Weinstein Company to File for Bankruptcy

The Weinstein Company, which has been mired in controversy after a multitude of sexual harassment and assault allegations is on the verge of bankruptcy. According to CNN, the Weinstein Company’s board of directors addressed their latest difficulty in keeping the company alive. Just Sunday night, they detailed their troubles in a letter, explaining that potential buyers refused to give them funds to stay in business until the complete purchase of the company can be brokered, leaving the studio in a lot of financial upheaval.

Although a CNN source said that the company is currently determining whether or not it can be sustained in the time that it takes to make a deal, it’s possible that no deal will even be made at all. The Weinstein Company has allegedly slammed investors for supposedly only pretending to aid them by purchasing the company in a sort of phantom trade that investors allegedly do not intend to bring to fruition. The Attorney General also said, “Any deal must ensure first that victims will be adequately compensated,” which adds another layer of to the potential deals, especially considering that dozens of women relayed allegations against Weinstein for sexual harassment and sexual assault.

After an extensive investigation, New York Attorney General Eric Schneiderman said of the Weinstein Company, that there was a “vicious and exploitative mistreatment of company employees.” Schneiderman also complicated the potential deal between the Weinstein Company and possible bidder Contreras-Sweet by launching a lawsuit against Weinstein and those who worked for him at his studio.

A meeting on Wednesday of potential buyers of the flailing company ended in both parties believing that it went constructively; however, by Sunday, it all seemed to change yet again, as the Weinstein Company has issued a letter accusing those proposed buyers as full of hot air.

In the end, Schneiderman said, “We will continue to pursue justice for victims in the event of the company’s bankruptcy, and our investigation into the pattern of egregious abuse by Harvey Weinstein and his enablers is ongoing.”