Their arguement would be that ERHC and SEO are not filing anything and they are amassing these shares secretly. I find it far-fetched that a Nigerian national could do this without the approval and knowledge of the US government. There is a lot of money laundering from that part of the world and such transactions are monitored closely.
I still believe that the lack of investment by SEO in ERHC from the days of the rights offering until now has been severely limited by regulators who have not allowed it. So, from SEO not participating in the rights offering, to ERHC's failure to get an AIM listing, to SEO's attempts to maintain a large ownership position in ERHC are all connected. If you think about it, that theory explains a lot of things.
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