ERHC Energy Inc (ERHE)

[ssc]

So with 2.6 billion o/s, if Offor converted at a much higher conversion price it means his % ownership of the company has been drastically reduced from the pre-toxic debt levels when o/s was 700 million. Maybe that's the way he wants it, but to me it sounds like he is waiting until after a reverse split to buy some additional immediately convertible debt and raise his % back to prior levels or higher. Or he converted at .0002 or .0003 and has maintained his prior % ownership.

One thing is certain. The days of waiting for return to $1 or higher were killed by the toxic notes. Now it's fingers crossed to see the failed offering level of 7 cents or even break a penny.