As in any bankruptcy proceeding ERHCs assets will go to those who have superior claims to those assets. Just because there are no formal bankruptcy proceedings that doesn't mean that won't be EXACTLY what is going to happen here anyway.
Just like in a bankruptcy proceeding, the creditors will have first claim to the assets. So CEPSA, the IRS, the convertible debenture holders and all other creditors, of which I am sure there are many,
all have superior claims to existing shareholders.
Of course, for any new venture to work, there has to be new money coming in. Anything the creditors don't take will then go to those investing new money.
As usual, and by law, existing common shareholders are at the the bottom of the list and will likely get nothing but a slap in the face when it comes to getting anything.
So, no the assets aren't being stolen, they are being distributed according to the governing laws. This may be litigated in several courts, arbitration hearings and back rooms but the result will be the same. The assets go to those that have claims to them.
This is exactly why bankruptcies are filed. To fairly divide the assets in one court by one judge who decides. ERHC is going through a bankruptcy reorganization whether anyone wants to admit it or not. That likely won't bode well for existing shareholders. It almost never does.
The asset theft narrative is just another ruse to deflect blame from poor management and poor investment decisions and it is spurred by a lack of hope and a lack of ability to accept responsibility for our own bad decisions. Somebody else has to be blamed.
I have never expected these ruses to cease. I have expected them to intensify as the situation continues to deteriorate. And they have.
