Ocata Therapeutics Inc fka OCAT

[ddls]

On April 15, 2014, Advanced Cell Technology, Inc. (the “Company”) received a notice (the “Notice”) from CAMOFI Master LDC (“CAMOFI”) and CAMHZN Master LDC (“CAMHZN” and together with CAMOFI, the “Holders”) of an Event of Default under Amortizing Senior Secured Convertible Notes due June 30, 2015 held by each of CAMOFI and CAMHZN (collectively, the “Notes”). The Notice alerted the Company that due to the Company’s failure to deliver shares of common stock issuable to the Holders within three days of a conversion event occurring in March 2014 under the Notes, an “Event of Default” under the Notes had occurred and the Holders were reserving all rights held by them arising from such Event of Default. Among these rights are the Holders’ ability to declare as immediately due and payable the aggregate principal amount remaining under the Notes together with any other amounts owed under the Notes, which amount equaled approximately $1,200,000 in the aggregate as of the date of the Notice, with such amount accruing an interest rate of 18% per annum upon such declaration by the Holders.

As previously disclosed on the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 17, 2013, the Notes were issued pursuant to the terms of a settlement agreement and mutual release (the “Settlement Agreement”) by and among the Company and the Holders as of January 11, 2013. To secure its obligations under the Notes, the Company granted a security interest in substantially all of the Company’s assets, including its intellectual property, to the Holders. As of the date of this Current Report on Form 8-K, the Company is continuing to negotiate with the Holders to reach an amicable resolution of this matter.

amicable resolution:
Without arguing or insulting one another.

Looks like if ACT doesn't pay up Camofi owns everything.

And we all thought there were no more ghosts in the closet?