Weinstein Co. Board to Resign Once Sale to Lantern Is Complete
Only one board member, Ivona Smith, an expert in corporate restructuring, will remain in place.
All but one of the remaining members of The Weinstein Co. board intend to resign their positions when the company’s sale to Lantern Capital Partners is complete, which is expected Friday.
The one board member who will remain in place is Ivona Smith, a finance specialist specializing in corporate restructurings, who joined the board in April as it went through bankruptcy proceedings.
In announcing the decision, the board issued a statement saying, “Over the past nine months, this Board of Representatives of The Weinstein Company Holdings LLC has worked tirelessly to steer the company through the most difficult of corporate circumstances.”
The four remaining board members who will be leaving include chairman Bob Weinstein, Lance Maerov, Tarak Ben Ammar and Frank Rainone. Last year, after the allegations of TWC co-founder Harvey Weinstein’s predatory sexual behavior became public and as the company was forced into bankruptcy, a number of TWC’s other board members also resigned. They included Richard Koenigsberg, Tim Sarnoff, Paul Tudor Jones, Dirk Ziff and Marc Lasry.
The full text of the board’s statement follows:
Over the past nine months, this Board of Representatives of The Weinstein Company Holdings LLC (the “Company”) has worked tirelessly to steer the Company through the most difficult of corporate circumstances. In doing so, the Board committed itself to several guiding principles: to maximize value; to protect Company stakeholders by finding a buyer to continue the business; to return the loyalty of the Company’s faithful employees so as to ensure income for themselves and their families; and to assist government agencies in their investigations into Harvey Weinstein’s conduct, which prompted this task. This week, with the completion of the sale to Lantern, the Board will have achieved these goals to best of its ability.
Having accomplished what the Board set out to do, the Board members have concluded that it is time to step aside and to turn the Company over to the capable hands of bankruptcy professionals to oversee the wind down of the Company and the distribution of its assets. Thus, upon the closing of the sale to Lantern, the current Board members will step down from the Board, with the exception of Ivona Smith, a restructuring professional who was selected by the Board in cooperation with the Unsecured Creditors’ Committee to help shepherd the Company through bankruptcy. The Board expects that additional members with comparable experience will be added to the Board to assist Ms. Smith with the wind down.
“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,” Ms. Smith said. “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.”