Replies to post #16635 on Addax Petroleum (fka AXC)

[ssc]

Of course no one knows how the case will be decided, nor what outcome is more likely than the other. What everyone knows, since erhc reported it in an 8K, is that erhc is struggling to come up with funding to continue the legal battle. In case anyone missed it:

The legal and ancillary costs of participating in the arbitration and advocating ERHC BVI’s position, have been significant and had a deleterious effect on the finances of ERHC BVI and of ERHC Energy Inc. which is ERHC BVI’s parent-company affiliate.

As of the date of this statement, ERHC BVI is actively considering, directly and by the auspices of its said parent-company affiliate, ERHC Energy Inc., several financing options for continuing the arbitration, including but not limited to funding by litigation-finance firms. There is no guarantee however that any of such options will come to fruition.

If ERHC BVI is unable to continue to pay for its legal representation and associated huge legal costs and/or does not prevail in the arbitration, the inability would have a fundamentally material adverse effect on ERHC Energy Inc.’s and ERHC BVI’s prospects, financial condition and operations.