Less than two weeks from today the MOU with Starcrest expires. Do you think that is the day the hammer falls on ERHC shareholders with a loud Kaboom and ERHC closes its doors permanently? The end appears to be closer than ever.
ERHC has almost no cash. ERHC has almost no remaining authorized shares left to issue. ERHC has many convertible debentures in default that can't be paid in cash or shares. ERHC owes the IRS $2.7 million that ERHC can't pay and the IRS has placed a lien on their assets.
ERHC owes CEPSA about $10 million and is delinquent on that debt. CEPSA, as the majority owner and operaor of the Kenya block, has withdrawn from the block. As a result of that withdrawl, it appears ERHC has lost its entire interest in that block as well.
ERHC Officers and directors are no longer being paid and it appears that they are actively seeking alternative opportunities.
It appears the Chrome Group including Starcrest are all in dire financial position as well.
With all these facts, do you think we will hear anything positive from ERHC in the next two weeks? If not, Do you think ERHC will just say nothing and ERHC will wither on the vine and die? Or do you think ERHC will try to dupe us a little longer by extending the MOU again when they know there is no hope?
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