Irony Saves Harvey Weinstein’s Company From Bankruptcy
Now, in a Hollywood style plot line, the investors looking to buy out the company will be led by women. Led by Maria Contreras-Sweet, former head of the SBA (Small Business Administration) under President Obama and billionaire investor Ron Burkle, they will include a victim compensation fund with up to $90 million. New York State Attorney General Eric Schneiderman was part of the negotiation as he filed a lawsuit recently in order to obtain compensation for the victims.
The new venture will save approximately one hundred and fifty jobs and possibly pay back some of the small businesses that are owed money. It will also mean paying $220 million for the Weinstein Co. and assume its debt that is approximately $225.
Alexander Hernandez, Esq.
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Once a case goes through the foreclosure process, the final step is to list the property for sale at an auction. In this case, the business owners of the inn are filing for bankruptcy in order to stop the sale of the home.
Paul Teutul of American Chopper, filed for Chapter 13 bankruptcy in New York.
Toys R’ US is expected to close four hundred stores.
Prior Posts on Legal Issues
Alexander Hernandez has been representing clients since 1999 in the areas of bankruptcy, family law, and personal injury.
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