ERHC Energy Inc (ERHE)

[tryoty]

Strategyone, I'm on the fence with that (not a comfortable spot, BTW). What I am struggling with is Offor. There are some 2 billion shares out now and Offor owns 305M of them. That's 15% of all shares. I assume that he wants at *least* the same pie of the pie that he had before (43%) and probably *much* more.

Offor has a convertible note for $250K. The share price sits at 0.0004... with 2 more $50K conversions becoming eligible, 1 next week and 1 next month. Next weeks conversion will take the share price to 0.00024 (208,000,000 new shares) and next month down to 0.000144 (350,000,000 new shares). As far as we know, that leaves Offor, who can't convert until next February. That's going to leave ERHC with 2.6 to 2.8B shares out (Offor still at 305M) and a cap of 3B... and Offor unconverted note in limbo until next February. Offor's piece of pie will be BELOW 11% next month.

Do you think Offor is willingly letting the size of his piece of pie shrink THAT much? How do you reconcile your no reverse split opinion with Offor's massive loss of share?