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.
REVEALED: Far-right extremists are circulating plans to lock down Arizona streets if Trump is re-elected
On Saturday, The Arizona Republic reported that far-right paramilitary groups are circulating plans to lock down neighborhoods in the Phoenix, Arizona metropolitan area in the event that President Donald Trump is re-elected, supposedly to police left-wing protesters.
"In Arizona, the head of the Prescott-area chapter of the Oath Keepers group, which recruits military and law enforcement officers, has warned residents to be prepared to protect their neighborhoods from feared extreme left-wing protesters who would be upset should President Donald Trump be re-elected," reported Richard Ruelas. "Part of that the pro-Trump group'splan involved closing streets and assigning monitors to control access, according to a planning document shared with The Republic."
Conservatives are hopping mad that their clumsy Hunter Biden smear is a flop
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.
In 2016, Steve Bannon did an amazing job rolling out the Clinton Foundation nontroversy. He gave The New York Times and CNN early access to Peter Schweizer's book, Clinton Cash, and the outlets gave it mainstream credibility. Later, when the Uranium One story was thoroughly debunked, it didn't matter. The foundation remained under a pall of fuzzy suspicions.
GOP insiders give Pence little chance of ever being president after four years spent defending Trump: report
On Saturday, writing for The Washington Post, Ben Terris reported that many Republican consultants and insiders believe that Vice President Mike Pence's presidential ambitions are doomed, for several reasons.
"If you list the top 10 most likely people to have a strong shot at the nomination, maybe Mike Pence makes number nine or 10," said former Marco Rubio presidential campaign manager Terry Sullivan in the piece. "Maybe." Former Jeb Bush campaign spokesman Tim Miller agreed, saying, "I could maybe see him becoming the nominee, but president? I just don’t see it."