Business
The BeBop Channel Files Suit Against Zilpin Group, LLC and Its Owner Jeffrey C. Wolk Over Acquisition of Madavor Media, LLC
The BeBop Channel Files Suit Against Zilpin Group, LLC and Its Owner Jeffrey C. Wolk Over Acquisition of Madavor Media, LLC.
About this update from Bebop Channel Corporation
[{"type":"text","content":"NEW YORK, NY / / January 17, 2024 // The BeBop Channel Corporation (OTC PINK: BBOP), has filed a lawsuit, by way of its Answer and Counterclaim to Zilpin Group, LLC’s Breach of Contract lawsuit, against Zilpin Group, LLC and its owner, Jeffrey C. Wolk, over BeBop’s February 2023 acquisition of Madavor Media, LLC. BeBop seeks to terminate the Asset Purchase Agreement, including Zilpin’s $3,000,000 Note payable in 2026, and has returned all of Zilpin/Madavor’s IP assets and credentials, physical property, and regulatory financial access credentials known or still in BeBop’s possession, in an effort to disassociate itself from and sever its relationship with Madavor Media, LLC, Zilpin Group, LLC and Mr. Wolk. The Counterclaim alleges several claims against Mr. Wolk and Zilpin for Breach of Contract, including a failed $50,000 closing payment, altered financial documents used to induce BeBop into the acquisition of Madavor Media, LLC, and a bad faith filing in the Massachusetts Superior Court by Mr.Wolk and Zilpin to accelerate the $3,000,000 Note against BeBop for, amongst other things, making unauthorized sales of Madavor publications in breach of the agreement. BeBop strongly denies making such sales without permission and has provided an email communication which it says evidences Mr.Wolk’s authorization for BeBop to make the very asset sales he claims were not authorized.As an important note to investors regarding the financial disclosures that BeBop has filed since the acquisition, BeBop does not cite that the issues contained in its counterclaim will result in any restatement of its financials during the period leading up to their filing, as its financials reflected the actual revenue and expenses of those periods, not projections; the transgressions cited in the lawsuit revolve around the concealment of severe delinquencies and defaults of vendors, contractors, and contestants liabilities affecting Zilpin and Mr. Wolk’s truthful presentation of Madavor’s then current and future business prospects, and BeBop’s reliance on that presentation to enter into the Agreement. However, the issues contained in BeBop’s counterclaim would affect the announcements and filings of the acquisition with respect to assertions of revenue projections. The alleged transgressions would affect the February 16, 2023 press...