Manuel, I expect that none of us are knowledgeable of the amount of money spent on the attorney fees in defense of ERHE. Nor are we knowledgeable as to the amount spent for the failed attempts of the AIM initiative.
That being stated, none of us were knowledgeable of the highly increased costs of drilling offshore vs onshore.
But with all these components in mind, ERHE had $50 million in hand. PN goofed by placing the $5Million money in Stanford, and we don't know why he picked Stanford,, ie MUCH better interest rate or ???? But treasury notes are guaranteed by the Govt. at whatever amount. Banks insure a mere $100K.
With all of these considered.... $50 million less these concerns add up to what?? $12-15 million??? A couple million for Kenya and Chad?
And where is the remaining $30 million...??? Paychecks, Oando, and conferences...mostly paychecks less than a mil for Oando, and a million or less for Conferences?
$30 million for paychecks??? And none for investment in on shore assets???
Is that the decision making we would have wanted in the CEO using our money?
As I previously stated, I am a successful businessman because I make the most use of my money, strategically re-investing, while seeking every opportunity to keep cost low, limit spending wherever possible. That is precisely why I am very successful.
As I said before, though I know very little about the oil exploration business, I could ,far better, run this company than PN.I created a successful and opearting business with my own money.
PN has operated a failing business, making imprudent decisions repeatedly, even compounding his erroneous decisions, while using other people's money, our money, not his own. His investment of ERHE is created by shareholder money, his salary, not his own money.
And further, if I don't know something,such as onshore vs offshore, or PN doesn't know about CDs, only that it is a source of money from loan sharks, I would consult someone in the know, for $500 , not lose hundreds of thousands of dollars of shareholder money.
People here look at only the positive perspective, not at the alternatives to positive.
