Replies to post #9756 on Addax Petroleum (fka AXC)

[ssc]

Not to worry for the convertible debt sharks, they'll attract buyers. Currently about $400,000 convertible debt outstanding. As predicted, ERHC has had to offer better terms to attract these guys so some debt is immediately convertible, some is at 40%. As it stands, with current conversion price at .013 it will take over 30 million shares. If buyers stay away and the price sinks, it won't be long before it will take 60 million or maybe 100 million or more. Triple zeros again? What price will be low enough to attract those delusion insurance buyers again? Does this all sound familiar, as in what I predicted months ago?

As if that's not bad enough, ERHC has over $6 million in liabilities and less than $2 million in cash soooooooooooooo, more convertible debt coming soon. jmho of course.

[emdyal]

Yes that's exactly the situation the 2 Nigerian scam artists have put the company in !