ERHC Energy Inc (ERHE)

[Krombacher]

I'm actually very excited about erhc these days. I feel like I understand what happened better now.

Here's my theory, the first round of convertible debt had consequences management did not anticipate, namely: that the convertible debt buyers would convert everything to shares and plunge the share price.

After that first round, I thought management learned its lesson and wouldn't do it again.

But they did. Were they dumb? No. I think the lesson SEO learned was that he could acquire his ownership stake back, which he lost in the first round... by doing a second round.

The convertible debt holders sold their shares to book a profit... rather than hold onto erhc for its potential.

They don't care about erhc potential but SEO knew what it was and likely bought many of the shares as they were sold. I believe based on my own calculations, SEO might have 40% of the company now.

As a Nigerian, he doesn't care much about the form 4. But they did eventually report SEOs shares from the convertible debt he issued.. but many many many months later.

So how many shares did he buy for them to report many many months later if at all?

With SEO potentially back in the driver's seat, things can happen. And we know that things were happening possibly between total and erhc. Until the kosmos hiccup.

Once that is resolved... we're back in play, imo.

Krombacher