhc will be around when (if) oil hits $80. You guys are dreaming if you think ERHC's current assets are worth anything currently. NO WANTS THEM!!!
Don't hold your breath waiting for good news. The next news will announce the bankruptcy.
Back in. The 6s are too low and likely the bottom.
Next time??? There will NEVER be a next time. No drilling, no partner, no deals. The only thing to look forward to is when bankruptcy will be filed. Until then, the salaries will continue to suck out all the remaining cash ERHC has. So sad!
What will happen when the cash runs out? Will PN/SO work for free? Work for worthless shares? The end is near and nothing can stop this train wreck.
How is the money owed by Erhc a dead issue? It is something that must be resolved for Erhc to survive. Nothing is more pertinent. Try to face reality old oil.
How is the money owed by Erhc a dead issue? It is something that must be resolved for Erhc to survive. Nothing is more pertinent. Try to face reality old oil.
As the share price returns to one milray, no one can answered how Erhc is going to pay the ~$10 million owed to Cespa. Or how Erhc is going to pay the IRS $2.6 million and get the liens removed from its assets. The company can not remain in business until these debts are resolved. How, I ask?
As the share price returns to one milray, no one can answered how Erhc is going to pay the ~$10 million owed to Cespa. Or how Erhc is going to pay the IRS $2.6 million and get the liens removed from its assets. The company can not remain in business until these debts are resolved. How, I ask?
Emdyal, one thing we knew for sure is that Erhc owes Cespa ~$10 million for their share of the drilling costs of the first well. How do you thing Erhc is going to pay Cespa? What do you think Cespa is going to do if they don't get paid? Please be realisti!
Although, at one time ERHC indicated they were current on the cash calls for the drilling expenses, but never indicated how much they paid. I do not recall seeing any cash payments for drilling in any quarterly reports. Does Anyone? IMO, to date, ERHC has paid NOTHING and has/had planned to
Stiff Ceaspa all along if no oil was found. ERHC is saving its cash for salaries for the bloodsuckers (PN & SO)
Here's my estimates of the assets value:
All JDZ = $0
All EEZ = $0
Chad = gone
Oil well in Texas = gone
Kenya = - $10 Mil
Cash = soon to be zero
If anyone disagrees with these "estimates" please state your opinion or I will assume you are in agreement with these figures.
Emdyal, EXACTLY what value do place on the assets? Please be specific! You
What I have repeatedly have stated is, they have never been worth what they are paid, their salary needs to be reduced, they should be paid in Erhc shares, paying them has been highway robbery and in my mind is criminal. The BOD should have done something about their outrageous salaries years ago, but allowed this "stealing" of precious Erhc cash far too long. And it continues to this day, while everyone sits back and allows it to happen. We have been " fooled" too long to blame anyone else but ourselves.
I realize why PN and SO never wanted to be paid with shares of Erhc. They would be working for peanuts.
I bet it's hard to find another active stock with a worse performance that what Erhc has accomplished. What even worse is the amount of salary that was paid to PN and SO during that time frame. Look what they accomplished, ABSOLUTELY NOTHING!
Just to summarize, if one invested one Million dollars at the High of ERHC (~$1) the present value of that million dollar purchase would be $2. Not quite a million dollar lass, but replay close. In fact, one could easily round that off to say they lost a million dollars.
Middy, by blowing it and being a complete failure to mean when Management started with $50! Million and 10 years later wound up $12 Million in debt? Do you think competent management could accomplished something with that kind of bank roll? Erhc did manage to collect s lot of salaries and go to a lot of conferences during that time. Also, the share price did go from nearly $100 a share to $0.000002 (split adjusted). What's that 500,000 to 1 plunge?
I agree completely. So glad I got @ ~$9 to break even. Was watching for a reentry point for a while, but now I agree with you OPKO needs a management overhaul. So I will not buy until that happens.
middy. help me out. you say : . 8) ERHC has over 13 million in current liabilities, only 5 million in assets and only about 100,000 or less in cash,
can you detail the 5 million in assets please. I think there is no value in anything they still own.
otherwise, what a great summary of the FACTS about ERHC. Anyone that disagrees should try to refute these facts one by one, not throw out a generalized "fake" news comment, like what has been done in the past
We need to have poll or a contest to guess the last day of trading?
My guess June 30, 2017
What puzzles me most is that there are still some old timers here who somehow believe there will be a miracle and ERHC will come out of the gigantic hole they dug for themselves and find someone (a bigger fool) to save the company. THAT IS JUST NOT GOING TO HAPPEN The only thing that is going to happen is BANKRUCPTY and then the shares will be worth do do. (like the second letter of those words)
erhc's assets are worthless. For many, many years ERHC has been trying to monetize them and has come up empty. What does that tell you. They have sold what they could and now they are let with a pile of do do that no one wants. Then consider the debts the company has and bankrupt city real soon. I only hope it happens soon, so PN stops getting paid his outrageous salary.
ferab, one mil ray, the present share price is NOT rock bottom. Zero is rock bottom and will soon be here as there will be no buyers when bankruptcy is filed. Any day now, especially if there is no cash to pay PN's salary. PN will not work for nothing and will be long gone to leave this sinking ship to the courts and the shareholders holding the empty bag.
As I have repeated stated, these guys (PN/SO) will do anything to keep their salary coming. The company should fold their tent immediately and declare bankruptcy. There is NO hope left and only enough money to last a couple of months at best. The only think keeping this company alive is PN's greed to keep getting paid. This is criminal.
What amazes me most is how clever PN is in that he keeps his full salary rolling in week after week and the BOD and the shareholders do nothing. He has run this company into the ground and continues to
Get an outrageous salary. Does anyone believe this is justified? Why have an annual shareholders meeting if he can still collect his salary? How many years ago was the last shareholder meeting?
Although the company acquired lots of oil rights for little or no upfront money, PN fails to do anything productive with these rights. Althought maybe these rights weren't worth much in the first place, PN sure did create any wealth from them after years of trying. Maybe the true value of these assets is finally being realized, I.e. ERHC assets are not worth much. Then throw the debts owed and the IRS liens and it is very clear the company is headed for bankruptcy.
middy, that was an excellent summary of PN's poor negotiations skills. Although the company acquired lots of oil rights for little or no upfront money, PN fails to do anything productive with these rights. Althought maybe these rights weren't worth much in the first place, PN sure did create any wealth from them after years of trying. Maybe the true value of these assets is finally being realized, I.e. ERHC assets are not worth much. Then throw the debts owed and the IRS liens and it is very clear the company is headed for bankruptcy.
Actually my post was all facts about the reality of how much Erhc is worth. The negative opinion is based on these facts. How much value do you think an accounting firm would value Erhc? Answer = negative value.
Monsta bid? It's one milray!!! Pathetic is more like it.
Anyone that sold at 2 milrays should be thankful that they got out at that number, because we are back at one milray to stay forever. Unless there is a reverse split after which there will be new all time lows. Pathetic.
This stock will revert to trading at one milray because the company is on the brink of bankruptcy and the share price cannot go lower because of stock market rules. Of course if there is another reverse split the share will see new lows. Anybody that buys this stock is throwing money away.
In evaluating ERHc's assets, let's consider how much they paid for the oil rights and how much these assets are worth now. We also must deduct any liabilities these assets have and must also consider the IRS lien.
I believe Erhc "stole" the jdz rights and paid no cash. However, after the lack of drilling success, at present these assets have no monetary value.
Chad is gone and all the money Erhc put into this property is down the toilet.
I don't remember how much money Erhc paid for Kenya - but certainly not much. Now after a dry hole, Kenya is worth even less.
Not sure what Erhc paid for the Texas well, but not much.
So let's do the math, Erhc has a NEGATIVE value and IRS liens on its assets.
Who would be crazy enough to get involved with this garbage?
What makes you think I am out. I still have 25 % of my highest amount (the shares from the offering). I am not sorry as it did not buy ANY dilution insurance (What a joke). I lost far too much and the carry over losses will last me several lifetimes.
The rah rah boys on the other site are as I said, looking for the bigger fool. Most long timers here understand the reality that the end is near and the company will be very lucky to be here in 6 months. All this PR crap, is a guise to keep PN and SO salaries flowing. What a joke.
You guys are dreaming or smoking the good stuff. Why in the world would any company pay $13M for Erhc assets when these same assets will sell for a song in btankrupcy (which is not far off). Also, keep in mind the IRS has a lien on any assets that Erhc has. Getting past the IRS will be impossible. Dream on and throw more money away. The bigger fool theory applies here.
Rich by Easter? Not this Easter and there is no way erhc will
Be around next Easter? I will be amazed if Peter manages to suck his bloated, undeserved pay check from
This faltering company until July 4, when the company explodes.
Since the share price has doubled, is it time to give PN and SO a raise? Maybe they should be paid in Erhc shares instead of milking the company of its limited cash. Yes, paying those guys in shares is a great idea!