Entertainment Weinstein Co. Board Members to Step Down Friday

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

Weinstein Co. Price Cut Approved, Closing Expected Friday

  Weinstein Co. Price Cut Approved, Closing Expected Friday A bankruptcy judge on Wednesday approved a $21 million reduction in the sale price of the Weinstein Co., paving the way for Lantern Capital to close the deal on Friday. Judge Christopher Sontchi overruled objections from celebrities including Quentin Tarantino and Bradley Cooper. Their attorneys had argued that the sale provisions put them at risk of not receiving profit participation payments from Weinstein Co. films, including “Django Unchained” and “Silver Linings Playbook.”Lantern, a Dallas-based private equity firm, has agreed to buy the Weinstein Co. for $289 million. Lantern and the Weinstein Co.

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.”

Harvey Weinstein Attorney Says He Was Misquoted in ‘Roles for Sex’ Interview

  Harvey Weinstein Attorney Says He Was Misquoted in ‘Roles for Sex’ Interview Harvey Weinstein’s attorney said Friday that his client was misquoted in an interview published Friday, and that he did not admit to trading movie roles for sex. Weinstein was quoted by Taki Theodoracopulos, a columnist for the Spectator, as saying “Yes, I did offer them acting jobs in exchange for sex, but so did and still does everyone. But I never, ever forced myself on a single woman.” Weinstein’s attorney, Ben Brafman, said he was present for the conversation and that Weinstein did not make the quoted remark.“I was present for the conversation; it was not an interview, but a social meeting between old friends,” Brafman said.

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.

Quentin Tarantino Wants to Block Weinstein Co.'s Sale to Lantern Entertainment, Over Unpaid Royalties .
Quentin Tarantino, the long-time Weinstein Co. collaborator, filed an objection in Delaware bankruptcy court on Monday in an attempt to block to the studio's updated sale to Lantern Entertainment. Tarantino said in a filing that TWC failed to meet the certain requirements under agreements he had for his films "Death Proof," "Inglourious Basterds," "Django Unchained," and "The Hateful Eight" — including not being paid $4.3 million in royalties and participations. The objection was filed along with Visiona Romantica, Inc., Jackboot, Inc., Brown 26 Productions, Supercool Manchu Too, L. Driver Productions, Inc. and Cine-Manic Productions, Inc. Also read: Weinstein Co and Lantern Entertainment Agree to Sale Terms, Resolving Unsecured Creditor Concerns Tarantino is attempting to block TWC's sale to Lantern until he's paid what he says he's owed. He said he's been trying to work with TWC and Lantern to resolve the dispute, but to no avail. TWC, Lantern and the unsecured creditor's committee — which represents, among others, accusers of former TWC head Harvey Weinstein — agreed to new sale terms that cut the price to $289 million from $310 million, instead of to a previously proposed $287 million.

Source: http://us.pressfrom.com/news/entertainment/-165150-weinstein-co-board-members-to-step-down-friday/

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