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Advanced Cell Technology (OTC BB: ACTC), more Lawsuits

Since the entry of the court order, ACTC.OB has become aware of 2 additional lawsuits by different holders asserting substantially similar claims and allegations.

 

ACT estimates that the number of shares of common stock such holders of convertible notes could demand would be approximately 8M, and the number of additional warrants convertible into shares of common stock such holders of warrants could demand would be approximately 380M.

  • On 10/14/11, the United States District Court for the Southern District of New York entered an order granting plaintiff Alpha Capital Anstalt’s (“Alpha Capital”) motion for a preliminary injunction and preliminary declaratory relief in the lawsuit entitled Alpha Capital Anstalt v. Advanced Cell Technology, Inc., Case No. 11 CIV 6458 (S.D.N.Y. filed Sept. 16, 2011).

The Bottom Line: There must be some resolution to this mess (debt, shares outstanding, etc, etc and more etc). There is some VERY good science and people involvedbut, management (NYSE:GR)…  MUST provide a … solution to this on-going dilution and share price depreciation … an orderly bankruptcy and restart … might be a solution … the patent portfolio must have REAL value to monetize … MAKE SOME HARD DECISIONS … or no one will touch it … a leprosy factor! I think it will get much worse before it gets better. On top of this, the Aronson and Gorton lawsuits are both suing for cash, at least $13M but could be much more.