Network in negotiations to acquire Ben Armstrong's media company
The ongoing valuation process for the buyout offer made by Hit Network to Neil Armstrong for his stake in the 'Bit Boy' brand is currently underway. This process is crucial in determining the amount that Armstrong will receive as part of the deal.
Despite the ongoing legal proceedings, Hit Network's plan to buy out Neil Armstrong from the 'Bit Boy' brand remains unchanged. TJ Shedd, CEO of Hit Network, confirmed this during an interview with Aaron Arnold of Altcoin Daily. Shedd also affirmed that Armstrong could accept the buyout offer currently on the table.
The judge's recent decision to deny Armstrong's motion to stop the buyout deal has paved the way for Hit Network to proceed with the valuation process. This decision allows Hit Network to continue with the buyout deal as planned.
The buyout offer from Hit Network is for 67% of the business valuation after an appraisal. The payout from Hit Network's buyout offer would be made in parts over a period of 5 years.
TJ Shedd also addressed allegations of stealing from Armstrong and firing him without reason, denying these claims outright. However, he did mention that Armstrong's delay in accepting the buyout offer has caused some complications in the process.
It's worth noting that the valuation process is a separate step from the buyout deal itself. Once completed, the negotiations over the purchase contract with Hit Network will be finalised. Unfortunately, the identity of Armstrong's lawyer or the party responsible for finalising these negotiations is not currently known.
Hit Network's commitment to the buyout deal is evident in their ongoing efforts to complete the valuation process. The company plans to completely buy out Armstrong from the 'Bit Boy' brand, marking a significant shift in the digital currency industry.
As the valuation process continues, both parties are hopeful for a swift resolution, allowing Armstrong to receive his payout and Hit Network to fully acquire the 'Bit Boy' brand.
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