VirtualBox (4.26) USB Issue: “unable to enumerate USB device on port n”

After a couple of hours trying to get a USB device (USB-to-Serial FTDI) working in VirtualBox with OSX host and Ubuntu 12.10 guest and receiving an error message similar to the follow:

usb 6-3: new full speed USB device number 24 using ohci_hcd usb 6-3: device not accepting address 24, error -110 hub 6-0:1.0: […]