The Weinstein Co., a New York-based Harvey Weinstein founder, sought bankruptcy protection after the last visit of the defective asset fell to the investor group, the company’s board said on Sunday.
“Although we realize that this is a bad decision for workers, creditors and potential victims, the Board has no choice but to be the only possible option to maximize the value of the bankruptcy balance controlled by the company’s lawsuit,” the government said in a statement.
The decision was taken by the Council not to breathe new life into deals to sell troubled studios to lead a group of investors led by Maria Contreras-Sweet, 2014-2017, President Obama’s Small Business Administration.
Investor Ronald Burkle
The offer, backed by billionaire investor Ronald Burkle and the investment company of Lantern Asset Management in Dallas, will be the Contreras-Sweet consortium to monitor the value of Weinstein Co’s $ 500 million property. the promised contest of a new era in which a high-flying studio was in a downward spiral to the supposed entertainment industry for over four months Harvey Weinstein found in the core
Under the proposed agreement, Weinstein Co. has appointed a new council, most of which are women. Vendors pledged to raise at least $ 40 million in funds to pay Weinstein’s promoters.
However, the discussion suddenly stopped on February 11, when the New York Public Prosecutor’s Office acted on Weinstein’s actions. and is the founder. The next day, Atty. The country of Eric Schneiderman is comprised of the proposed acquisition and questioned the existence of the promised Trust Fund that promises based on the budgeted estimates.
Schneiderman also criticized the Chief Operating Officer of Weinstein Co. David Glasser, who blamed the fact that he did not respond adequately to Weinstein’s complaints. Glasser decided to lead the company’s new CEO.
The board, including Harvey Weinstein Bob, is the glass “cause” of Glass on February 16 in his quest to save talks. Glasser threatened last week to sign the law.
On Wednesday, Contreras-Sweet and Burkle are in Manhattan to discuss Schneiderman’s commitment, which makes it possible to negotiate the end of the offer.
These efforts, however, seem to have been in vain, and the company has no choice but to file for bankruptcy. Burke and the Contreras-doce letter accuse Weinstein’s management of the company. The provider can hire you, the company provides emergency supplies and meets the concerns of a lawyer in New York.
We believe in this company and its ambitions set by the prime minister. Based on last week’s events, however, we should note that you will need to buy this company that is unrealistic and just gives the company a revolt around its voters at the expense of all voters, “the board said in a letter.
Burkle and Contreras-Sweet declined to comment.
Weinstein Co. sought a financial savior because his former president was accused of sexual harassment and violence against dozens of women. Weinstein, who was released from the company on Oct. 8, denied any allegations that are unfamiliar with sex.
The Weinstein scandal leads to the #MeToo combat sexual harassment movement, which spans sectors and base areas, but more importantly is its entertainment, while high profile men including TV stations Matt Lauer and Charlie Rose and former president of Amazon Studios Roy Price, were his tasks closed by allegations related to sexual assault.
Weinstein’s statement changed Weinstein’s already insecure financial situation. – who has struggled for years due to large debts, poor management and lack of success – desperate films.
Weinstein Co. tried and failed to provide financial leverage to investors, such as Capital Colony Thomas Barrack.
Some partners, such as Amazon Studios, break relationships in the studio, which increases financial pressure.
Weinstein and his studio became the victims of lawsuits, some accused of negligence, as they failed to stop the dentist’s behavior. Weinstein Co. recently asked the judge to reject the federal collective action lawsuit against the company’s increase in December and describe a massive system, according to the candidate’s lawyer fascinated by Weinstein’s predatory behavior.
Weinstein Co. said that Weinstein only acted in the alleged abuses and that most cases occurred more than ten years ago.
Several Contreras-Sweet companies, which first appeared in November, were a shocking survival studio and about 130 employees should be.
The sales process was operated by Moelis & Co.
The bid appears at the end of December. Santa Monica Studio Lionsgate, known as La La Land and The Hunger Games, is interested in buying certain funds from the company. Content Killer, the New York-based producer of “Carol” and “Still Alice,” offered to buy assets and change them to support women. Other suppliers are Miramax (media owner of Bein) and venture capital of Shamrock Capital Advisors and Vine Alternative Investments.
The most competitive offering requires sales through bankruptcy proceedings in Chapter 11. Vendors like Killer Content expressed disappointment over how to negotiate the lawsuit, as it found that Weinstein wanted to close the contract with this Contreras, sweetheart.
Contreras-Sweet-rise as a potential survivor of Weinstein Co was shocked by Hollywood. Although she has a long career in politics and the private sector, Contreras-Sweet has no experience in the entertainment industry. Some industry observers are wondering why the government decides not to bring women major in Hollywood qualifications, such as former Sony Pictures president Amy Pascal, the main female content that has worked with the generous Abigail Disney entrepreneur.
Another element on his forehead is also participation in Burkle, a billionaire supermarket that has a close relationship with Weinstein. He invested in movies with his siblings and in 2010 failed at a Walt Disney Co. company at Miramax studio to buy.
Weinstein Co. which won the Oscar winners, including “King Greetings” and “Artists”, but failed to produce credible hits. Recent disadvantages such as “Gold”, “Burned” and “Tulip Fever” worsened Weinstein’s position in Hollywood.
On October 5, the New York Times reported for the first time that Harvey Weinstein paid women who accused her of sexual harassment in nearly three decades. Later, the New Yorker published the report Ronan Farrow of October 10, where he said that Weinstein was sexually abused by women.