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.
Trump fumes over Roger Stone’s conviction — and demands to know when Mueller and ‘Shifty Schiff’ get prosecuted
President Donald Trump reacted to Roger Stone's guilty verdict by threatening to jail at least 12 of his political opponents.
His longtime associate was convicted on seven counts, including lying to Congress, on charges brought by special counsel Robert Mueller as part of the investigation of Russian election interference.
"So they now convict Roger Stone of lying and want to jail him for many years to come," Trump tweeted. "Well, what about Crooked Hillary, Comey, Strzok, Page, McCabe, Brennan, Clapper, Shifty Schiff, Ohr & Nellie, Steele & all of the others, including even Mueller himself? Didn’t they lie?"
Roger Stone convicted on all seven counts on charges filed in Mueller probe
Roger Stone was convicted Friday on multiple counts on charges brought by special counsel Robert Mueller.
The longtime associate of President Donald Trump was convicted on all seven counts.
He was charged with lying to Congress, obstruction of Congress, witness tampering and other crimes.
Stone was the nexus between the Trump campaign and WikiLeaks coordinating the release of emails stolen from the Democratic National Committee and Hillary Clinton's campaign chairman by Russian hackers, according to investigators.
He potentially faces up to 50 years in prison under the statutes, but most likely will be sentenced to far less.
Trump’s attack on Yovanovitch is ‘exactly’ what Republicans hoped wouldn’t happen: Fox News producer
President Donald Trump attack on former Ukraine ambassador Marie Yovanovitch is "exactly" what Republicans hoped wouldn't happen during the impeachment hearings, according to Fox News' senior Capitol Hill producer.
As Yovanovitch testified during the second public House impeachment hearing on Friday, Trump said on Twitter that everywhere she "went turned bad."
"She started off in Somalia, how did that go? Then fast forward to Ukraine, where the new Ukrainian President spoke unfavorably about her in my second phone call with him. It is a U.S. President’s absolute right to appoint ambassadors," he tweeted.