•   
  •   
  •   

Entertainment Weinstein Co. Board Members to Step Down Friday

22:28  12 july  2018
22:28  12 july  2018 Source:   variety.com

Producer Says He Was Frozen Out of Weinstein Co. Sale Because of Racism

  Producer Says He Was Frozen Out of Weinstein Co. Sale Because of Racism Read the flimsy complaint against Lantern Entertainment here.In a complaint filed on Monday, Peart identifies himself as an entertainment industry veteran who has held senior management positions at Sony Music and Flavor Unit Entertainment. He says he has also worked this past decade with Weinstein Co. in financing slates of motion pictures and television programming. Peart alleges playing some role in helping Lantern get to the point of acquiring Weinstein Co. and asserts being entitled to fees pursuant to alleged agreements.

Four members of the Weinstein Co . board will step down on Friday , once the bankruptcy sale to Lantern Capital is completed. The departing board members , in addition to Bob Weinstein , are Lance Maerov, Tarak Ben Ammar, and Frank Rainone.

Four members of the Weinstein Co . board will step down on Friday , once the bankruptcy sale to Lantern Capital is completed. The board , led by chairman Bob Weinstein , issued a statement on Thursday saying that its work is largely complete

Bob Weinstein wearing glasses© Provided by Variety

Four members of the Weinstein Co. board will step down on Friday, once the bankruptcy sale to Lantern Capital is completed.

The board, led by chairman Bob Weinstein, issued a statement on Thursday saying that its work is largely complete, and that it will leave the remaining job of winding down the company’s estate to bankruptcy professionals. The departing board members, in addition to Bob Weinstein, are Lance Maerov, Tarak Ben Ammar, and Frank Rainone. Ivona Smith, a bankruptcy consultant who was brought on to assist with the bankruptcy sale, will be the sole remaining member.

“In the face of intense public scrutiny, this Board steered the Company to an orderly sale and maximized value for the Company and its creditors,” Smith said in a statement. “The Company thanks the outgoing Board members for their hard work and contributions. Following the closing of the sale to Lantern, the Company will continue to work expeditiously to wind down the Company and distribute equitably the remaining assets.”

Weinstein Co. Reaches Agreement With Unsecured Creditors, Paving Way for Lantern Sale

  Weinstein Co. Reaches Agreement With Unsecured Creditors, Paving Way for Lantern Sale TWC had agreed to reduce the sale price from $310 million to $287 million ahead of the two companies meeting in Delaware bankruptcy court next week. The sale price is now $289 million. As part of the agreement, TWC's financial advisers have agreed to reduce their fees relating to the transaction by $1 million. The resolution also includes, among other things, Lantern's agreement to make numerous cure payments for contracts it is assuming in the sale — an issue that was important in resolving the concerns of unsecured creditors.

The Weinstein Co .'s board of directors announced that all but one will step aside with the completion of the sale this week to Lantern. The Board expects that additional members with comparable experience will be added to the Board to assist Ms. Smith with the wind down .

The Weinstein Company struggled to perform damage control on Friday amid allegations of rampant sexual harassment by its co -chairman Harvey Weinstein and turmoil among its ranks. One-third of the company ’s all-male board resigned, while board members who remained hired an outside law firm

Lantern Capital is set to take control of the company on Friday, after completing the $289 million transaction. The Weinstein Co. laid off about a third of its workforce on Wednesday, shortly after receiving final approval from a Delaware judge. The remaining company has about 40 employees.

Several A-list actors and directors are still fighting with the Weinstein bankruptcy estate over profit participation payments. The Weinstein creditors — including several banks, trade creditors, and alleged victims of Harvey Weinstein’s sexual abuses — must also sort out how to distribute the sale proceeds.

Harvey Weinstein Seeks Dismissal of Ashley Judd Blacklist Suit .
Harvey Weinstein’s lawyers urged a judge on Tuesday to throw out a lawsuit that accuses him of blackballing actress Ashley Judd after she refused a sexual advance. Judd sued Weinstein in April, alleging that he harmed her career by dissuading director Peter Jackson from casting her in “The Lord of the Rings” in 1998. She alleges that Weinstein was retaliating for her rebuff during a meeting at the Peninsula Hotel in Beverly Hills. Judd sued Weinstein in April, alleging that he harmed her career by dissuading director Peter Jackson from casting her in “The Lord of the Rings” in 1998. She alleges that Weinstein was retaliating for her rebuff during a meeting at the Peninsula Hotel in Beverly Hills.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!