It doesn't hurt at all! Anyone that has done an ounce of DD already knew that, just like everyone should know that Offor is the majority holder and nothing will happen without his nod, yet they cry to the heavens like this is some new development.
I started buying early in 2006. I knew then that Offor was ERHC in every sense. I knew then that the company was a shell for holding drilling rights.
The only thing that has changed in those 4 years is I have been shocked at how snail slow and arrogant the oil industry is, and I have become sorely disappointed that management has chosen to leave ERHC a one trick pony totally dependent on the JDZ results for the foreseeable future. With China now in control of the three blocks drilled that decision is biting everyone except Sinopec in the @ss now.
It's disappointing that the company chose to ignore shareholder concerns raised years ago about this single-minded (and lazy) approach.
But facts are facts, ERHC was a shell then, and a shell now. Offor was in control then, and in control now. What's changed is suddenly everyone wants to gripe about those facts that haven't changed.
I am as frustrated as anyone, but there isn't a damn thing that I saw when I started buying that has changed. That's a fact, arguably a sad fact, but still a fact.
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