The studio file was filed for bankruptcy on March 19th.
Weinstein Company has declared Lantern Capital Partners – allegedly being the only company to bid on their assets before April 30 in the bankruptcy auction – the winning competitor. Lantern wants to pay $ 310 million in cash for the scandalous studio and take $ 115 million in its debts.
"The lantern's bid clearly reaches the highest and best value for the estate and its creditors," said TWC board member Ivona Smith. "We look forward to working with Lantern to close the transaction and complete the sale of ongoing companies."
On May 1 – supported by six complainants in a complaint against Weinstein – Inclusion Media included a $ 315 million cash receipt, which would have left shares and several million dollar settlement funds to alleged Harvey Weinstein victims in and out of TWC. More than 100 women have come across because Weinstein has been sexually exploited or harassed them since the 80's, and is now at the center of police investigations in New York, Los Angeles and London. Weinstein, fired by his name company on October 8, claims that he has only had consensus conditions.
"Earlier today, the news reported that the company received an interest from Inclusion Media, a potential bidder supported by [Broadway producer] Howard Kagan," TWC said in a statement. "The letter submitted after the bidding date was a conditional interest notice which considered significantly less value for the estate and did not include a purchase agreement, a financing commitment, a deposit or a number of other requirements for a qualified bid. While the accommodation letter claimed to offer some attractive aspects of victims , the debitors ended after discussions with Kagan that the letter of inclusion was not a good offer. "
At the same time, in an open letter yesterday, the New York State Attorney General Secretary Eric Schneiderman warned bidders to" allocate financial resources to compensate and provide support services for injured employees and industry signals, both of which are important for the company's future success. "
Just this month, a TWC lawyer spoke that the 13-year-old studio had set up five dozen possible buyers. This did not turn out to be the case. If several bids had been received in April, an auction would have been held this Saturday. Instead, federal bankruptcy judge Mary Walrath from Wilmington, Del., Will arrange a May 8 sales query to determine if the Lantern can proceed with its intended acquisition. It is unclear whether Lantern would hold TWC in New York City, at the request of mayor Bill de Blasio and the company's 80 employees.
The allegations against Weinstein killed TWC in chaos, which meant that producers of at least 30 film and television projects warned if their work would ever see an audience. Lantern wants to control his 277 movie library.
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