ERHC Energy Inc (ERHE)

[globaloil]

I agree with your assessment with one caveat. I would add the word "legacy" before
each instance of shareholder in your below statement.

The new reality is that the majority of the 2.7B shares are not in the hands of legacy shareholders, so how an individual shareholder would make out in such a scenario would depend on their cost basis. The vast majority of outstanding shares were obtained sub-penny in the past 3-4 months, so what seems good for the median shareholder might not be a winning price for the legacy guy that bought at $0.30-0.50.

All just speculation, of course.

I do believe that is a possible scenario. Unfortunately Exile legacy shareholders didn't make out well in a similar transaction. Not only did they not receive much of a premium they also lost a lot of the upside potential that is inherent in a smaller company like ERHC. Much like the convertible debentures, this would be an act of desperation on the past of ERHC and wouldn't really be a good deal for ERHC legacy shareholders. If you don't believe me, ask the Exile legacy shareholders.