It was only a matter of time before Hillary’s close friend went belly up.
Um explain why both hillary and feinstein took millions from harvey weinstein? Sorry but #timesup on harvey weinstein democrats like dianne and hillary. Glad CA dems are finally supporting women. pic.twitter.com/G5G3047fEo
— Sam Sackenberg (@NeverKennedy) February 26, 2018
In October, following the explosive sexual assault allegations levied against Harvey Weinstein, it was reported that the Weinstein Company would be exploring a sale now that the brand was toxic. “If Weinstein Co. were bought whole and continued to operate, suitors might include hedge funds looking to have a U.S. entertainment asset,” a person close to the company told the Wall Street Journal.
Any such hopes of a sale have since evaporated, and the chances were slim in the first place. The Weinstein brand is ruined, so no buyer is going to produce and release new films under their name. In that case, what would be the point of a purchase? To buy up their rights to the royalties of existing movies? Given that most movies make the bulk of their money within the first few weeks of release, it’s unlikely those streams are all too appealing to potential investors.
Now, just a few months later, with no hopes of a sale, the company is kaput. According to Fortune Magazine,
The impending bankruptcy filing of The Weinstein Company will likely add a major twist to the on-going lawsuits against the company, many of which relate to the alleged sexual misconduct of Harvey Weinstein.
The firm revealed late Sunday that it would file for bankruptcy. If it follows through, it will probably have to be removed as a co-defendant in the suits where it is named.
The Weinstein Company fired Weinstein, who co-founded it, after the allegations against the movie mogul emerged in October last year. However, several of the suits resulting from Weinstein’s alleged conduct have since targeted the company, as well as him.
A premium service from Standard & Poor’s, S&P Capital IQ, lists the Weinstein Company’s total annual revenue as of 2016 as $37.9 million (a down year), and $123 million in 2017. In 2018 the figure will be closer to zero.
And, of course, Hillary won’t be coming to the rescue of her former friend, especially after her campaign repeatedly ignored warnings about Weinstein hanging around with women.
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