TWC’s Board Has “86’d” it’s Co-Fonder Harvey Weinstein

TWC’s Board Has “86’d” it’s Co-Fonder Harvey Weinstein

TWC’s Board Has “86’d” it’s Co-Fonder Harvey Weinstein

$DIS

The Weinstein Company’s (TWC) board of directors has voted to remove Harvey Weinstein from the studio, leaving control of the company in the hands of brother, Bob Weinstein, and COO David Glasser, it was announced in a statement from the company Sunday.

Harvey Weinstein has been rocked by a devastating NY-T’s report documenting decades of legal settlements stemming from sexual harassment allegations leveled by former employees and associates, as well as accusations of improper sexual advances from actress Ashley Judd.

The allegations extend back to Harvey Weinstein’s days running Miramax, an independent film studio that was then owned by the Walt Disney Co.(NYSE:DIS)

His attorney Lisa Bloom resigned Saturday, as did advisor Lanny Davis, a former White House aid to Bill Clinton.

Billionaire investors Marc Lasry and Dirk Ziff, and Technicolor executive Tim Sarnoff resigned from the board.

Harvey Weinstein is said to be furious, as he struggles to form a coherent response, veering from contrition to combativeness.

Bob Weinstein and Glasser have been pushing for Harvey Weinstein to leave the company, believing he threatened the studio’s ability to continue to attract top talent and to release film and television shows.

A combative Harvey Weinstein maintaines that he can weather the crisis and re-emerge.

Not likely, Harvey Weinstein has been dumped.

Have a terrific week.

 

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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