News that the Weinstein Co.
is planning to file for bankruptcy protection came as a shock to the investor group that was working as late as Saturday night on an acquisition deal for the scandal-battered company.Sources close to the situation said the investor group headed by Maria Contreras-Sweet learned of TWC’s decision via media reports.
The TWC board released a letter to Contreras-Sweet and billionaire investor Ron Burkle late Sunday night, but members of the Contreras-Sweet group read the letter via media reports before they received a copy directly from the TWC board.TWC in the letter said it had no choice but to seek bankruptcy protection because the investor group would not provide an immediate cash infusion to keep the company afloat.
The letter questioned the legitimacy of the Contreras-Sweet bid — a suggestion that has greatly rankled the investors.The TWC board’s move is another curve ball in the stranger-than-fiction saga of the
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