The Weinstein Company
Despite a last minute bid that didnt 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 other bid approached the stalking-horse bidders offer for the company.
“Lanterns 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.”
The sale ultimately must be approved by the bankruptcy court, according to attorney David Neale of the Los Angeles firm Levene, Neale, Bender, Yoo & Brill. Objections are due on Monday.
Earlier today, Deadline reported that The Weinstein Co. had received a letter of interest from Inclusion Media, a potential bidder backed by Broadway producer Howard Kagan. He offered to pay $315 million in cash offer for beleaguered studios film and TV assets and create a $30 million victims fund.
Five of the women who filed a class-action suit against Harvey Weinstein in federal district court in New York, saying they were victims of the disgraced media moguls casting couch, issued a statement supporting Kagans bid.
The woman said they strongly oppose Lanterns offer, which does not propose any compensation for victims.
“Lanterns bid in no way addresses the victims of Harvey Weinsteins sexual assault enterprise, which would sweep the 100+ instances of sexual assault, rape and more under the rug,” said Elizabeth Fegan, an attorney representing those with claims against Weinstein.
The Weinstein Co. said today that Inclusions letter, submitted after the bid deadline, was a conditional indication of interest that, in its view, contemplated substantially less value to the estate, and did not include a purchase agreement, a financing commitment, a deposit, or a number of other requirements for a qualified bid.
Although Inclusion did anticipate offering a fund for victims of sexual misconduct, The Weinstein Co. concluded, after discussions with Kagan, that the letter was not a bona fide offer.
Cris Armenta, an attorney representing the women who brought the class-action suit, said she doesnt believe the Inclusion bid is dead.
“We continue to believe that Inclusion Media will provide a qualified bid and may emerge as the highest and the best bid during the sale process,” Armenta said.
[contf]
[contfnew]
Deadline
[contfnewc]
[contfnewc]
