New York Post

STUDIO BID IS ALIVE

Weinstein talks a go

- By KEITH J. KELLY kkelly@nypost.com

The $500 million bid by a group headed by Maria Contreras-Sweet to buy The Weinstein Company may not be dead yet, The Post has learned — despite a sweeping lawsuit filed Sunday by New York Attorney General Eric Schneiderm­an.

“The situation is fluid,” said one source close to the AG’s office.

Contreras-Sweet had walked away from a possible deal on Sunday after she learned Schneiderm­an was going to insist on having a board of directors’ monitor installed at the embattled TWC.

But with the Contreras-Sweet group the best hope for a sale of TWC, the bidder and the AG have been in contact about reviving the deal, according to sources on both sides.

In addition, Gloria Allred, the lawyer representi­ng a number of the victims of alleged sexual harassment by TWC cofounder Harvey Weinstein, on Monday issued another vote of confidence for the Contreras-Sweet bid.

“The only clear pathway to truly helping victims, many of whom I represent, is to allow this deal to proceed,” Allred said. “I have worked with Maria’s team and they are 100 percent committed to helping victims. That is why I unequivoca­lly support their deal.”

The AG on Sunday filed a 38-page lawsuit charging Harvey Weinstein, his cofounder brother Bob Weinstein and TWC with violating workplace safety protection by fostering a gender-based hostile work environmen­t.

Harvey Weinstein used a team of “wing women” to scout other women as potential sex partners for himself, the suit claims. A limo driver was said to always carry a stash of Viagra and condoms in case they were needed by Harvey for his trysts.

Schneiderm­an was also said to have a problem with Chief Operating Officer David Glasser as a potential post-sale chief executive. Glasser did not do enough to investigat­e complaints against Harvey Weinstein or to protect TWC employees from the executive, according to the AG’s suit — which does not name Glasser but refers to him by title.

While TWC would seek to retain as much of the creative talent at the 200-employee company as possible, Glasser — or anyone else — has not been tapped to lead the studio, one source close to Contreras-Sweet said.

Contreras-Sweet, the head of the Small Business Administra­tion under President Obama, has promised to set aside $50 million — using the profits of five future movies — for TWC’s alleged victims. That would be in addition to the $20 million in insurance that the company carries.

A majority of the board of a new TWC will be women, Contreras-Sweet promised. Ron Burkle’s Yucaipa Cos. and Lantern Asset Management are minority backers of the bid.

Under the bid sheet, the prospectiv­e new buyers would be purchasing the assets for about $275 million and assuming about $225 million in existing debt.

Newspapers in English

Newspapers from United States