Kobi, the buying institutions don't have to disclose...
anything until they are finished buying. If an institution wishes to by 10% of ERHC they don't have to disclose until they have 10%.
That's exactly what happened with Afren:
"Afren news: Lehman brothers international notified Afren it has a 9.92% stake of the outstanding shares of Afren -18,792,254 shares."
Notice they didn't inform Afren until they had a 9.92% stake. Their buying was finished. Lehman probably had a set budget they were going to spend on Afren stock and when they reached it they quit buying and notified Afren.
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