The deal to buy assets from Harvey Weinstein’s former production company hit another roadblock Tuesday as former Obama administration official Maria Contreras-Sweet said her investor group was abandoning the venture — for now.
“After signing and entering into the confirmatory diligence phase, we have received disappointing information about the viability of completing this transaction. As a result, we have decided to terminate this transaction,” she said in a statement.
It was the latest dramatic twist in a long-running saga over the future of the New York-headquartered film studio, which has teetered on the brink of bankruptcy since Weinstein was hit by bombshell allegations, torpedoing his career last October.
But Contreras-Sweet did not exclude future attempts to create a new firm from the ashes of Hollywood mogul Weinstein’s downfall for alleged sexual misconduct.
“I believe that our vision to create a women-led film studio is still the correct course of action,” she said.
“To that end, we will consider acquiring assets that may become available in the event of bankruptcy proceedings, as well as other opportunities that may become available in the entertainment industry.”
Contreras-Sweet, who headed the Small Business Administration under president Barack Obama, said Thursday that she had reached an agreement to purchase assets from The Weinstein Company in order to launch a new firm.
Just days earlier, the production house had announced it would file for bankruptcy, accusing the investor group of coming up short on making a deal.
New York state attorney general Eric Schneiderman stipulated last month that any deal should provide adequate compensation for victims, protect employees and remove executives who had been complicit in Weinstein’s misconduct.
Weinstein was sacked as company chairman in October after bombshell exposes accused him of years of sexual harassment, assault and even rape.
More than 100 women have since accused him of impropriety going back 40 years, ending his career but also prompting a US reckoning over harassment and abuse that has toppled a litany of powerful men in various sectors.
Lara Trump snarls at critics of ‘send her back’ for pushing a ‘biased, racially-charged narrative’
Lara Trump, the wife of President Donald Trump's son Eric, has accused CNN anchor Anderson Cooper of pushing a "biased, racially-charged narrative" after he criticized her recent defense of the Trump administration over the "send her back" scandal.
This article first appeared on Salon.
"Anyone insinuating that there was some premeditated plan to orchestrate the “send her back” chant is obviously desperate to continue pushing a biased, racially-charged narrative. #FakeNews," Trump posted to her Twitter account on Saturday. She included a link to the Washington Examiner, a right-leaning newspaper which included a quote from Cooper blasting Trump for supposedly "lying" about her role in whipping up a crowd to chant "send her back" about Rep. Ilhan Omar, D-Minn.
Trump’s trade war with China has led to foreign investments in the US drying up: report
Not only are U.S. manufacturers and farmers feeling the devastating brunt of Donald Trump's ongoing trade war with China -- among other countries -- now the New York Times reports that foreign investors no longer see America as a safe bet to park their money.
According to the report, "the once steady flow of Chinese cash into America, with Chinese investment plummeting by nearly 90 percent since President Trump took office."
With the report stating, the drop-off "stems from tougher regulatory scrutiny in the United States and a less hospitable climate toward Chinese investment, as well Beijing’s tightened limits on foreign spending," one analyst blamed the increasingly hostile trade relationship between the two countries.
Marvel reveals next star-studded superhero films at Comic-Con
Marvel unveiled its bumper slate of new superhero movies Saturday, wheeling out a who's who of Hollywood stars and prompting a collective meltdown at Comic-Con as it ended frenzied speculation over the most lucrative franchise in film history.
Angelina Jolie, Salma Hayek and Rachel Weisz were brought on stage in San Diego to join Marvel film stalwarts such as Scarlett Johansson, Chris Hemsworth and Natalie Portman in the upcoming -- and sure to be multi-billion-grossing -- movies.
"I can spend 90 minutes talking about what we've done or I can spend some time talking about what we're about to do," said Marvel Studios President Kevin Feige, drawing rapturous screams from thousands packed into the world's largest pop-culture fan convention.