Hello Degen,
As you may know, I have great respect for you, so I will attempt to respond as forthrightly as possible.
My comments in red, you said:
Most shareholders believe that ERHC has very little value,
First, I'm not aware of a scientifically significant study or poll that shows that most shareholders believe that ERHC has very little value. Sure, the current value of ERHC on the OTC is $0.0002. But remember that we arrived at this value because many convertible note holders converted their notes into shares and sold them on the open market. Clearly, because we are at $0.0002, we must surmise that there was NOT enough shareholders to absorb all of that dumping of shares by the convertible note holders. But I doubt anyone actually thinks this company is worth around $600k in total, which is what the market cap is at $.0002. That's because, even as a mere shell listed on the OTC, it can be worth a couple hundred grand. Throw in the properties that ERHC has which SOMEDAY may be monetized, and the $600k is just not a realistic valuation. So why isn't it higher? Simple. The market doesn't know how to value ERHC, because ERHC is not reporting anything. But, I don't think SEO, the only shareholder who matters, cares one bit about the short term price action of the company. They care about striking oil in one of the properties.
hence the share price of $0.0002, This very low share price reflects the reality that there is no longer any hopeopinion for this company and is for all practical purposes the company IS bankrupt The company has not filed for bankruptcy which is the only definitive definition of bankruptcy, any other definition of bankruptcy including "Morally Bankrupt" and any other form is simply an opinion which everyone is entitled to have and is no longer functioning as a company. I wouldn't say that ERHC is no longer functioning as a company. Perhaps it is not functioning as a PUBLICLY HELD company subject to quarterly filings...but ERHC is still a going concern to my knowledge, unlike HDY which no longer was and had to file for bankruptcy.
Who works for ERHC (paid employees)? Probably nobody. I suspect that Ntephe and SO still work for ERHC. Are they paid? Who knows? There are no recent filings to indicate one way or the other. But if Ntephe is working without pay, then he has my respect for the "sweat equity" he has put into this company against all odds.
Has anyone been able to contact ERHC's management in the last 6 months? Likely no-one. I'm sure the people that matter contact ERHC management all the time, some examples of such people may be SEO, various movers and shakers in Nigeria and elsewhere in Africa, Total, and other potential operators.
Is there a Board of Directors that exist? No Maybe, but I think the BOD is currently dormant in order to conserve Company resources.
Does ERCH file any paperwork at all? Not recently. My understanding is they don't have to file paperwork at a milray company. However, once they are on the AIM, then they must file semi-annually to my understanding.
When was the last time ERHC filed paperwork? Over a year ago.
If you cannot contact a company or the company does not file any reports, do they they really EXIST? There are many privately held companies who do not file any paperwork and cannot be reached without a good business reason, and they exist. In essence, ERHC is behaving like a privately held company, because with SEO in the mix, it almost is.
Yes, ERHC does exist but not in the reality outlined above.
EVERYBODY KNOWS ERHC IS DUST! And under a pile of DUST, one might find OIL!
Krombacher
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