Deal for Weinstein Co., Seemingly Dead, Is Reached
- 6 years ago
Deal for Weinstein Co., Seemingly Dead, Is Reached
In a statement, Mr. Schneiderman said, “As part of these negotiations, we are pleased to have received express commitments from the parties
that the new company will create a real, well-funded victims’ compensation fund, implement H. R.
policies that will protect all employees and will not unjustly reward bad actors.”
He added, “We will work with the parties in the weeks ahead to ensure that the parties honor and memorialize these commitments.”
The Weinstein Company had said on Sunday that it would file for bankruptcy after the collapse of
talks with Ms. Contreras-Sweet’s group, which includes the billionaire investor Ron Burkle.
But on Thursday, Mr. Schneiderman got the sale back on track by holding a meeting in his offices with Mr. Burkle
and Ms. Contreras-Sweet and members of the Weinstein Company’s board, including Bob Weinstein and Lance Maerov, an executive at the advertising giant WPP Group.
The new company will be “led by a board of directors made up of a majority of independent women,” Ms. Contreras-Sweet said in her statement.
Mr. Schneiderman said again in a Feb. 12 news conference “there was no victim compensation fund.”
Ms. Contreras-Sweet was stunned by Mr. Schneiderman’s public remarks, according to one person briefed on the matter, believing
that he was overlooking money for victims that had been built into her proposal.
In a statement, Mr. Schneiderman said, “As part of these negotiations, we are pleased to have received express commitments from the parties
that the new company will create a real, well-funded victims’ compensation fund, implement H. R.
policies that will protect all employees and will not unjustly reward bad actors.”
He added, “We will work with the parties in the weeks ahead to ensure that the parties honor and memorialize these commitments.”
The Weinstein Company had said on Sunday that it would file for bankruptcy after the collapse of
talks with Ms. Contreras-Sweet’s group, which includes the billionaire investor Ron Burkle.
But on Thursday, Mr. Schneiderman got the sale back on track by holding a meeting in his offices with Mr. Burkle
and Ms. Contreras-Sweet and members of the Weinstein Company’s board, including Bob Weinstein and Lance Maerov, an executive at the advertising giant WPP Group.
The new company will be “led by a board of directors made up of a majority of independent women,” Ms. Contreras-Sweet said in her statement.
Mr. Schneiderman said again in a Feb. 12 news conference “there was no victim compensation fund.”
Ms. Contreras-Sweet was stunned by Mr. Schneiderman’s public remarks, according to one person briefed on the matter, believing
that he was overlooking money for victims that had been built into her proposal.