Weinstein Co. board members to step down Friday

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.”

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Harvey Weinstein surrenders on sexual assault charges
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Harvey Weinstein surrenders on sexual assault charges
Film producer Harvey Weinstein arrives at the 1st Precinct in Manhattan in New York, U.S., May 25, 2018. REUTERS/Lucas Jackson
A police officer is seen in front of the 1st Precinct in Manhattan as film producer Harvey Weinstein is expected to arrive, in New York, U.S., May 25, 2018. REUTERS/Lucas Jackson
NEW YORK, NY - MAY 25: Harvey Weinstein departs New York Police Department's First Precinct in handcuffs on May 25, 2018 in New York City. (Photo by Jackson Lee/GC Images)
Film producer Harvey Weinstein, surrenders on sexual assault charges to the New York City Police Department (NYPD) in New York City, U.S., May 25, 2018. REUTERS/Amr Alfiky
Film producer Harvey Weinstein arrives at the 1st Precinct in Manhattan in New York, U.S., May 25, 2018. REUTERS/Mike Segar
Film producer Harvey Weinstein arrives at the 1st Precinct in Manhattan in New York, U.S., May 25, 2018. REUTERS/Mike Segar
NEW YORK, NY - MAY 25: Harvey Weinstein turns himself in to the New York Police Department's First Precinct after be served with criminal charges by the Manhattan District Attorney's office on May 25, 2018 in New York City. The former movie producer faces charges in connection with accusations made by aspiring actress Lucia Evans who has said that Weinstein forced her to perform oral sex on him in his Manhattan office in 2004. Weinstein (66) has been accused by dozens of other women of forcing them into sexual acts using both pressure and threats. The revelations of the his behavior helped to spawn the global #MeToo movement. (Photo by Spencer Platt/Getty Images)
NEW YORK, NY - MAY 25: Harvey Weinstein leaves a New York criminal court after posting bail following his arrest this morning on charges of rape, committing a criminal sex act, sexual abuse and sexual misconduct on May 25, 2018 in New York City. Weinstein's bond was set at $10 million and he will be required to wear a GPS monitoring system. The former movie producer faces charges in connection with accusations made by aspiring actress Lucia Evans who has said that Weinstein forced her to perform oral sex on him in his Manhattan office in 2004. Weinstein (66) has been accused by dozens of other women of forcing them into sexual acts using both pressure and threats. The revelations of the his behavior helped to spawn the global #MeToo movement. (Photo by Spencer Platt/Getty Images)
NEW YORK, NY - MAY 25: Harvey Weinstein turns himself in to the New York Police Department's First Precinct after be served with criminal charges by the Manhattan District Attorney's office on May 25, 2018 in New York City. The former movie producer faces charges in connection with accusations made by aspiring actress Lucia Evans who has said that Weinstein forced her to perform oral sex on him in his Manhattan office in 2004. Weinstein (66) has been accused by dozens of other women of forcing them into sexual acts using both pressure and threats. The revelations of the his behavior helped to spawn the global #MeToo movement. (Photo by Spencer Platt/Getty Images)
NEW YORK, NY - MAY 25: Harvey Weinstein along with his attorney Benjamin Brafman (L) appears at his arraignment in Manhattan Criminal Court on Friday, May 25, 2018. The former movie producer faces charges in connection with accusations made by aspiring actress Lucia Evans who has said that Weinstein forced her to perform oral sex on him in his Manhattan office in 2004. Weinstein (66) has been accused by dozens of other women of forcing them into sexual acts using both pressure and threats. The revelations of the his behavior helped to spawn the global #MeToo movement. (Photo by Steven Hirsch-Pool via Getty Images)
Police officers and members of the media stand in front of the 1st Precinct in Manhattan as film producer Harvey Weinstein is expected to arrive, in New York, U.S., May 25, 2018. REUTERS/Lucas Jackson
Members of the media stand next to the 1st Precinct in Manhattan as film producer Harvey Weinstein is expected to arrive, in New York, U.S., May 25, 2018. REUTERS/Mike Segar
NEW YORK, NY - MAY 25: Harvey Weinstein departs New York Police Department's First Precinct in handcuffs on May 25, 2018 in New York City. (Photo by Jackson Lee/GC Images)
Harvey Weinstein leaves the Manhattan Criminal Court on May 25, 2018 in New York. - Weinstein was arrested and charged Friday with rape and other sex crimes involving two separate women, New York police announced shortly after the fallen Hollywood mogul surrendered to authorities. (Photo by KENA BETANCUR / AFP) (Photo credit should read KENA BETANCUR/AFP/Getty Images)
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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.

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