Addax Petroleum (fka AXC)

[midtieroil]

Why would anybody make a bid for a company that has 7 million in debt, an IRS lien, assets in peril to both CEPSA and the IRS and untold other baggage?

Maybe they can sell some assets but what is left? Kenya may go entirely to CEPSA to pay that debt. The EEZ may go to the IRS to pay that debt. And nobody wants Chad or the JDZ. They've been trying to find partners there for years.

I am not ruling out the possibility that ERHC is done. The market certainly says that. But management won't throw in the towel before they squeeze out every dime they can.