Former Hollywood production powerhouse the Weinstein Company announced Monday their plans to file for bankruptcy after a last-minute deal to salvage the studio fell apart; ending months of speculation about the future of the business following Harvey Weinstein’s shocking sexual revelations.
“While we recognize that this is an extremely unfortunate outcome for our employees, our creditors and any victims, the board has no choice,” the company’s statement said. “Over the coming days, the company will prepare its bankruptcy filing with the goal of achieving maximum value in court.”
According to the New York Times, the news comes as Weinstein executives struggled to ink a deal with billionaire investors to save the studio; selling assets and other properties to prop-up the failing business.
Those negotiations fell apart during late-night discussions Sunday evening.
“Late last night, you returned to us an incomplete document that unfortunately does not keep your promises,” said a letter from one potential investor. “That is regrettable, but not in our power to change.”
The Weinstein Company’s eventual bankruptcy comes as law enforcement prepares to press charges against disgraced Hollywood big wig Harvey Weinstein; claiming the high-powered executive sexually assaulted multiple women in New York, Los Angeles, and London.
BUSTED: Emails Show CLINTONS SHIELDED Weinstein for Decades
A bombshell report from the New York Times published Wednesday reveals what many had suspected for years; both Bill and Hillary Clinton knew about –and helped conceal- allegations of sexual assault against Hollywood executive Harvey Weinstein for decades.
The article, titled “Weinstein’s Complicity Machine,” details the enablers surrounding the studio big-shot, including celebrities as well as prominent political figures; mainly the Clintons.
The author describes the “celebrity shield” that Weinstein had created around himself, noting “Chief among them were Bill and Hillary Clinton.”
“But two prominent women said they warned Mrs. Clinton’s team. In 2016, Lena Dunham, the writer and actress, said she was troubled by the producer’s visible presence during Mrs. Clinton’s presidential run,” the article adds.
Dunham reportedly sent an email to the Clinton campaign ahead of election day, telling staffers that “Harvey’s a rapist” and “it’s going to come out.”
“I just want you to let you know that Harvey’s a rapist and this is going to come out at some point,” the actress told the campaign’s deputy communications director.
Read the full exposé here.
DAY OF RECKONING: LAPD SUBMITS Harvey Weinstein RAPE CASE to DA, Arrest at ANY MOMENT
The Los Angeles Police Department has submitted at least three cases against Hollywood mogul Harvey Weinstein to the District Attorney; signaling an arrest of the disgraced studio executive could happen at any moment.
According to Variety, the cases likely center around accusations the Democratic super-donor raped an Italian model inside a Los Angeles hotel in 2013. The statute of limitations in California for sexual assault is ten years.
“The LAPD submitted the three cases on Feb. 1. The D.A.’s office can choose to file a case or decline to prosecute, but it may also request additional investigation or refer cases to the city attorney’s office for possible misdemeanor prosecution,” writes Variety.
The announcement comes as Weinstein faces similar investigations into his widespread sexual abuse in New York City and London.
Weinstein’s epic fall rocked the country as high-profile cases of sexual abuse scanning decades revealed Hollywood’s code of silence surrounding harassment and abuses of power throughout the industry.