Bob Weinstein Tries to Calm Nervous TWC Employees After Sale Talks Collapse
"Until there is something more specific to address you with, the need for a video town hall would lead to more questions than answers," he said in a memo to employees.
Bob Weinstein has suggested in a memo to staff that the board of the embattled Weinstein Co. still hopes to sell the company.
His Thursday note came two days after a carefully brokered deal between the board and an investors group led by Ron Burkle and Maria Contreras-Sweet collapsed. If no new buyers comes forward, bankruptcy appears inevitable.
"I wanted to keep everyone updated in what is obviously an incredibly fluid situation," Weinstein wrote in the memo. "The board is still in discussions with potential buyers who want to keep the company and employees as a going concern. That has been one of our main goals and we are still pursuing it."
Weinstein, who co-founded the company in 2005 with his brother, Harvey, said people will continue to be paid. Fewer than 100 employees now work at TWC.
Contreras-Sweet and Burkle have said they would still consider buying certain assets of TWC should it go into bankruptcy. Others interested in buying individual assets include Lionsgate, while Lantern Capital — part of the Burkle/Contreras-Sweet bid — might not be ready to walk away.
"I understand this is a stressful time for everyone and your patience and support during this time is very much appreciated by me and the board. Until there is something more specific to address you with, the need for a video town hall would lead to more questions than answers. I will continue to update you and when the time is proper to announce something more specific, then we will have the town hall meeting," Weinstein concluded in his note to employees.