Exclusive: The lead attorney in a class action lawsuit against Harvey Weinstein today voiced concern over allegations of fraud and racism leveled against the Dallas-based private equity firm poised to acquire The Weinstein Company.
Producer Marvin Peart hit Lantern Capital with a $110 million lawsuit Monday, claiming he was excluded from the deal after bringing Lantern to the negotiating table. “Institutional racism” is being cited as part of the reason for Peart, who is African American, being dumped by Lantern.
Cris Armenta, the national class-action counsel for the six women who filed a suit last December against Weinstein, on behalf of all women who found themselves on the disgraced movie producer’s “casting couch,” issued a statement to Deadline raising concerns about the allegations in the Lantern suit.
“We wish this deal would go to close for the benefit of all the unsecured creditors. However, I have always been suspicious about...
Producer Marvin Peart hit Lantern Capital with a $110 million lawsuit Monday, claiming he was excluded from the deal after bringing Lantern to the negotiating table. “Institutional racism” is being cited as part of the reason for Peart, who is African American, being dumped by Lantern.
Cris Armenta, the national class-action counsel for the six women who filed a suit last December against Weinstein, on behalf of all women who found themselves on the disgraced movie producer’s “casting couch,” issued a statement to Deadline raising concerns about the allegations in the Lantern suit.
“We wish this deal would go to close for the benefit of all the unsecured creditors. However, I have always been suspicious about...
- 7/4/2018
- by Dawn C. Chmielewski
- Deadline Film + TV
Just before 7:30 a.m. on May 25, Harvey Weinstein stepped out of a black Toyota SUV in Lower Manhattan and surrendered himself to the New York Police Dept. A scrum of reporters shouted, “Harvey! Harvey!” as photographers jockeyed at the barricades, as though it were just another red carpet premiere.
Weinstein had emerged from a six-month exile in the Arizona desert to be fingerprinted and booked on charges of rape and forcible oral sex. He wore a navy sport coat over a light-blue sweater and carried an armload of books.
One of them was a biography of Elia Kazan, the playboy director who was tangled up in the Red Scare in the 1950s. According to a source, it was a tongue-in-cheek message to the media, accusing them of scapegoating him as part of another Hollywood witch hunt.
Weinstein is certainly correct that he is not the only man in Hollywood preying on women.
Weinstein had emerged from a six-month exile in the Arizona desert to be fingerprinted and booked on charges of rape and forcible oral sex. He wore a navy sport coat over a light-blue sweater and carried an armload of books.
One of them was a biography of Elia Kazan, the playboy director who was tangled up in the Red Scare in the 1950s. According to a source, it was a tongue-in-cheek message to the media, accusing them of scapegoating him as part of another Hollywood witch hunt.
Weinstein is certainly correct that he is not the only man in Hollywood preying on women.
- 5/29/2018
- by Gene Maddaus
- Variety Film + TV
Updated with response:
Despite a last minute bid that didn’t come in until the day after the polls closed, The Weinstein Co. officially declared that stalking horse bidder Lantern Capital has won the assets of the beleaguered company. Deadline revealed this exclusively last night.
The Weinstein Co. announced Lantern Capital won the bid to acquire the film and television assets of the company, saying no other bid approached the stalking-horse bidder’s offer for the company.
“Lantern’s bid clearly achieves the highest and best value for the estate and its creditors,” said Ivona Smith, a member of The Weinstein Co. board. “We look forward to working with Lantern to close the transaction and consummate the going concern sale.”
Lantern Entertainment, an affiliate of Lantern Capital, said it was honored to be chosen.
“Lantern looks forward to continuing our work with the constituents involved in this court-supervised transition,” said...
Despite a last minute bid that didn’t come in until the day after the polls closed, The Weinstein Co. officially declared that stalking horse bidder Lantern Capital has won the assets of the beleaguered company. Deadline revealed this exclusively last night.
The Weinstein Co. announced Lantern Capital won the bid to acquire the film and television assets of the company, saying no other bid approached the stalking-horse bidder’s offer for the company.
“Lantern’s bid clearly achieves the highest and best value for the estate and its creditors,” said Ivona Smith, a member of The Weinstein Co. board. “We look forward to working with Lantern to close the transaction and consummate the going concern sale.”
Lantern Entertainment, an affiliate of Lantern Capital, said it was honored to be chosen.
“Lantern looks forward to continuing our work with the constituents involved in this court-supervised transition,” said...
- 5/2/2018
- by Dawn C. Chmielewski
- Deadline Film + TV
The Weinstein Co. declared Tuesday afternoon that Lantern Capital was the winning bidder in its bankruptcy sale, turning away a late bid from Broadway producer Howard Kagan.
The company announced that Kagan’s $315 million bid, which was submitted Tuesday morning, lacked a financing commitment and other qualifications.
“Lantern’s bid clearly achieves the highest and best value for the estate and its creditors,” Ivona Smith, an independent member of the Weinstein board said in a statement. “We look forward to working with Lantern to close the transaction and consummate the going concern sale.”
Mary Walrath, a Delaware bankruptcy judge, must still sign off on the sale. Lantern had offered $310 million plus the assumption of project-based liabilities totaling $115 million. The committee of unsecured creditors has already filed an objection to the form of the Lantern bid, saying it is not clear that the Weinstein Co. is achieving the maximum return for creditors.
The company announced that Kagan’s $315 million bid, which was submitted Tuesday morning, lacked a financing commitment and other qualifications.
“Lantern’s bid clearly achieves the highest and best value for the estate and its creditors,” Ivona Smith, an independent member of the Weinstein board said in a statement. “We look forward to working with Lantern to close the transaction and consummate the going concern sale.”
Mary Walrath, a Delaware bankruptcy judge, must still sign off on the sale. Lantern had offered $310 million plus the assumption of project-based liabilities totaling $115 million. The committee of unsecured creditors has already filed an objection to the form of the Lantern bid, saying it is not clear that the Weinstein Co. is achieving the maximum return for creditors.
- 5/1/2018
- by Gene Maddaus
- Variety Film + TV
The sale of The Weinstein Company and its assets to stalking-horse bidder Lantern Asset Capital seemed all but a done deal Monday after the bankruptcy court’s deadline for bids had passed.
Around lunchtime on Tuesday, however, veteran Broadway producer Howard Kagan’s Inclusion Media submitted a bid similar to Lantern Capital’s $310 million proposal to buy The Weinstein Co.’s assets and keep the production company running.
Kagan had asked for an extension to the April 30, 5 p.m. Et deadline set by the Delaware bankruptcy court so it’s unclear whether Kagan’s bid will even be considered.
Also Read: Ashley Judd Sues Harvey Weinstein: Producer 'Torpedoed' My Career, She Says
Kagan told TheWrap that he asked for an extension because he and his company felt they didn’t have all of the information and context surrounding TWC contracts that they needed to confidently submit an offer.
“Going into the bid last night we were trying to figure out what to do. It looks like some of the bidders stayed home,” Kagan told TheWrap. “We submitted our bid with the caveat that we’d get the additional information after the fact.”
Kagan said at the time that he’d not yet heard back from representatives of TWC.
An assistant for Mary Walrath, the judge in the Weinstein bankruptcy, said more of the circumstances of surrounding the bid would likely come to light at a scheduled hearing on Wednesday. Reps for TWC did not immediately respond to requests for comment.
Lantern Capital declined to comment for this story.
Kagan is touting that his late bid for TWC includes a $30 million victims’ fund — something he said was lacking in Lantern Capital’s $310 million offer dating from the time the New York-based film and TV studio filed for Chapter 11 protection in late March.
“It’s still a great investment and a great company that should be able to prosper,” Kagan said. “But the right thing in this situation is to make sure the victims are taken care of.”
Attorneys for the accusers in the sexual assault cases against Harvey Weinstein said they will oppose a sale of The Weinstein Company that could leave the dozens of women who have accused him of sexual misconduct empty-handed.
The group of plaintiffs, which include those who brought racketeering cases against Weinstein and the studio, have thrown their support behind Kagan’s bid.
Also Read: Annapurna, Plan B Team Up for Film About NY Times Investigation Into Harvey Weinstein
“Mr. Kagan has a long history of supporting and promoting women and diversity, and has stated that he intends to ensure that the content of the new company is likewise forward-thinking and will serve as a model for the industry,” Cris Armenta, founding partner of The Armenta Law Firm, said in a statement Tuesday.
Armenta Law Firm and Hagens Berman are representing many of Harvey Weinstein’s accusers.
Under Lantern Capital’s bid, the money used in the acquisition would go into a pot that creditors — secured and unsecured — and Weinstein’s accusers would then have to fight over. There’s no guarantee the accusers would receive any compensation.
New York Attorney General Eric Schneiderman penned an open letter on Monday to the parties in the bankruptcy case, asking that they use the sale as an opportunity to “help survivors of past misconduct and ensure that current workers are protected.”
“Lantern’s bid in no way addresses the victims of Harvey Weinstein’s sexual assault enterprise, and would sweep the 100-plus instances of sexual assault, rape and more under the rug. We’re here to show them the assault survivors will not go away quietly,” Hagens Berman partner Elizabeth Fegan said in a statement.
“Victims have already shown they will no longer be silenced, and we intend to protect them from being further harmed.”
Read original story Broadway Producer Makes 11th-Hour Bid for Weinstein Co. That Includes $30 Million Victims Fund At TheWrap...
Around lunchtime on Tuesday, however, veteran Broadway producer Howard Kagan’s Inclusion Media submitted a bid similar to Lantern Capital’s $310 million proposal to buy The Weinstein Co.’s assets and keep the production company running.
Kagan had asked for an extension to the April 30, 5 p.m. Et deadline set by the Delaware bankruptcy court so it’s unclear whether Kagan’s bid will even be considered.
Also Read: Ashley Judd Sues Harvey Weinstein: Producer 'Torpedoed' My Career, She Says
Kagan told TheWrap that he asked for an extension because he and his company felt they didn’t have all of the information and context surrounding TWC contracts that they needed to confidently submit an offer.
“Going into the bid last night we were trying to figure out what to do. It looks like some of the bidders stayed home,” Kagan told TheWrap. “We submitted our bid with the caveat that we’d get the additional information after the fact.”
Kagan said at the time that he’d not yet heard back from representatives of TWC.
An assistant for Mary Walrath, the judge in the Weinstein bankruptcy, said more of the circumstances of surrounding the bid would likely come to light at a scheduled hearing on Wednesday. Reps for TWC did not immediately respond to requests for comment.
Lantern Capital declined to comment for this story.
Kagan is touting that his late bid for TWC includes a $30 million victims’ fund — something he said was lacking in Lantern Capital’s $310 million offer dating from the time the New York-based film and TV studio filed for Chapter 11 protection in late March.
“It’s still a great investment and a great company that should be able to prosper,” Kagan said. “But the right thing in this situation is to make sure the victims are taken care of.”
Attorneys for the accusers in the sexual assault cases against Harvey Weinstein said they will oppose a sale of The Weinstein Company that could leave the dozens of women who have accused him of sexual misconduct empty-handed.
The group of plaintiffs, which include those who brought racketeering cases against Weinstein and the studio, have thrown their support behind Kagan’s bid.
Also Read: Annapurna, Plan B Team Up for Film About NY Times Investigation Into Harvey Weinstein
“Mr. Kagan has a long history of supporting and promoting women and diversity, and has stated that he intends to ensure that the content of the new company is likewise forward-thinking and will serve as a model for the industry,” Cris Armenta, founding partner of The Armenta Law Firm, said in a statement Tuesday.
Armenta Law Firm and Hagens Berman are representing many of Harvey Weinstein’s accusers.
Under Lantern Capital’s bid, the money used in the acquisition would go into a pot that creditors — secured and unsecured — and Weinstein’s accusers would then have to fight over. There’s no guarantee the accusers would receive any compensation.
New York Attorney General Eric Schneiderman penned an open letter on Monday to the parties in the bankruptcy case, asking that they use the sale as an opportunity to “help survivors of past misconduct and ensure that current workers are protected.”
“Lantern’s bid in no way addresses the victims of Harvey Weinstein’s sexual assault enterprise, and would sweep the 100-plus instances of sexual assault, rape and more under the rug. We’re here to show them the assault survivors will not go away quietly,” Hagens Berman partner Elizabeth Fegan said in a statement.
“Victims have already shown they will no longer be silenced, and we intend to protect them from being further harmed.”
Read original story Broadway Producer Makes 11th-Hour Bid for Weinstein Co. That Includes $30 Million Victims Fund At TheWrap...
- 5/1/2018
- by Trey Williams
- The Wrap
The Weinstein Co. sale is not settled yet, as a second buyer submitted a late bid for the company on Tuesday.
A source told Variety that the bidder is Howard Kagan, a former partner at Harbinger Capital who has produced a number of Broadway shows. Kagan’s $315 million bid would keep the company as a going concern, and would include a $30 million fund for victims of Harvey Weinstein’s alleged sexual abuses.
Lantern Capital, the Dallas-based private equity firm, was the only bidder to submit a bid for the whole company before the 5 p.m. deadline on Monday. Lantern has offered $310 million, plus the assumption of certain liabilities. Sonar Entertainment submitted a smaller bid on Monday for some of the TV library, according to Dan Gagnier, a spokesman for the company.
It is unclear whether the Weinstein Co. will consider the Kagan bid. The Weinstein Co. did not respond to a request for comment.
A source told Variety that the bidder is Howard Kagan, a former partner at Harbinger Capital who has produced a number of Broadway shows. Kagan’s $315 million bid would keep the company as a going concern, and would include a $30 million fund for victims of Harvey Weinstein’s alleged sexual abuses.
Lantern Capital, the Dallas-based private equity firm, was the only bidder to submit a bid for the whole company before the 5 p.m. deadline on Monday. Lantern has offered $310 million, plus the assumption of certain liabilities. Sonar Entertainment submitted a smaller bid on Monday for some of the TV library, according to Dan Gagnier, a spokesman for the company.
It is unclear whether the Weinstein Co. will consider the Kagan bid. The Weinstein Co. did not respond to a request for comment.
- 5/1/2018
- by Gene Maddaus
- Variety Film + TV
Exclusive: A new bidder has emerged for The Weinstein Company, a day after the bidding process reached a seemingly anti-climactic end: Inclusion Media, a company founded by Broadway producer Howard Kagan.
Inclusion Media today submitted a $315 million cash offer for Weinstein Co.’s film and television assets, according to documents obtained by Deadline. Kagan formally requested an extension from TWC to complete due diligence on its offer.
TWC has not responded to a request for comment.
Inclusion Media’s bid would create a settlement fund of $25 million, plus 4% equity, for women who were victims of sexual assault. This fund would be administered by federal district court Judge Alvin K. Hellerstein, currently presiding over a class-action suit brought by six women who say they fell prey to Harvey Weinstein’s casting couch. Inclusion’s proposal also sets aside $5 million, and 1% equity, for employees who were victims.
Kagan expressly pledges co-operation to...
Inclusion Media today submitted a $315 million cash offer for Weinstein Co.’s film and television assets, according to documents obtained by Deadline. Kagan formally requested an extension from TWC to complete due diligence on its offer.
TWC has not responded to a request for comment.
Inclusion Media’s bid would create a settlement fund of $25 million, plus 4% equity, for women who were victims of sexual assault. This fund would be administered by federal district court Judge Alvin K. Hellerstein, currently presiding over a class-action suit brought by six women who say they fell prey to Harvey Weinstein’s casting couch. Inclusion’s proposal also sets aside $5 million, and 1% equity, for employees who were victims.
Kagan expressly pledges co-operation to...
- 5/1/2018
- by Dawn C. Chmielewski
- Deadline Film + TV
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