Weinstein Company Exploring Sale Or Shutdown

Hollywood film studio The Weinstein Company promptly jettisoned disgraced producer Harvey Weinstein following last week’s New York Times bombshell, which documented the mogul’s 30-year history of sexual harassment and assault abetted by the silence of his peers and colleagues. But given the shocking scope of Weinstein’s alleged crimes (more than 30 victims have come forward to accuse him of harassment, groping or rape) and the pervasive speculation that everyone at his company was well-aware of Harvey’s transgressions, the Weinstein name has been irreparably tarnished.

Therefore, rather than risk an embarrassing bankruptcy – one where stakeholders can demand discovery and expose even more dirty laundry – Weinstein Co.’s board is reportedly exploring a sale or shutdown, the WSJ reports. In any case, the studio is almost certainly not going to continue as an independent entity.

The board previously had been considering appointing co-chairman Bob Weinstein, Harvey Weinstein’s brother, and President David Glasser to continue operating Weinstein Co. with a new name, but that plan is no longer on the table.

However, the board could face resistence if Harvey Weinstein has his way. TMZ is reporting that Weinstein plans to challenge his firing at the company’s upcoming Oct. 17 board meeting. The topic of his firing is reportedly on the agenda for that meeting, which Weinstein – who is presently staying at a live-in rehab center in Arizona – will attend via call-in. Weinstein’s civil lawyer, Patty Glaser, will be present at the meeting as well to make her client’s case.

Weinstein plans to argue that he did not violate his current contract, which he signed in October 2015. He maintains no sexual harassment complaints were lodged filed after he signed said contract. Glaser will argue Weinstein could only be terminated after mediation and arbitration. The company has argued that it had a …read more

Source:: Zerohedge.com

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