The proposed $500 million sale of the Weinstein Company looks like it’s gone up in smoke. NY Attorney General Schneiderman filed suit against TWC today as the sale was coming to the finish line. A group of investors led by former Small Business Administration head Maria Contreras-Sweet is now halted in its tracks.
After filing suit, Schneiderman Tweeted: “Any sale of the company must ensure victims are adequately compensated, employees are protected, and that enablers of sexual misconduct will not be unjustly enriched.”
Schneiderman according to reports was concerned that TWC president David Glasser would continue as president of the new, still to named company. Many of the TWC employees were also going to stay on even though Contreras-Sweet had started her bid calling for a clean sweep and all women running the shop. She caved pretty quickly when she realized she didn’t know what she was doing, had no experience running a film studio.
So now what? Who knows? Stay tuned…