ERHC Energy Inc (ERHE)

[Spec29]

Kobi, the buying institutions don't have to disclose...

anything until they are finished buying. If an institution wishes to by 10% of ERHC they don't have to disclose until they have 10%.

That's exactly what happened with Afren:

"Afren news: Lehman brothers international notified Afren it has a 9.92% stake of the outstanding shares of Afren -18,792,254 shares."

Notice they didn't inform Afren until they had a 9.92% stake. Their buying was finished. Lehman probably had a set budget they were going to spend on Afren stock and when they reached it they quit buying and notified Afren.