ERHC Energy Inc (ERHE)

[ponzi_implosion]

Section 13(d) of the 1934 Act and Regulation 13D thereunder require beneficial owners of more than 5% of a class of equity securities of a publicly traded company to file a report with the SEC. For purposes of calculating the percentage of shares held, a fund manager will generally be deemed the beneficial owner of the shares held by its clients, as well as of any shares held in its proprietary account.

The Section 13(d) reporting requirement is satisfied by filing Schedule 13D with the SEC. Schedule 13D must be filed within 10 days of crossing the 5% ownership threshold. Schedule 13D must be amended promptly to reflect any material changes in the information provided. “Promptly” is not defined in the 1934 Act but is generally interpreted to mean less than two business days.

270 million = over 9% of the OS

What gives?