Dallas private equity firm wins bid for Weinstein Company

Lantern Capital’s stalking horse bid for The Weinstein Company acquired court docket approval Tuesday, prevailing over a last-minute supply for the bankrupt studio that included a sufferer’s fund. US Chapter Courtroom in Delaware accepted Lantern’s supply of $310 million money, plus $115 million in assumed debt, although the Dallas-based private equity firm lacks expertise within the leisure enterprise. The choice quashed a $325 million supply from theatrical producer Howard Kagan’s Inclusion Media, which promised a $30 million fund for victims of TWC co-founder and alleged sexual predator Harvey Weinstein. Inclusion, which missed the April 30 bidding deadline by a day, had requested for an extension to create what referred to as “essentially the most various and progressive movie and TV studio within the trade.” It additionally vowed that Weinstein’s victims, along with the proposed fund, would obtain a 5 p.c stake within the new firm. However in court docket papers filed Monday, TWC described the Inclusion bid as a “purported supply [that] lacked the entire standards of an actual supply and appeared calculated to disrupt the Lantern sale course of, reasonably than to materialize right into a professional bid.” A lawyer for TWC was much more adamant at Tuesday’s listening to, reminding the court docket that if a deal couldn’t be accepted earlier than midnight, Lantern had strolling rights. Deadline, in its protection of court docket proceedings, quoted TWC lawyer Paul Zumbro: “We’re involved there could be important worth erosion if the Lantern Capital declare doesn’t transfer ahead.” Refusal to assist Inclusion’s supply put TWC at odds with its committee of unsecured collectors – a gaggle that included representatives for two alleged Weinstein victims. The studio, which filed for chapter on March 19, even accused counsel to a type of members of taking “to the press, making disparaging statements about Lantern and the debtors’ sale course of.” Regardless of the opposition of a few of its members, the committee didn’t object in court docket to TWC’s sale to Lantern. Share this: https://nypost.com/2018/05/08/dallas-private-equity-firm-wins-bid-for-weinstein-company/ The post Dallas private equity firm wins bid for Weinstein Company appeared first on My style by Kartia.