Replies to post #303432 on ERHC Energy Inc (ERHE)

[Krombacher]

In fact, we know that the shares outstanding as of March 31 was 1,339,487,881 per 10Q.

Before that it was 884,519,152 shares.

Let's say, therefore, the difference was all Offor, even though we know that other CD holders also printed shares.

That difference in the above share count is about 455 million shares.

So $250,000 / 455 million shares = $.0005 per share so no discount or guaranteed gain like the other CD holders.

Offor's conversion price had to be at least $.0005 and probably more since not all of the shares printed were his.

Think about that.

Krombacher

[kingpindg]

Agreed. And if Offor indeed converted...


on or before March 31 as the 10-Q leads us to believe, then, unless he's also been buying on the open market, he now owns, at most, only 32% of the company. And that would be if he was the sole buyer of all of the 523M shares issued for converions in the quarter, which it is certain he was not.

[ssc]

So with 2.6 billion o/s, if Offor converted at a much higher conversion price it means his % ownership of the company has been drastically reduced from the pre-toxic debt levels when o/s was 700 million. Maybe that's the way he wants it, but to me it sounds like he is waiting until after a reverse split to buy some additional immediately convertible debt and raise his % back to prior levels or higher. Or he converted at .0002 or .0003 and has maintained his prior % ownership.

One thing is certain. The days of waiting for return to $1 or higher were killed by the toxic notes. Now it's fingers crossed to see the failed offering level of 7 cents or even break a penny.

[tryoty]

Think about that Krom. You are saying that ERHC management worked behind the scenes with a shareholder to gift wrap a quick conversion to shares for him in order for him to keep his "piece of the pie".

It doesn't get any more illegal than that. Where's *my* gift to keep *my* piece of the pie?