I don't think the ERHC assets were stolen as much as they were squandered by a management who was ill-equipped to run any publicly traded company let alone an oil company. They had zero management experience and zero oil and gas experience going in and it showed every single day they were in charge. And it is still showing very plainly today. The sad part is they did not realize it themselves, many shareholders didn't realize it until it was too late and some still don't realize it.
Before they drilled 5 dry holes in the JDZ ERHC's assets, cash and carries were valuable enough to ensure ERHC would be self-sustaining and its shareholders would do well no matter happened in the JDZ. Instead they did nothing, squandered all the cash and made countless blunders trying to recover from that idiocy.
Think of some of the most obvious blunders. Endlessly using highly toxic convertibles. Not getting a revenue stream by getting producing properties. Stanford. Exile. South Texas. Chad. Failed AIM listing. Failed rights offering. Squandering instead of conserving cash. Abscence of annual meetings. No instituional investment. Lack of disclosure. And now failure to file 10Qs and 10Ks.
I know by now everyone must know the real problem. What I don't know is why anyone would still deny it and blame it on anything besides bad management.
Maybe ERHC was slightly unlucky in drilling all those dry holes or maybe ERHC picked lousy partners or maybe ERHC made lousy deals. But, in truth, none of that should have mattered. With good management ERHC would have been self-sustaining no matter what. Unfortunately they haven't had good management and that is a fact.
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