Replies to post #82430 on ERHC Energy Inc (ERHE)

[doug c]

WHOA!!EOM

[tryoty]

Things are heating up...

"At least 43% of ERHC equity is also owned by Offor, who has angled to acquire Starcrest by issuing additional ERHC shares a move that at one fell swoop would land him about 70% of ERHC stock in the most prospective frontier oil province in west Africa. Minnow ERHC enjoys a key position with Addax in JDZ blocks 2, 3 and 4.

Offor also came under fire this week from Colorado-registered ERHC shareholders for appearing to commit a breach of fiduciary duty by diverting a commercial opportunity for his own benefit, preferring to press the interests of Starcrest rather than ERHC in Nigeria's Exclusive Economic Zone.

Burgeoning disquiet among ERHC shareholders may yet result in a class action derivative lawsuit under US federal jurisdiction designed to prompt Offor to revaluate his acquisition strategy in the Gulf of Guinea."

[rocky822]

What does he mean "Colorado-registered ERHC shareholders"? In thinking about it I guess he's trying to say "shareholders of ERHC, a Colorado registered company"? But, it sounds like there's a group of shareholders registered in Colorado? Is there anyway that makes sense?

And, imo, there's no way his source for these last two paragraphs are any other than here and IV.

"Offor also came under fire this week from Colorado-registered ERHC shareholders for appearing to commit a breach of fiduciary duty by diverting a commercial opportunity for his own benefit, preferring to press the interests of Starcrest rather than ERHC in Nigeria's Exclusive Economic Zone.

Burgeoning disquiet among ERHC shareholders may yet result in a class action derivative lawsuit under US federal jurisdiction designed to prompt Offor to revaluate his acquisition strategy in the Gulf of Guinea.

A spotlight thrown on the world of Nigerian licence allocations at this juncture could dissolve all confidence in the country's upstream policy until a new administration takes charge next May.

[kobiashi2000]

Perhaps assuming we do sell our blk 2 percentages to either XOM or SNP, maybe that money will be used to pay Offor for his Nigerian EEZ properties.

[TheDane]

Nice.

[markgovols]

THANK YOU!

[Digdeepforsweet]

Who's Agenda ???? em.

[Art2004]

Just reading the article, According to Nigerian newspaper articles OFFOR ALREADY WAS/IS THE MAJORITY OWNER OF STARCREST and his associates are also owners. He also received $35 million from Addax for the Addax Starcrest deal.

Who does the Upstream staff think owns Starcrest now?

WHY WOULD OFFOR HAVE TO ISSUE ERHC SHARES TO OWN STARCREST? He already owns Starcrest.

And why would he want to make Starcrest a part of ERHC and bring it under the scrutiny of the United States DOJ and SEC investigations?

THAT WOULD MAKE NO SENSE AT ALL.

I can imagine the SEC approving a deal where Offor issues ERHC shares to buy Starcrest from himself. NOT!

2. Any law suit on behalf of ERHC stockholders about Offor's fiduciary responsibility would only be against Offor and the Starcresrt deal. ERHC would not be sued at all.

While I am not sure of the strength of the lawsuit, ERHC could only gain a part of the Starcrest deal , both cash and oil rights. ERHC the Corporation has nothing to lose in this suit. It has nothing to do with our JDZ rights or contracts.

The lawsuit poses no problems for ERHC, only for Offor and Starcrest.

I hope everyone realizes that.