ERHC Energy Inc (ERHE)

[tryoty]

"It seems to me that, from the day that ERHE received the $49 million from Sinopec, they could have and should have initiated efforts to identify potential assets to acquire mineral rights to."

You are absolutely correct, but you have the invaluable advantage of looking in the rear view mirror. However... at that time... the JDZ was on the radar in a large number of countries. It had the allure of seismic estimated oil amount in excess of 14 billion barrels.

Many stand here and crucify ERHC management for doing the same thing they did... putting too much faith in the estimates. I have absolutely *zero* doubt that everyone from Offor on down expected the company to be sold long ago and for a hefty price.

It didn't happen. Anyone who bought the stock in a big way messed up. There was a lot of risk.

Before anyone pounds on the table and calls me a management kiss-@ss or whatever... let me say that what has occurred since, especially in the last 2 years, is an atrocity. Ntephe and Odobulu were allowed to run wild with an asinine cascading convertible debt scheme that could *only* be implemented for the purpose of wiping out all market cap. There is no other answer for wave after wave of convertible debt... each with a 40% discount to market after the previous discount wiped 40% of the market cap out.

The BOD did nothing. Two fools running amok destroying 10's of millions of dollars and no Board of Directors in sight. They *all* should face charges for completely abandoning their fiduciary duty to shareholders. I consider the BOD, if there even is one at this time, and Ntephe and Odobulu as the masterminds of our destruction and NO REASONABLE PATH FORWARD can happen with any of them still associated with the company. They've shown what shareholders mean to them... absolutely nothing. They are not fit to lead *any* public company with that mentality.