The Weinstein Company Gutted And Sold With New Owners Firing Select Employees Due To Harvey Weinstein Rape Scandal And Criminal Case

July 16. 2018

Harvey Weinstein

Harvey Weinstein's fall from grace continues, as the disgraced former movie mogul, who is on trial for raping women, sees his Weinstein Company gutted and sold off to Lantern Capital Partners. The Weinstein Company was collapsing under the scandal of Harvey Weinstein being accused of sexual harassment, sexual assault and or rape by over 100 famous and non-famous women in the entertainment industry. The company was hit with a barrage of lawsuits over Weinstein's criminal misconduct.

Weinstein and his brother Bob Weinstein originally wanted $500,000,000 for the company, but reality hit, as so many in Hollywood overvalue their companies and net worth. Instead the Weinstein company was sold for $289,000,000. It could not have come sooner, as the company was down to $500,000 in cash, experiencing flops and massive legal fees stemming from Weinstein's unlawful behavior. The Weinstein Company had also fired 80 of its employees due to cash flow problems stemming from the sex scandal. Lantern has fired 30 more.

The problems do not end there. Weinstein can be sued for his criminal misconduct in sexually harassing, sexually assaulting and raping women. He can also be sued by investors for engaging in criminal conduct that eroded the value of their investments when the company collapsed. The Weinstein Company still owes a number of people and companies money for entertainment projects that were done. Among their debtors are Sabrina and Tracy Martin, the parents of the slain Miami teenager, Trayvon Martin, who was senselessly and cruelly killed by George Zimmerman.

Weinstein in handcuffs at arraignment

Previously, the Weinstein brothers owned the Miramax film company, named after their parents (who must be rolling in their graves at what Harvey has done). When they sold Miramax and started the Weinstein Company, they still had clout in Hollywood, an industry they helped to run in a terrible way. Now they have no clout and their name is mud in Hollywood and the world. They will not be able to start another film company and successfully work in entertainment (or most mainstream sectors of business), as they are complete outcasts with criminal activity attached to their names and by default, their families.

A year ago, if you had told Harvey Weinstein this would be his future, he would not have believed it, so convinced of his own hype and so-called power. However, he put a significant amount of evil into the world in harming others (and his brother went along with it) and it came right back to him.

STORY SOURCE

Weinstein Co. completes $289-million sale to private equity company

Jul 16, 2018 | 10:10 AM - Weinstein Co. completes $289-million sale to private equity company. Goodbye, Weinstein Co. Hello, Lantern Entertainment. On Monday, the beleaguered studio roiled by sexual assault allegations against its co-founder Harvey Weinstein completed the sale of its assets to Lantern Capital Partners, closing the book on the onetime indie film powerhouse.

Lantern paid $289 million for the assets, including Weinstein Co.’s 277-film library. The Dallas-based private equity firm previously agreed to pay $310 million, but managed to secure a discount after agreeing to make payments on the studio’s contracts with filmmakers and actors. A bankruptcy judge approved the revised deal Wednesday, over the objections of Hollywood heavyweights such as Quentin Tarantino and Bradley Cooper, who worried that the deal terms might keep them from being paid royalties owed for films such as “The Hateful Eight” and “Silver Linings Playbook.”...

http://www.latimes.com

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