It all makes sense now.
1. A while ago Offer was overheard saying he wanted to be a big dog in the GOG.
2. IMO, Offor intended to screw the small shareholder all along.
3. Prior financing deals with very favorable conversion terms increased his % for peanuts.
4. The Starcrest deal would have increased share ownership to 70%.
5. One more Starcrest-type deal and he would dang near control 95% of the company, diluting the existing shareholders into oblivion.
6. At that point, or even at the 70% point, he would have taken the company private, offering the shareholders peanuts to sell out. If they didn't acccept, they could still own shares but ERHC would move offshore, out of SEC reach, and the shareholders wouldn't have a clue as to what was going on and wouldn't see a red cent.
7. Offor then would put all deals into ERHE directly and use his Nigerian political buddies to loadup ERHC with oil deals funded by the Addax's of the oil world. Which goes back to item #1 - big dog in the GOG.
8.Our share price obviously has reflected this sell-out-the shareholder strategy.
9. This strategy also meant Offor had every reason in the world to see the share price stay low. The lower the price, the more shares he got on his early financing conversion deals and the more shares he would get selling Starcrest to ERHC. Now I guess we know who was dicking with the share price all this time.
9. Fortunately, his corrupt Nigerian cultural background blinded him to the ramifications of extreme conflict of interest created by the Starcrest deal. And that set him up for the action by some US shareholders to stop the deal.
10. The question is what will Offor do now.
Sorry for the long post but these thoughts have come to mind with each twist of events and i just wanted to put them out there. I'm still long ERHE and do hope this is a new era for ERHE.
