Item 2.01. Completion of Acquisition or Disposition of Assets | ||||||||
| Signature | ||||||||
Table of Contents
Item 2.01. Completion of Acquisition or Disposition of Assets.
On Friday October 19, 2007 and by unanimous consent, the Board of Directors of Watchit Media,
Inc., a Delaware corporation (the “Company”), approved a general assignment of the assets of the
Company to Watchit LLP, a Delaware company 100% owned by Sherwood Partners. Simultaneous to the
closing of the general assignment, all of the assigned assets of the Company were sold to Las Vegas
based Capital Media Partners and the proceeds from the sale of these assets will be applied to
paying off the debts of the Company and the costs associated with the assignment for the benefit of
creditors.
The material adverse impact of recent events as presented previously on Form 8-K combined with
the increasing financial pressure brought about by our accumulated debt resulted in the company’s
insolvency requiring the Board of Directors to take this action.