In a surprise turn of events that mixes New York politics and an epic showbiz scandal, a $500 million deal to acquire the Weinstein Co.
is now on “life support” because of the lawsuit filed Sunday by the state attorney general against the company and its founders, Harvey and Bob Weinstein.Sources close to the situation said the prospects for the acquisition going through were looking slim on Monday after New York Attorney General Eric Schneiderman held a news conference Monday afternoon to detail his objections to the sale.
The investor group headed by Maria Contreras-Sweet was frustrated by the situation and what they characterized as the lack of opportunity to discuss a compromise before Schneiderman filed the suit on Sunday.
The existence of the suit makes it nearly impossible for the deal to move forward or for the Weinstein Co.
to avoid bankruptcy, unless a settlement can be reached.One source familiar with Contreras-Sweet’s thinking described
Read full article
Leave a Reply