ponzi... Starcrest and Eland bid for some of Shell's properties that they were selling to get rid of.
Most of them were marginal for Shell but still valuable to other companies. Eland and Starcrest formed ELCREST to work the marginal properties they acquired. ERHC was not needed as that would Dilute the %'s for ELCREST and ERHC had nothing to offer.They had no Oil expertise as Mr. Blair was ERHC's last bastion of oil experience at that time. Mr. Blair left ERHC to found and head up ELAND oil. I guess Mr. Blair didn't want to get into any unscrupulous behavior as ERHC was also bidding on marginal properties.Eland was using SEO's muscle to get their bid looked at as it was submitted near deadline. Mr. Blair saw ERHC as a conflict of interest as SEO was the Majority shareholder of ERHC.
Ponzi show me where ERHC stepped aside for Starcrest to get JDZ %'s or properties. thanks all my recolection of earlier years
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