Update: Despite seemingly being finalized last week, the $500 million deal to acquire The Weinstein Company has fallen through (via Variety). It seems that the investors “uncovered new information about previous undisclosed liabilities.” Our original article follows below.
After teetering on the edge of bankruptcy, The Weinstein Company sold its assets to an investor group led by former Obama-era Small Business Administrator Maria Conteras-Sweet.
The $500 million deal will spare the embattled company from bankruptcy and go to creating a compensation fund for the victims of the disgraced former executive Harvey Weinstein.
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You have got to be shitting me. OK, quick recap on the attempt by Disney to sell off the Miramax name and catalog. Early in the game there were three major sets of bidders: Ron Burkle and the Weinsteins; the cash-rich Gores Brothers; and investor Ron Tutor and his advisor partner David Bergstein.
That’s the same David Bergstein who ran ThinkFilms and Capitol Films into the ground, stranded David O. Russell’s film Nailed (and other films, like Taylor Hackford’s Love Ranch) and is currently facing down bankruptcy proceedings and other legal troubles. There’s also the accusation that he owed a million bucks to Mandalay Bay Casino in Vegas.
Now he and Tutor have an exclusive window in which to write and conclude a deal to purchase Miramax. Read More »