ERHC Energy Inc (ERHE)

[ssc]

So you really believe these note holders pass on a quick 100% or more annualized profit in favor of accumulating shares with the hope of finding oil with 1 well in Kenya? And you also think these sharks would be worried about killing the erhe golden goose? I doubt it, there is a virtually unending number of penny stock companies diluting their way into oblivion with this type of debt. OK. We disagree. The coming 10-K should hold some interesting info regarding whether or not the immediately convertible notes are still held, and maybe disclosure on how much more convertible debt was issued thru the end of September. Investors will probably continue to be in the dark about what has been going on since the beginning of November.

Interesting quote from the latest 10-Q:

The number of shares of common stock issuable upon conversion of the promissory note is indeterminate. Due to the fact that the number of shares of common stock issuable could exceed the Company’s authorized share limit...