Weinstein and Company, Among 24/7 Wall St. Disappearing Brands, Will File for Chapter 11

By Douglas A. McIntyre Updated Jan 12, 3:04AM EST · Published Feb 26, 6:25AM EST

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Weinstein and Company, Among 24/7 Wall St. Disappearing Brands, Will File for Chapter 11 — © Wikimedia Commons (David Shankbone)

The Weinstein Company, co-founded by Harvey Weinstein, who has been accused of serial sexual harassment, will file for Chapter 11 soon, according to a number of media reports. 24/7 Wall St. recently put the company on its list of brands that will disappear in 2018.

The BBC reported:

The New York studio co-founded by disgraced film producer Harvey Weinstein is to file for bankruptcy after talks to sell its assets to an investor group collapsed, reports say.

Talks ended two weeks ago when the New York attorney general’s office filed a lawsuit against the Weinstein Company.

Directors were quoted as saying bankruptcy was the only viable option.

Mr Weinstein faces dozens of allegations of sexual abuse, including rape, but denies non-consensual sex.

“The Weinstein Company has been engaged in an active sale process in the hopes of preserving assets and jobs,” the board said in a statement reported by several US newspapers.

“Today, those discussions concluded without a signed agreement.”

The statement said “an orderly bankruptcy process” was the “only viable option to maximise the company’s remaining value”.

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The 24/7 Wall St. comments about Weinstein from 10 Brands That Will Disappear in 2018:

The Weinstein Company, helmed by Harvey Weinstein, was among the most storied movie producers in Hollywood history.

The company was started in 2005 by Harvey and his brother Bob. Because of a number of sexual harassment charges made against Harvey, the operations of the Weinstein Company have become untenable.

This does not mean the company is without very valuable assets, which will almost certainly be bought by third parties. Those assets include “Spy Kids,” “The King’s Speech,” “Django Unchained,” “Scary Movie 5,” and more.

There has been speculation that an outsider would invest in The Weinstein Company. In November, two women-led investor groups expressed interest in buying the company. It is a much greater likelihood, though, that the company’s assets would be distributed in a clean and direct purchase.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.