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  • Advanced Cell Tech's debtors want their money [View news story]
    Per the 8-K ACT is refuting Cam's assertion that additional monies are owed.

    On May 2, 2014 the Company paid to the Holders the Owed Amount, in an aggregate amount of approximately $1,616,000 calculated in accordance with the payment acceleration provisions of the Notes and satisfying the Company’s obligations under the Notes. Upon the payment by the Company of the Owed Amount, the Company satisfied in full its obligations under the Notes and the terms of the Settlement Agreement and Mutual Release dated as of December 31, 2012 pursuant to which the Notes were issued in January 2013. The Company received correspondence from the Holders stating that the Holders believe the aggregate amount due to be different than the amount the Company paid. The Company believes that its interpretation of the Notes is accurate and complete.
    May 5 05:07 PM | 4 Likes Like |Link to Comment
  • Advanced Cell defaults on debt [View news story]
    Ouch.

    (1/11/13 10-K)

    "If an event of default occurs under a Debenture, at the election of the Holder of such Debenture, such Debenture may be declared accelerated, in which case the greater of the amounts calculated in accordance with the following formulas shall become immediately due and payable: (a) 120% of the principal amount of the Debenture to be prepaid plus 100% of the accrued and unpaid interest; or (b) the principal amount of the Debenture to be prepaid divided by the Conversion Price (calculated either on the date acceleration is demanded or due or the date the accelerated amount is paid in full, whichever is less) multiplied by the closing price of the common stock (calculated either on the date the acceleration is demanded or due or the date the accelerated amount is paid in full, whichever is greater). Commencing 5 days after the occurrence of any event of default that results in the eventual acceleration of the Debenture, the interest rate on the Debenture will accrue at 18% per annum. For purposes of the Debentures, an event of default includes certain events that are customary for debt instruments of this type (including certain cure periods as set forth in the Debenture) including the failure to pay any amounts due under the Debenture when due, the failure to observe covenants and obligations under the Debenture, default under other debt instruments in an amount exceeding $150,000, the cessation of the quoting of the Common Stock on a trading market, the occurrence of a change of control transaction or other certain substantial transactions, the institution of bankruptcy or similar proceedings or the failure to have a registration statement covering the common stock underlying the Debentures effective within 180 days after the Closing (in accordance with the registration rights agreement described below)."
    Apr 21 08:26 PM | Likes Like |Link to Comment
  • Vringo Vs. Google: Vringo Executes A Pincer Movement [View article]
    Questions: 1) How soon after the jury verdict would future royalties be determined by the Judge? 2) How soon could an appeal from Google be announced following a verdict? Thanks Steve!
    Oct 26 05:24 PM | Likes Like |Link to Comment
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