Weinstein Co. Board Members to Step Down Friday

Gene Maddaus

News

Four members of the Weinstein Co. board will step down on Friday, once the bankruptcy sale to Lantern Capital is completed.

The board, led by chairman Bob Weinstein, issued a statement on Thursday saying that its work is largely complete, and that it will leave the remaining job of winding down the company’s estate to bankruptcy professionals. The departing board members, in addition to Bob Weinstein, are Lance Maerov, Tarak Ben Ammar, and Frank Rainone. Ivona Smith, a bankruptcy consultant who was brought on to assist with the bankruptcy sale, will be the sole remaining member.

“In the face of intense public scrutiny, this Board steered the Company to an orderly sale and maximized value for the Company and its creditors,” Smith said in a statement. “The Company thanks the outgoing Board members for their hard work and contributions. Following the closing of the sale to Lantern, the Company will continue to work expeditiously to wind down the Company and distribute equitably the remaining assets.”

Lantern Capital is set to take control of the company on Friday, after completing the $289 million transaction. The Weinstein Co. laid off about a third of its workforce on Wednesday, shortly after receiving final approval from a Delaware judge. The remaining company has about 40 employees.

Several A-list actors and directors are still fighting with the Weinstein bankruptcy estate over profit participation payments. The Weinstein creditors — including several banks, trade creditors, and alleged victims of Harvey Weinstein’s sexual abuses — must also sort out how to distribute the sale proceeds.