Unfortunately, a reverse split followed by continued toxic funding will create a whole new class of legacy shareholders as even those with cost basis of .002 could easily find themselves down 50%, 60%, 70% or more in the blink of another shareholder update.
What many think is a fair value for ERHC, I believe is a pipe dream on a transaction of the type you describe. While current share price may diverge somewhat from fair value, current share price will still be a limiting factor on what anyone will pay.
I don't consider a 500 to 1 reverse split to be a joke nor do I believe the equivalent to a 5000 to 1 split to be an impossibility. If you are going to get on any exchange you want your share price above $5 to attract institutional investors.
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