Home / Entertainment / Howard Kagan accuses Weinstein Co. to force his bid – Variety

Howard Kagan accuses Weinstein Co. to force his bid – Variety

Howard Kagan, Broadway producer, who presented a Hail Mary bid on Weinstein Co. on Tuesday, told Variety that he was closed off by the process because the company refused to reverse information. [19659002] "I only needed a day or two," said Kagan in an interview Tuesday night. "They have refused to engage. We were closed today and the victims were closed today. They will get zero."

Weinstein Co. explained on Tuesday afternoon that Lantern Capital was the winning bidder. Lantern, who had previously collaborated with billionaire Ron Burkle on a maturity sale, put an elevated $ 300 million horse race plus some debts. Although Weinstein Co.'s lawyers had expressed interest in sales, at one point saying 60 potential buyers had expressed interest, Lantern left only a bid to the entire company by 5 o'clock on Monday.

Kagan, a former partner at Harbinger Capital Partners, left a late bid on Tuesday morning for $ 31

5 million. Kagan offered a $ 30 million fund for victims of Weinstein's alleged sexual harassment, including equity in the company. However, the company stated in a statement that his offer lacked a deposit, a purchase agreement and committed financing. The company rejected the offer and canceled the bankruptcy auction, which was set for Friday. A court hearing is scheduled for May 8 to confirm the sale to Lantern.

Kagan said that the company had not provided details of what contracts were necessary and how much it would cost to cure standard values. In a conversation Tuesday with the company's representatives, Kagan said they "shaved my head over the coal and came with hundreds of reasons why they did not want a second bid."

"It strikes me as people who do not really take their duties to maximize value," he said. "At least you think they would like a backup bid."

He speculated that Lantern, a Dallas-based private equity fund, might get cold feet, and the company realized it was necessary to close as quickly as possible.

Kagan said he was taken to Weinstein Co. because full-fledged production companies rarely released the market and because entertainment activities are in a disturbance, creating an opportunity. He also said that the Lantern who won the command, without a provision for Weinstein's victim, struck him as unfair.

"I just think it's amazing that Lantern and their investors would be so keen to shut up this store when they've taken a lot of fun in one step after another cut victims on their knees," he said. "How does the Lantern team think it will run a studio?"

One source told Variety that the Kagan agreement consisted largely of high interest debt.

"It's all refinancing when we close," said Kagan without revealing his backers. "It's not easy to get a lender to look up and make a loan when you can not get the company to give you the information."

Kagan said the fate of his business now lies with New York Attorney General Eric Schneiderman, who has previously weighed in to protect victims in the sales process. However, it is not clear that Schneiderman will want to put behind a certain bidder in this case.

"We'll see what the lawyer is doing," said Kagan. "Does he meet these high goals?"

Update: Amy Spitalnick, a spokesman for Schneiderman, issued the following statement:

"From the outset, we have emphasized the importance of adequate compensation for victims, protection of current and future employees, and assurance that abusers not rewarded. We continue to drive for the critical goals. Our trial is active and our investigation continues to continue. "

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