That last 50K sale was one of 30 nearly consecutive trades at the ask that failed to improve the price, leading Raging Bull posters once again to charge market makers with manipulating the stock.
Among those selling this morning when the stock was briefly at $0.54 at the opening was stockhocker70, a Louisiana man also known as Terry Edwards, who had earlier professed to be long on the stock but has recently posted false and misleading information about insider sales of ERHC.
Edwards has claimed - despite being corrected by many other posters - that 121 million shares of ERHC were traded in recent weeks, but none of the shares were actually traded; slightly more than 60 million restricted shares were transferred to First Atlantic Bank of Nigeria on Nov. 10, 2005 as a settlement of a federal lawsuit in Houston.
Here are the4 actual trades, as reported by the New York Times:
Latest Insider Trades
EMEKA OFFOR 25,397,060 Shares Open Market Purchase
MALCOLM BUTLER 250,000 Shares Proposed Sale (Form 144)
VERTICAL VENTURES 200,000 Shares Proposed Sale (Form 144)
CHROME ENERGY L L C 60,641,800 Shares Open Market Sale
CHROME ENERGY L L C 10,641,800 Shares Open Market Sale
The transfer was reported in separate filings by ERHC and by Sir Emeka Offor as owner of Chrome Oil Services, which held the shares. The transferred shares are subject to certain restrictions by the Securities Exchange Commission and may not be sold for a one-year ending Nov. 10, 2005.
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