louisa,
at many stages in the last 10 years interim or bridge loans are/were used in between the big funding placements ACTC has got. Another words, if the Company was low on funds and the bigger private placement wasn't available yet or ready to go they got smaller loans to bridge the gap. Shapiro has helped out several times as well as CEO Caldwell through a Company called Andwell who he is affiliated. In return for loans these individuals get shares and warrants in ACTC. Nothing at all bad about any of this, actually lucky to have sources like this. The point in prior post was that Shapiro did not buy shares on the open market but rather received the shares for money he lent the company..