Replies to post #15202 on Addax Petroleum (fka AXC)

[ssc]

Take any starting point you like, but the fall to .005 before the reverse split and the fall from .14 to .0001 after the r/s were caused by the mismanagement of toxic debt, the dilution it caused and the additional 3 billion shares of dilution after the r/s. Any way you spin it, whether in at $90 or $.05, still looking at a 99%+ loss.

[midtieroil]

The fact is that ERHC under this management was once trading at 90 cents per share. After the 1:100 reverse the eqivalent price that ERHC now needs to get to is $90 a share. The current share price is .0002.

Here is a real simple example. If someone bought 1000 shares before the reverse split at 90 cents they spent $900 for those shares. After the reverse split they owned a meager 10 shares at a cost of $900. That means this person needs to have a $90 share price just to break even. That isn't disingenuous, it is a fact.

And the Kosmos lawsuit against ERHC is real. Kosmos has stated they had a binding purchase contract for Block 4 that ERHC reneged on. Kosmos is asking for the contract to be enforced or for $500 million in damages because ERHC used proprietary seismic to try to attract other partners. It is disingenuous ro say this is fake when it can be found in public filings. The case is supposed to go to trial in August.

[nwtf]

Much of this could also be construed as theory and a stretch as well.