Harvey Weinstein
The film studio co-founded by disgraced movie mogul Harvey Weinstein, responsible for blockbuster movies including Django Unchained, The King's Speech and Silver Linings Playbook, is set to file for bankruptcy.
The embattled production company was left reeling following the accusations of sexual harassment and abuse levelled at co-chairman Harvey Weinstein a year ago.
That plan reportedly worth about $500 million would have given the investors a 51 percent stake in the company under a board with a female majority, reports said. The New York Times reported the pair was about to buy the company for $275 million and acquire around $225 million in debt.
"A deal (to sell the company) would have been best for everyone involved, including victims, assuming a sizeable amount of money was set aside from the acquisition to compensate victims", said NY lawyer Doug Wigdor, who represents multiple victims of Weinstein's alleged abuse. Attorney Gen. Eric Schneiderman criticized the proposed sale and questioned the existence of the promised victims fund.
According to the letter's content, it seems the deal was called off after Contreras-Sweet and Burkle failed to front TWC the necessary money to maintain operations.
The film and television studio had been in talks with a group led by Maria Contreras-Sweet, who was in charge of the Small Business Administration under President Obama, and backed by billionaire Ron Burkle.
After months of speculation, the Weinstein Company has finally revealed that it is planning to file for bankruptcy.
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Still, it's unclear whether Contreras-Sweet is walking away from the sale for good. Weinstein, who was sacked from the company October 8, has denied all allegations of nonconsensual sex.
The bid from Contreras-Sweet was seen as a way for the company to survive and retain its employees.
The group was poised to close the deal to buy The Weinstein Company for a reported $500 million, until NY state attorney general Eric Schneiderman sued the Weinstein firm on February 11.
Weinstein was sacked from the Weinstein Company, a powerful production company he created with his brother Bob Weinstein, and the once powerful mogul faces possible criminal charges from police stations in New York, London, and Los Angeles. "We will continue to pursue justice for victims in the event of the company's bankruptcy, and our investigation into the pattern of egregious abuse by Harvey Weinstein and his enablers is ongoing".
Other films, such as "Mary Magdalene", "The Upside", and "The War with Grandpa", have been shelved indefinitely.
Weinstein has been accused of varying degrees of sexual misconduct from a number of famous actresses including Rose McGowan and Ashley Judd - who were two of the first actresses to speak out publically.
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