pretty sure their main concern is offor, so what he wants is what you will get. they could have another entitity also that wants the non-subscribed shares as well through an investment banker, but a stretch, imo. it is more an issue of control.
I will say again, without earnings, a second offer would fail. it is like , ok, you raised 15 million, it's gone and you want another 15 million? for seismic. don't see it working, but if this is truly it. I've talked to a lot of shareholders and they are simply not interested in going forward with erhc based on the track record and it's a trust issue.