ESC

The Weinstein Company Is Now Financially as Well as Morally Bankrupt

People say there’s never any good news, but I’ve got a piece of it for you today; The Weinstein Company is bankrupt. Yes, according to Variety, The Weinstein Company is going to have to seek bankruptcy after a potential buyer refused to provide interim funding so they could keep the lights on while no one wants to work with them because they covered up for Harvey Weinstein’s almost cartoonish amount of sexual misbehavior.

Also, New York Attorney General Eric Schneiderman put his thumb on the scale of the deal, and he was firmly on the “go fuck yourselves” side of the equation.

The sale was close to being announced exactly two weeks ago, when New York Attorney General Eric Schneiderman stepped in and filed a suit accusing the company of enabling Harvey Weinstein’s sexual abuses. The lawsuit scrambled the deal, creating the possibility of an outside monitor or other intrusive provisions. Schneiderman also objected to the investors’ plan to hire David Glasser, the COO under Weinstein, as CEO.

Schneiderman met on Wednesday with Contreras-Sweet, Burkle, and representatives of the Weinstein Co. board. After the meeting, it appeared that a deal could be reached that would meet with Schneiderman’s approval.

But it didn’t quite work out that way because TWC was apparently not offered enough stop-gap funding until the deal went through, also possibly because the investors were insisting on Glasser. So now Harvey’s company is going to get done to it what Harvey did to, you know, every women he ever met, except apparently Lindsay Lohan.

On the bright side, they’ll probably sell off all of their assets, maybe individually. Quentin Tarantino and Kevin Smith could buy back their movies’ distribution rights.

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