Addax Petroleum (fka AXC)

[Krombacher]

I don't have any shred of proof or evidence...other than common sense.

Ask yourself the question: why would SEO allow ERHC to do a SECOND round of convertible debt AFTER he had already wiped out HIS OWN shareholder value and ownership interest in the first round?

Common sense for me says that he wanted to recover his ownership cheaply after losing so much on the first round...so he did a second round for that reason.

And while you (or anyone) might argue that he simply didn't know he was screwing himself over on the first round...I highly doubt that he didn't learn something prior to attempting the second round. He must've understood what the second round would do to the share price. And yet he did it (through his puppet) anyway.

Krombacher