In a surprise move, the Weinstein Co. could be bailed out from impending bankruptcy by a former Obama administration official who has offered to buy the embattled film and television studio and install a majority-female board of directors.
Earlier this month, former head of the U.S. Small Business Administration Maria Contreras-Sweet led a bid for the Weinstein Co., which is at risk of facing Chapter 11 bankruptcy in the wake of controversy following the Harvey Weinstein scandal — including a lawsuit targeting the company and Weinstein from dozens of women who accused the media mogul of sexual assault, battery, and lewd conduct.
“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,” wrote Contreras-Sweet in a letter written to the Weinstein Co.’s all-male board of directors. Should Contreras-Sweet’s bid be accepted, she would become chairwoman of the Weinstein Co. board and set up a mediation process and litigation fund to compensate Weinstein’s alleged victims.
Gloria Allred, who is representing an anonymous actress who last week filed a separate battery and assault suit against Weinstein and the company, has publicly supported Contreras-Sweet’s proposal.
“Saving the company will benefit employees, shareholders, vendors and if her proposal is accepted, it will be very important to victims,” said Allred. In short, it’s a deal that would actually make a lot of sense.
Read the full story at The Los Angeles Times.