ERHC Energy Inc (ERHE)

[ssc]

Your opinion is missing a basic fact. Look at the volume since drilling started, averaging less than 1 million shares/week and falling, and the stock price struggling to hold above 5 cents and unable to close in the 6 - 8 cent break even zone you defined. Any attempt to dump large volumes would tank the stock even further.

If the premise that 80% of the stock or more was purchased in the 6 - 8 cent range is correct, those "insiders" are unable to sell at break even and are facing huge losses just like anyone else who owns this stock. PN and SO, with their 18 - 20 cent cost basis appear to be in far worse shape, with dilution insurance proving to be the pipe dream it always was.

The best scenario at this point, imo, is for a deal to be made to sell everything and if shareholders are lucky they might get 10 - 20 cents. The most likely scenarios, again imo, are ERHC going into bankruptcy or cranking up the toxic debt machine again. Maybe they could raise $5 million before maxing out the 3 billion share limit again and doing another r/s with a triple zero stock price. Maybe even sell what's left of Kenya and, if PN and SO don't burn all the cash again, manage to get another try with Chad for a 3rd generation of ERHC shareholders.