Companies with overwhelming debt or other financial problems file bankruptcy when they believe they have a reason to reorganize and stay in business. Apparently ERHC hasn't seen any reason to do that. Many triple zero pinkies never file bankruptcy because they have no reason to. Traders trying to flip the stock for a quick 50% or 100% gain thrive on the made up scenarios and "inside" rumors as long as gullible buyers keep showing up. Their stock trades and then eventually fades away when the bid disappears.
The so-called assets are valued between $.0001 and $.0003; those are the facts. If/when that changes there might be something else worth discussing.