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Weinstein Company will file for bankruptcy: media

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The Weinstein Company will file for bankruptcy, US media reported on Sunday, after prosecutors sought to impose conditions on a sale of the firm co-founded by disgraced Hollywood mogul Harvey Weinstein.

The company has been in freefall since accusations of sexual harassment, assault and even rape began emerging in October against Weinstein, who steered numerous films to Academy Awards glory including “The Artist,” “The King’s Speech” and “The Iron Lady.”

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“While we recognize that this is an extremely unfortunate outcome for our employees, our creditors and any victims, the Board has no choice but to pursue the only viable option to maximize the company’s remaining value: an orderly bankruptcy process,” The Weinstein Company board of directors said in a statement cited by the Los Angeles Times.

A similar report from The New York Times also quoted the statement, and both newspapers said talks had collapsed between the Weinstein firm and an investor group led by Maria Contreras-Sweet, an official in the administration of former president Barack Obama.

The group was poised to close the deal to buy The Weinstein Company for a reported $500 million, until New York state attorney general Eric Schneiderman sued the Weinstein firm on February 11.

Schneiderman took legal action against Weinstein, his brother and their firm out of fear that the company’s imminent sale could leave victims without adequate redress.

Schneiderman complained that the deal as originally drawn up would have shielded top executives who covered up Weinstein’s abuse, muzzled his victims with non-disclosure agreements and would not have compensated any of the victims.

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“A deal that essentially removes the two Weinstein brothers but leaves the rest of management intact, we think, should be unacceptable,” he said, singling out chief operating officer David Glasser, whom he said had been expected to be named CEO.

The Los Angeles Times said the Weinstein firm sent a letter to the prospective investors accusing them of failing to produce a deal with rescue financing, and that would satisfy the New York prosecutor’s concerns.

Weinstein’s brother Bob is the current head of the company which fired Harvey Weinstein last year.

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More than 100 women have now accused Weinstein of decades of sexual misconduct, leading not only to his career annihilation but to a US reckoning about harassment and abuse that has toppled a litany of powerful men in various sectors.

Weinstein is reportedly in treatment for sex addiction and is under investigation by British and US police, although he has not been charged with any crime. He denies having had non-consensual sex.

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2020 Election

Here is why these Nevadans are betting on Sanders

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LAS VEGAS — Any doubts that Nevadans wouldn't show up for Sen. Bernie Sanders (I-Vt.) were quickly squashed by the amount of people lined up to get into his Friday night rally in Las Vegas on the eve of the Nevada caucus: an estimated 2,020, according to his campaign. One would have been forgiven for assuming the crowd spilling out the main entrance and down the street had lined up to get into one of the city's hottest shows, not a "Get Out the Vote" event. Despite stereotypes that Sanders only draws support from the young (and mostly white), the crowd was visibly diverse in age, ethnicity and race. And anyone who didn't arrive already wearing the requisite Bernie gear had plenty of opportunities to buy some as they waited to enter the venue.

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Breaking Banner

Roger Stone’s dream of booting judge for sentencing comments brutally crushed by ex-US Attorney: ‘He’s met his match’

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Appearing on MSNBC on Saturday afternoon, former U.S. Attorney Joyce Vance crushed any hopes former Donald Trump associate Roger Stone might have that his prison sentence will be voided due to comments made by the presiding judge in his federal trial.

Speaking with host Alex Witt, Vance left no doubt Stone's latest legal gambit will collapse just like his previous attempts to squirm out of his trial did.

"Stone's legal team says that Judge Amy Berman Jackson's assertion that the jurors served with integrity shows bias," host Witt stated. "Do you buy that argument and legally would that be enough to get the judge dismissed from the case?"

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Commentary

You’re a frog in a pot and Donald Trump is turning up the heat

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Welcome to another edition of What Fresh Hell?, Raw Story’s roundup of news items that might have become controversies under another regime, but got buried – or were at least under-appreciated – due to the daily firehose of political pratfalls, unhinged tweet storms and other sundry embarrassments coming out of the current White House.

"Trump has instructed his White House to identify and force out officials across his administration who are not seen as sufficiently loyal," reported The Washington Post this week. It's one element in "a post-impeachment escalation that administration officials say reflects a new phase of a campaign of retribution and restructuring ahead of the November election." It's unclear what criteria they are using to define loyalty to this president*, but it's important to understand a few things about this story.

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