Something has to be done though, people can argue assets vs. mgt til the cow comes home, but everyone can agree that the spending and payroll are wayyyy too excessive.
ERHC has 2.3 cents per share of cash in the bank with a $50M shelf to raise more. That means this management team has convinced the market that its asset in total are worth (a maximum) of 6.5 cents per share.
Does *anyone* think these innept clowns shouldn't be fired? Every day that these company milking pigs remain is an insult to shareholders.
A class action lawsuit is the last step in this process but it cannot be taken off the table. The next step should be finding each and every board member and personally making sure that each board member understands that some minority shareholders believe that current management is not competent, that the BOD is catering to a single shareholder and that the board is not living up to their fiduciary duty to do something about the current situation and make the necessary changes to move this company forward. Although I am sure their D&O insurance would cover them unless their failure is due to gross negligence. I think they are very close to that threshold. They may indeed become personally liable.
If people are not willing to do that than they deserve whatever they get from this company. I have the feeling that the letter that was sent to the company NEVER was seen by the majority of the BOD and instead was handled by Ntephe who made sure the rest of the board never even saw it. Yet another major violation of corporate governance and corporate bylaws.
News 
Market Data 
Discover 
