If you look at the abuses in the convertible debenture area they ALL have involved shorting the stock down. Some were doing it even before the debentures were issued knowing full well that the share price would go down upon issuance. That, of course, is illegal.
I think they have quit doing that but shorting after the issuance is what would maximize their profit as I clearly showed in a previous example. A lower share price means more shares for them, plus the gain on the short, plus interest, plus the up front fee, plus the built-in gain by getting the shares at about 50% of market.
The share price was close to .09 when the convertibles were issued. It went down as low as .007. The gain on shorting dwarfs the other gains. Anyone that thinks the convertible debenture holders or traders are so stupid that they can't figure out how to take full advantage of this doesn't understand convertible debentures or the market.
Many companies now include a no-shorting provision in the debenture agreement. I don't know if ERHC did that or not. But it doesn't really matter. Even if they weren't doing it, there are plenty others out that can figure this out that would.