Just an over view of the method i did and worked:
if you are on 4.4.4 or even on 5.0.2 or even bricked (refer to side note after part 4)
Part 1 - Saving SHSH Blobs (Deviced Plugged)
Step 1: Launch iFaith choose "Dump SHSH Blobs"
Proceed by following the on screen prompts, don't plug in device until prompted.
Step 3: Follow the process to Enter DFU Mode and retrieve the SHSH Blobs. Let the process complete before touching anything. Close iTunes if it starts automatically, although it won’t change anything if you leave it open.
Step 4: When prompted to choose a Save Location, save the new SHSH Blob to a designated folder on your Desktop, where you saved the rest of the support files to initially.
Step 5: Disconnect the Apple TV for the time being.
Part 2 - updating to 5.0.2
Hold shift and click restore in iTunes while your ATV is plugged in and select the 5.0.2 firmware. This should update the ATV to 5.0.2 since Apple is still signing 5.0.2
Part 3 - saving blobs with tinyumbrella
Plug in power to apple tv and then usb
uncheck request shsh from cydia
check request shsh from cydia
Part 4 - using seasonpass to jb
Right click on create IPSW, at the bottom of the list click on 5.0.2
then let it download and follow instructions
sidenote: i also had a bricked apple tv 2- i just opened season pass after i did the above part 4 for the other one, right click season pass, latest version and let it create - worked!