The only reason I can think of is that they feel that $0.001 is...

The only reason I can think of is that they feel that $0.001 is an attractive price and, as I said before, "It suggests they may be motivated by more than a vague desire to throw good money after bad in some sort of quixotic attempt to avoid dilution".

There are some things I think even the most anti-ECT trolls (not referring to you) would have to grudgingly admit - our major shareholders have a track record of success in business and investment and they probably have a knowledge of ECT, the industries it is targeting and its prospects that is at least as good as the best informed rank and file HC poster.

So some of the motivation is defensive - to prevent the company runway coming to an abrupt end and splashing their investments, some is strategic - to avoid dilution; and some is forward looking - to increase exposure to a company that they continue to believe has prospects for considerable SP appreciation. I can't imagine an experienced investor considering the latter two if they consider the company is doomed and probably not the former either if we're talking a non-trivial investment amount.

My only regret is that I'm completely tapped out and do not have the option of participating in the raising and will have to accept considerable dilution. Will probably have to call a halt to my early retirement and return to work. I also suspect the ELF shares are doomed. I deeply regret spending $25k I didn't really have a few months ago paying out some of my ELF loans in order to get the 30% discount - seemed like a decent bet at the time. That money would have been nice to have now to participate in the raising.

GLTAH.