OUCH!!!!!
MOTION FOR SUMMARY DISPOSITION The Division of Enforcement (“Division”), by counsel, pursuant to Commission Rules of Practice 154 and 250, moves for an order of summary disposition revoking the registration of each class of securities of ERHC Energy, Inc., (“ERHE”) registered pursuant to Securities and Exchange Act of 1934 (“Exchange Act”) Section 12. There is no genuine issue concerning any material fact and, pursuant to Exchange Act Section 12(j), the Division, as a matter of law, is entitled to an order revoking the registration of each class of securities of ERHE registered pursuant to Exchange Act Section 12. An analysis of the factors set forth in Gateway International Holdings, Inc., Exchange Act Rel. No. 53907, 2006 SEC LEXIS 1288 (May 31, 2006) (“Gateway”) establishes that revocation is necessary and appropriate for the protection of investors. ERHE’s violations are continuous and ongoing and its purported efforts to remedy its past violations have been wholly insufficient. The Commission has repeatedly held that delinquencies like ERHE’s constitute a serious and egregious violation of Exchange Act Section 13(a)’s reporting requirements. ERHEwas aware of its obligations and not only failed to file timely reports, but also provided no updates to investors as to why it has continued to be delinquent in its filings. Two years have passed since the dismissal of the “debilitating, convoluted and resource-draining litigation” to which ERHE attributed its delinquency as has the “reasonable amount of time within which to resume its periodic filings and bring up-to-date, the arrears of filing.” Answer at 5, 14.1 Still, current and prospective investors remain in the dark about ERHE. Accordingly, revocation of ERHE’s registration is necessary and appropriate for the protection of investors.
