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SVFC > SEC Filings for SVFC > Form 8-K on 13-Aug-2013All Recent SEC Filings

Show all filings for INTELLICELL BIOSCIENCES, INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for INTELLICELL BIOSCIENCES, INC.


13-Aug-2013

Other Events


Item 8.01 Other Events.

On August 8, 2013, a Summons and Complaint (the "Complaint") was filed along with a Motion for a Temporary Restraining Order (the "Motion") before the Supreme Court of the State of New York, County of New York (the "Court") under the caption Intellicell Biosciences, Inc. v Ironridge Global IV, LTD., and TCA Global Credit Master Fund, LP, Index No. 652800/13. The Motion sought to restrain the sale of the Company's assets.

As previously reported, on July 15, 2013, while the Company was finalizing an amendment and waiver to that certain Convertible Promissory Note (the "Note") issued by the Company in favor of TCA Global Credit Master Fund, LP ("TCA") on June 7, 2012 in the principal amount of $500,000, the Company was advised that Ironridge Global IV, LTD ("Ironridge"), led by Mr. John C. Kirkland, Esq., purportedly purchased the Note from TCA.

The Complaint and Motion alleged that Irondridge and TCA each served the Company with a Notice of Foreclosure and Sale, both claiming to be the "Secured Party" of the same assets.

Given that Ironridge and TCA asserted that they would sell the secured assets of the Company at auction on August 12, 2013, the Motion sought to temporarily restrain both parties from so doing. At oral argument with all sides present on August 9, 2013, Justice Sherwood, Justice of the Supreme Court, New York County, granted the relief requested, thereby restraining any sale of assets. The written Order was issued on August 12, 2013. Pursuant to the Order, the Company is currently holding $680,000 in escrow and seeking to work with the Secured Party to pay its debt in full satisfaction of the Note. The Court has ruled that the Temporary Restraining Order shall remain in effect until August 26, 2013, and should the Company be unable to amicably resolve the dispute related to the Note, a subsequent hearing on the Motion shall be heard at such time.


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