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Harvey Weinstein Resigns From Weinstein Co. Board as Company Struggles to Survive

Harvey Weinstein resigned Tuesday from the Weinstein Co. board of directors, as the company continues to try to distance itself from the disgraced mogul.

Though he was fired as co-chairman on Oct. 8, Weinstein continues to own 22% of the company’s stock, and until today continued to hold a seat on the board.

In a statement, the three member board confirmed that Harvey Weinstein had stepped down and said it had “…ratified its decision to terminate” his employment.

The company now risks falling into a protracted legal battle with Weinstein, who alleges his firing was illegal.

There also appears be tension between the remaining board members, who are exploring a sale to Colony Capital, and co-founder Bob Weinstein, who said in a statement last week that the company is not for sale.

The Weinstein Co. has been in turmoil ever since the New York Times reported on Oct. 5 that Harvey Weinstein had a decades-long pattern of sexual harassment, and had settled at least eight harassment claims. Subsequently, dozens of accusers have come forward to allege that Weinstein harassed them, and a handful have accused Weinstein of sexual assault.

The board has faced uncomfortable questions about how much it knew, with top company figures like Bob Weinstein and president David Glasser saying they knew that Harvey Weinstein could be angry and abusive, and knew that he cheated on his wife, but did not know of his alleged sexual abuses.

Last week, Amazon pulled the plug on a Weinstein Co. project under development from David O. Russell, and took over production of TWC’s “The Romanoffs.”

The board fired Weinstein on Oct. 8, citing a violation of the company’s code of ethics. Weinstein’s attorney, Patricia Glaser, has argued that his termination was improper, as the board was aware of several settlements when Weinstein signed his most recent contract in 2015.

Board member Tarak Ben Ammar announced on Monday that the company was exploring a possible sale to Colony Capital, the private equity firm run by Tom Barrack. Colony Capital provided a cash infusion in an effort to stabilize the company.

Lance Maerov, an executive at WPP, is the third remaining board member. As the scandal worsened, five board members resigned. They include Tim Sarnoff, Paul Tudor Jones, Dirk Ziff, Marc Lasry and Richard Koenigsberg.

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