What? Link please to any recent post talking about MM's.
1) The volume is low because all the shares and shorted printed shares are owned and won't be sold except to Total, and short sellers can't print more shares on the greys. The only shares that were actually sold recently was from one person's estate (and several longs scarfed up many of those shares). Everyone else in the small group of investors (including the estate of a second investor), plus Offor and his friends, are "long and strong".
2) The share price is sub-penny because the company is simply not marketing ERHC to individual investors or the market at large. ERHC is behaving very much like a private company and doing its work as if it is about to be purchased by a suitor. It is quiet for the same reason. The only investor that matters is Total, and Total's price will not be dependent on current market valuation but instead on the possible, probable and/or proven (if Total chooses to drill first) oil below those properties where ERHC has its rights.
3) No SEC filings because of two judge's gag orders...and now because it doesn't really matter if Total is buying us out. There are plenty of SEC filings by Total...if one wants to look at SEC filings. Total's SEC filings are outstanding.
4) No public shareholder updates because the only potential shareholder that matters is Total...and none of the small circle of investors, including the largest shareholder (me) gives a rat's ass about shareholder updates. I'm quite happy with the 400 page document and would prefer to let ERHC focus on the most important potential shareholder, Total, then to have to spend its time with me or other individual investors like me.
5) Eh, no one knows whether or not ERHC has permanent offices somewhere or not. Maybe they have one in England or Sao Tome. And besides that Total has an office in Houston...so might as well use Total's conference rooms and whatnot if Total allows it. Works for me and saves ERHC money.
6) Message board volume declines? HA HA HA...not. People post here daily. The volume is about the same.
7) Website updates are not required because the only potential investor that needs to be informed is Total. The 400 page document shows us that Total has been informed often...or at least often enough to enter into a contract with ERHC.
8) ERHC was suspended by the SEC at the same time that other companies were suspended as well, but unlike those other companies which have since been revoked, ERHC defies revocation. Why? Partly because ERHC gave as its reason for not filing with the SEC that it was under gag orders. But also because ERHC said it diverted resources toward protecting the company against lawsuits...same reason that another company DBMM did. DBMM managed to avoid revocation...of course, DBMM did ultimately file its financials and bring them up to date...but if ERHC is going to be purchased by Total...then what's the point?
Furthermore, the small group of shareholders could care less about revocation and would be happy to own shares in a company gone private. Short sellers would still have short positions open at that point and will be even less able to cover than now. Shorts should be more worried about revocation than longs.
9) Naked short sellers do exist in Canada as has been shown numerous times. They are very well known to short OTC stocks. It doesn't matter if "no one shorts a triple zero stock", just like "no one jumps off a bridge"...but people do stupid things...and short sellers assumed the company would go bankrupt...and they foolishly got stuck in this short position with no way out.
Longs who appear "stuck"...aren't. Because our out is Total.
10) No one said anything about MM manipulation. That is a total fabrication.
11) Die hard longs...are accumulating.
Krombacher
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