324

In the event of a revocation or in the event that a franchise is not renewed at the end of its term, then the Commission may hold a sale and sell the system. The system shall be priced and sold at fair market value determined on the basis of the cable system valued as a going business in an arms-length transaction. Recent sales of similar cable television systems shall be taken into consideration for this purpose. After deducting any amounts owed the Virgin Islands, including legal fees, the balance of the proceeds shall be remitted to the cable television company.