Weinstein Co. Will File for Bankruptcy After Deal Talks Collapse
- 6 years ago
Weinstein Co. Will File for Bankruptcy After Deal Talks Collapse
The lawsuit, based on a continuing investigation into the Weinstein Company’s internal dealings, was accompanied by a public call from Mr. Schneiderman for assurance
that a sale to Ms. Contreras-Sweet’s group had three components: adequate compensation for victims, protections for the studio’s remaining employees and no financial reward for those “who enabled or perpetuated Mr. Weinstein’s misconduct.”
That brought the sale talks to a sudden halt.
The lawsuit did not name Mr. Glasser, but it referred to him by his title and said
that the sale of the company could result in employees’ reporting to some of the same managers “who failed to investigate” Mr. Weinstein’s conduct or protect female employees from him.
“Over the coming days, the company will prepare its bankruptcy filing with the goal of achieving maximum value in court.”
The Weinstein Company board, a three-member group that includes its co-founder Bob Weinstein, also released a sharply worded letter it sent earlier on Sunday to Ms. Contreras-Sweet
and one of her primary backers, Ron Burkle, the billionaire investor.
LOS ANGELES — The Weinstein Company said that it would file for bankruptcy following the collapse of sale talks with an investor group,
extending the damage from sexual misconduct allegations against Harvey Weinstein, its co-owner and a onetime force in Hollywood.
Through a spokeswoman, Harvey Weinstein has repeatedly denied “any allegations of nonconsensual sex.”
The Weinstein Company’s announcement on Sunday came two weeks after Eric T. Schneiderman, New York’s attorney general, filed a lawsuit against the studio and its fraternal founders alleging
that they repeatedly violated state and city laws barring gender discrimination, sexual harassment, sexual abuse and coercion.
The lawsuit, based on a continuing investigation into the Weinstein Company’s internal dealings, was accompanied by a public call from Mr. Schneiderman for assurance
that a sale to Ms. Contreras-Sweet’s group had three components: adequate compensation for victims, protections for the studio’s remaining employees and no financial reward for those “who enabled or perpetuated Mr. Weinstein’s misconduct.”
That brought the sale talks to a sudden halt.
The lawsuit did not name Mr. Glasser, but it referred to him by his title and said
that the sale of the company could result in employees’ reporting to some of the same managers “who failed to investigate” Mr. Weinstein’s conduct or protect female employees from him.
“Over the coming days, the company will prepare its bankruptcy filing with the goal of achieving maximum value in court.”
The Weinstein Company board, a three-member group that includes its co-founder Bob Weinstein, also released a sharply worded letter it sent earlier on Sunday to Ms. Contreras-Sweet
and one of her primary backers, Ron Burkle, the billionaire investor.
LOS ANGELES — The Weinstein Company said that it would file for bankruptcy following the collapse of sale talks with an investor group,
extending the damage from sexual misconduct allegations against Harvey Weinstein, its co-owner and a onetime force in Hollywood.
Through a spokeswoman, Harvey Weinstein has repeatedly denied “any allegations of nonconsensual sex.”
The Weinstein Company’s announcement on Sunday came two weeks after Eric T. Schneiderman, New York’s attorney general, filed a lawsuit against the studio and its fraternal founders alleging
that they repeatedly violated state and city laws barring gender discrimination, sexual harassment, sexual abuse and coercion.