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Thursday, March 08, 2018 

Deal to buy Weinstein Company assets collapses again, hopefully for the last time

The deal that was being made to buy out Harvey Weinstein's now plummeting studio has collapsed again, it hopefully this time the studio will go into bankruptcy:
The $500-million deal for an investor group to acquire Harvey Weinstein's former movie and TV studio has collapsed — again — in yet another twist in the chaotic saga of Weinstein Co.

Three sources close to the investor group, led by former Obama administration official Maria Contreras-Sweet, said Tuesday that it found at least $50 million in undisclosed liabilities on the New York company's books.

The surprise debts, which would have significantly increased the purchase price of the assets, torpedoed negotiations, said the knowledgeable people, who were not authorized to speak publicly.

"All of us have worked in earnest on the transaction to purchase the assets of the Weinstein Company," Maria Contreras-Sweet, a former head of the Small Business Administration who was leading the investment group, said in a statement. "However, after signing and entering into the confirmatory diligence phase, we have received disappointing information about the viability of completing this transaction."

"As a result, we have decided to terminate this transaction."

Weinstein Co.'s board fired back in its own statement, saying it was "transparent about its dire financial condition" and had acted in "good faith" in the hope that a deal could be reached. "We regret being correct that this buyer simply had no intention of following through on its promises," the statement said.

The latest development increases the likelihood that Weinstein Co., founded in 2005, will file for bankruptcy protection in a matter of days as the studio runs out of cash. The scuttling of the deal casts additional uncertainty over the fate of the company's estimated 130 employees in New York and Los Angeles.
Well, I think it's for the best that the studio goes out of business altogether. I wouldn't buy their claim of transparency on their debts either; they were just hoping to salvage jobs of people who might've even been aware of Weinstein's revolting antics.

So, I guess this means the movie and TV studio will at last be seeing its curtains drawn across the stage and the lights going out. Also, the NYPD announced they're ready with gathered evidence to arrest Weinstein:
New York City's top detective said Wednesday police have gathered considerable evidence in the rape investigation of Harvey Weinstein but it's up to the district attorney to decide whether the disgraced media mogul gets indicted.

"It's his case right now," Chief Robert Boyce said of Manhattan District Attorney Cyrus R. Vance, Jr. "I would ask you to ask him ... his schedule ... where it goes forward."
In that case, I should hope the DA will give the green light to taking all the steps needed to bring Harvey to jail. I can't wait to see what the trial will be like. Weinstein belongs in a dark, dank cell.

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