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  • eoinmnm eoinmnm Jan 30, 2013 10:06 AM Flag

    Hilarious 8K

    I never knew 8Ks could be so entertaining. After reading about more dilution with the “Settlement Agreement”

    """• issue to the Settling Parties an aggregate number of shares of the Company's common stock ("Common Stock") calculated by dividing $4,500,000 by the least of
    • $0.056 per share, (b) the closing price of the Common Stock on the day immediately prior to the execution of the Settlement Agreement or (c) the volume-weighted average price ("VWAP") reported by Bloomberg LP for the 30-day period before such shares of Common Stock are received (the "Closing Shares"), of which 78.9% of such Closing Shares will be issued to CAMOFI and 21.1% to CAMHZN;
    • issue (a) to CAMOFI an Amortizing Senior Secured Convertible Debenture in the principal amount of $4,732,781 and (b) to CAMHZN an Amortizing Senior Secured Convertible Debenture in the original principal amount of $1,267,219 (together, the "Debentures");
    • pay $1,577,594 to CAMOFI and $422,406 to CAMHZN; and
    • reimburse the Settling Parties for certain of the Settling Parties' costs incurred in connection with the pending lawsuit."""" (How many tens of thousands will this add up to?)

    As a finale to this dramatic comedy ACTC celebrates by Renting Office Space expanding their original office space to the tune of approximately TWENTY ONE THOUSAND DOLLARS per MONTH. (Maybe they need more space to accommodate all those lawyers. ;)

    What’s next? Will they give out management bonuses to celebrate the settlement with the plaintiffs?

    JMHO of course

    Sentiment: Strong Sell

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