Today: 22.02.2018
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Contreras-Sweet bid for Weinstein Co. could be revived.

The $500 million bid by the group headed by Maria Contreras-Sweet to buy the embattled Weinstein Company could be getting resuscitated — despite a sweeping lawsuit filed Sunday by NY Attorney General Eric Schneiderman. “The situation is fluid,” said one source close the attorney general’s office. Both sides have been in contact about reviving the...
Time: 16:26     Date: 13.02.2018
Last US Business News: Contreras-Sweet bid for Weinstein Co. could be revived. NY Post 24 - US News

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

Both sides have been in contact about reviving the deal since the suit was filed, according to sources on both sides.

In addition, Gloria Allred, the attorney representing a number of the victims of alleged sexual harassment by TWC co-founder Harvey Weinstein, on Monday issued another strong vote of confidence for the bid headed by Contreras-Sweet, who was the head of the Small Business Administration for three years under President Obama.

“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.”

She added, “If the Weinstein Company is allowed to slip into bankruptcy, which is what may happen due to this lawsuit by the AG, I have grave concerns there will not be any funds left for victims.”

The AG on Sunday filed a lengthy suit naming Harvey, his co-founder brother Bob Weinstein and the company itself as defendants after a four-month investigation in which new infractions were alleged in Harvey Weinstein’s decade-long history of alleged predatory sexual behavior. The allegations involve everyone from lowly assistants and aspiring models and actresses to some of the industry’s biggest stars.

Among the claims in the 38-page lawsuit, Harvey Weinstein used a team of “wing women” to scout other women as potential sex partners for Weinstein. His limo driver was said to always carry a stash of Viagra and condoms on board in case they were needed by Harvey for his trysts.

David GlasserGetty Images

Schneiderman was also said to have a problem with Chief Operating Officer David Glasser as a potential CEO of a new company on the grounds he did not do enough to stop the predatory behavior and may have helped to cover it up, according to sources close to the AG’s office.

One source close to Contreras-Sweet said that while TWC would seek to retain as much of the creative talent at the 200-employee company as possible, it does not mandate that Glasser — or anyone else — take over.

More importantly, a source close to the buy said that the company was prepared to set up a fund with $50 million based on the profits of five future movies. That would be in addition to the $20 million in insurance that the company currently carries.

The AG is said to be very concerned that there be guarantees that victims will be compensated, and that executives with a past history of predatory behavior or involvement in a cover-up do not participate in any new ownership.

The buy-side source also said that two-thirds of the stock in the new company would be controlled by women, and that at least 51 percent of the board of directors would be women.

Ron Burkle’s Yucaipa Cos. and Lantern Asset Management are minority backers in the deal.

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

“I believe we have now reached a crossroads where it is imperative that a woman-led board acquire control of the Company and create content that continues to inspire audiences around the world, especially our young girls and boys,” Contreras-Sweet said in her original bid letter that went to TWC board in November.

Business

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Opinion

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Before George Washington was the father of his country, or commander of the Continental Army in the Revolution, or even a...
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Despite the indictment of 13 Russian professional social-media pranksters who worked to tip the 2016 election to Donald Trump,...
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It’s a sign of the times, painted by hand. It seems the new portraits of Barack and Michelle Obama have nigh blown the...

Living

US Living News: Americans are making more money for a depressing reason. NY Post 24 - US News
Americans are making more money for a depressing reason.
Many Americans have gone a long time without getting a raise — even as their cost of living has gone up. That’s left...
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Lab-grown meat: It’s about to be what’s for dinner.
Familiar cuts of beef, pork and poultry turned out by San Francisco Bay Area-based Memphis Meats and its handful of competitors...
US Living News: 500K people live in a country that doesn’t exist. NY Post 24 - US News
500K people live in a country that doesn’t exist.
Transnistria is the size of Dallas, Texas. Nestled between Moldova and Ukraine, it has a population of just under 500,000...
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Life in the deep reaches of the oceans often takes on unusual forms to suit its surroundings. Some species of fish evolve...
US Living News: ‘Superager’ brains could hold the key to staying sharp in old age. NY Post 24 - US News
‘Superager’ brains could hold the key to staying sharp in old age.
WASHINGTON — It’s pretty extraordinary for people in their 80s and 90s to keep the same sharp memory as someone...
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Want a promotion? It pays to sit near your boss.
Where should you sit in an open-plan office? In recent months, Google has made it clear that artificial intelligence is a...
US Living News: Swarm of 200 earthquakes rocks Yellowstone’s supervolcano. NY Post 24 - US News
Swarm of 200 earthquakes rocks Yellowstone’s supervolcano.
Something is causing the Yellowstone supervolcano to stir in its sleep. A swarm of some 200 earthquakes has been detected...
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Selfie-obsessed tourists desecrate dead blue whale.
Authorities were appalled to discover a 66-foot-long, beached blue whale along the coast of Punta Delgada, Chile, desecrated...

Business

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Oh Snap! Snapchat’s stock took a nosedive Thursday — after Kylie Jenner announced she’d quit the app. The stock...
Last US Business News: Chase says glitch gave customers access to wrong accounts. NY Post 24 - US News
Chase says glitch gave customers access to wrong accounts.
A bizarre glitch in Chase’s website early Thursday gave some of the bank’s customers access to other people’s accounts...
Last US Business News: Warren Buffett’s optimism may get tested this year. NY Post 24 - US News
Warren Buffett’s optimism may get tested this year.
Warren Buffett may use part of his annual letter to Berkshire Hathaway shareholders, due on Saturday, to renew his optimism...
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Last US Business News: Ray Dalio sees 70 percent chance of US recession by 2020. NY Post 24 - US News
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Billionaire investor Ray Dalio, who founded the world’s largest hedge fund Bridgewater Associates, thinks there is a relatively...
Last US Business News: Angry Birds maker’s stock plunges more than 40 percent. NY Post 24 - US News
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Angry Birds game maker Rovio Entertainment warned on profits on Thursday, wiping more than 40 percent off the Finnish company’s...
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What would you do if you were king for a day? Cure cancer? Bring peace to the land? For Apple Chief Executive Tim Cook, the...

Metro

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Football coaches among highest paid state employees.
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A group of motorists have added the Port Authority ​as a defendant in a lawsuit claiming th​​at they are getting soaked...
Metro News: Ex-City Council candidate arrested for stealing campaign funds. NY Post 24 - US News
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Former New York City Council candidate Albert Alvarez has been arrested on charges of stealing thousands of dollars in campaign...
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Mayor de Blasio told state lawmakers it’s impractical to assign armed officers to patrol all of the city’s 1,400 school...

Sport

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PALM BEACH GARDENS, Fla. — Tiger Woods said he was “pleased’’ with the opening-round even-par 70 he shot Thursday...
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Dutch speed skater Jan Blokhuijsen apologized Thursday after igniting the wrath of many South Koreans by lecturing the Winter...