As we said on June 9 ("ERHC Will Rise Again"), ERHC Energy's dismal share price has improved by $0.15, or 37.5 percent from $0.40 to $0.55 - but it may be stuck there, at least for a little while.
Our last discussion of share price turned out to be extremely accurate. We said it would "hang around" the $0.55 level for a while, but with new installments of the old news about the search warrant that was served on May 4, the price would fall to $0.38, and then stall around $0.40.
It did all that, and we now anticipate that the prime mover for future changes in share price will be the future developments - due soon - in the investigation of alleged payments to West African officials at least four years ago.
A hearing on two proposed orders - one from each side - was scheduled for today in Houston Federal Court, but we are unaware of any news that has been generated - if the hearing took place at all. Documents in the case, including proposed orders and a motion, are available at http://www.erhc.greatsprings.net.
However, the impact on share price will be progressively less as the case progresses and discounts due to the unpleasant news are reflected permanently in the share price.
ERHC On The Move had a four-minute conversation with U.S. Atty. Mary Kit Dimke on June 20 but was unable to wrest any informationfrom her, including the Year 2000 and 2004-2005 shareholders lists we sought (which are supposed to public, but were seized).
We did learn that she is not based in Houston but in Washington, D.C., and apparently came to Houston solely for the search of the company's offices on Westheimer Blvd.
Regrettably, we were no longer holding ERHC when it made its move, having moved over to Vion Pharmaceutical {VION), which has a promising orphan drug for leukemia in seniors we think is heading towards FDA approval.
I am grateful to all of you who sent me contributions for my campaign for Manatee County Commissioner, and I will wager a guess that you enjoyed my thank-you notes a lot!
Contributors must state their name, address and occupation, and make checks payable to "Elect Joe Shea" at 4119 61st Ave Ter W, Unit 305 C, Bradenton, Fla.
Pd. Pol. Advt. Paid for and Approved by Elect Joe Shea, Democrat for County Commissioner, District 4.
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