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Investor Ron Burkle’s Yucaipa Companies has filed a $6 million lawsuit against Lantern Asset Management claiming that Lantern cut Yucaipa out of an expected payment for the $289 million purchase of The Weinstein Company’s assets.

The lawsuit, filed at the Los Angeles Superior Court on Monday, claims that Dallas-based Lantern made use of confidential information it had obtained while partnered with Yucaipa.

It alleges that Lantern breached the parties’ written agreement, and that Lantern recently informed Yucaipa that it would not honor an oral agreement.

Also Read: Anthony Bourdain Wanted to See Harvey Weinstein 'Beaten to Death' in Jail

“In fact, it appears that Lantern never intended to honor the oral agreement but fraudulently induced Yucaipa to enter into the oral agreement so that Lantern could use the Confidential Information to become the stalking horse bidder in the TWC bankruptcy,” the lawsuit contends.

Yucaipa, Lantern and former Obama administration official...

Lantern Entertainment, a new division of the private equity firm that bought The Weinstein Co. and its assets for $289 million, said on Monday it’s finalized the sale.

The company, in introducing itself to the industry, said Lantern’s mission is “to be one of the preeminent homes for creative talent with an unwavering commitment to compelling content creation and a culture of diverse professionals who will operate this company with the absolute highest level of ethics and standards.”

Lantern bought TWC out of bankruptcy following the studio’s plunge into turmoil in the aftermath of revelations of former head Harvey Weinstein’s 30 years of alleged sexual harassment, assault and rape.

Also Read: Harvey Weinstein Pleads Not Guilty to New Sexual Assault Charges

Lantern co-presidents Andy Mitchell and Milos Brajovic are now focused on turning the company’s assets around under a new banner.

“Over the last several months, we...

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...

The Weinstein Co.’s board of directors announced that all but one of its members will step aside with the completion of the sale this week to Lantern Entertainment.

The directors issued a statement this morning saying that after navigating the company through “the most difficult corporate circumstances” they will leave the process of winding down the asset in the hands of bankruptcy professionals.

Weinstein Co. director Ivona Smith, a restructuring professional, was selected by the board and the Unsecured Creditors’ Committee, to help shepherd the Company through bankruptcy.

“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...

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 ...

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 ...

Updated with response:

Despite a last minute bid that didn’t come in until the day after the polls closed, The Weinstein Co. officially declared that stalking horse bidder Lantern Capital has won the assets of the beleaguered company. Deadline revealed this exclusively last night.

The Weinstein Co. announced Lantern Capital won the bid to acquire the film and television assets of the company, saying no other bid approached the stalking-horse bidder’s offer for the company.

“Lantern’s bid clearly achieves the highest and best value for the estate and its creditors,” said Ivona Smith, a member of The Weinstein Co. board. “We look forward to working with Lantern to close the transaction and consummate the going concern sale.”

Lantern Entertainment, an affiliate of Lantern Capital, said it was honored to be chosen.

“Lantern looks forward to continuing our work with the constituents involved in this court-supervised transition,” said...

Updated (May 2): After The Weinstein Company announced its desire to move forward with an acquisition by Lantern Capital Partners, Inclusion Media’s Howard Kagan released the following statement: “It strains credulity in a normal, capitalistic world that they wouldn’t want to have two people bidding on their assets.” Kagan continued, “I’m waiting to see whether the Attorney General really means what they said in the letter yesterday. If he does, our bid is ready to go, but for getting remaining information from the company.”

The Weinstein Company has declared Lantern Capital Partners — reportedly the sole company to bid on its assets before an April 30 bankruptcy auction deadline — the winning contender. A Dallas-headquartered private equity firm, Lantern wants to pay $310 million cash for the scandal-ridden studio, and assume $115 million in its liabilities.

“Lantern’s bid clearly achieves the highest and best value for the estate and its creditors,...

’No other bid offered as much value to the estate as the Lantern bid.’

The Weinstein Company (TWC) board said on Tuesday afternoon (May 1) that Lantern Capital has won the bid to acquire its assets.

In March when TWC filed for bankruptcy it entered into a “stalking horse” agreement to sell its assets to Dallas-based private equity firm Lantern Capital Partners.

Also this week: Ashley Judd sues Harvey Weinstein, alleges he sabotaged her career

The agreement with Lantern called for TWC to file for bankruptcy and came several weeks after the proposed $500m sale to a consortium led by billionaire...

’No other bid offered as much value to the estate as the Lantern bid.’

The Weinstein Company (TWC) board said on Tuesday afternoon (May 1) that Lantern Capital has won the bid to acquire its assets.

In March when TWC filed for bankruptcy it entered into a “stalking horse” agreement to sell its assets to Dallas-based private equity firm Lantern Capital Partners.

Also this week: Ashley Judd sues Harvey Weinstein, alleges he sabotaged her career

The agreement with Lantern called for TWC to file for bankruptcy and came several weeks after the proposed $500m sale to a consortium led by billionaire...

’No other bid offered as much value to the estate as the Lantern bid.’

The Weinstein Company (TWC) board said on Tuesday afternoon (May 1) that Lantern Capital has won the bid to acquire its assets.

In March when TWC filed for bankruptcy it entered into a “stalking horse” agreement to sell its assets to Dallas-based private equity firm Lantern Capital Partners.

The agreement with Lantern called for TWC to file for bankruptcy and came several weeks after the proposed $500m sale to a consortium led by billionaire Ron Burkle and former Obama administration official Maria Contreras-Sweet fell through.

The TWC...

The Weinstein Co. declared Tuesday afternoon that Lantern Capital was the winning bidder in its bankruptcy sale, turning away a late bid from Broadway producer Howard Kagan.

The company announced that Kagan’s $315 million bid, which was submitted Tuesday morning, lacked a financing commitment and other qualifications.

“Lantern’s bid clearly achieves the highest and best value for the estate and its creditors,” Ivona Smith, an independent member of the Weinstein board said in a statement. “We look forward to working with Lantern to close the transaction and consummate the going concern sale.”

Mary Walrath, a Delaware bankruptcy judge, must still sign off on the sale. Lantern had offered $310 million plus the assumption of project-based liabilities totaling $115 million. The committee of unsecured creditors has already filed an objection to the form of the Lantern bid, saying it is not clear that the Weinstein Co. is achieving the maximum return for creditors.

The majority of the The Weinstein Company’s bankrupt assets will go to it’s original bidder, the Dallas-based Lantern Capital Partners, TheWrap has learned.

Lantern emerged as the first and only stalking horse bidder for virtually all of the company’s assets in March. The Dallas-based private equity firm agreed to keep the studio’s employees on as a “going concern,” should the bankruptcy court approve the sale — valued at $310 million — court filings said.

Read TWC’s statement on the sale:

The Weinstein Company is pleased to announce that Lantern Capital is the winning bidder in the sale for substantially all of the assets of the Company. No other bid offered as much value to the estate as the Lantern bid, which was also the Debtors’ stalking horse bid and was negotiated with input from the Office of the New York Attorney General. “Lantern’s bid clearly achieves the highest and best value for the estate and its creditors,” said Ms. Ivona Smith, a member of The Weinstein Company Board of Representatives. “We look forward to working with Lantern to close the transaction and consummate the going concern sale.”

Earlier today, news outlets reported that the Company received a letter of interest from Inclusion Media, a potential bidder backed by Howard Kagan. That letter, submitted after the bid deadline, was a conditional indication of interest that contemplated substantially less value to the estate, and did not include a purchase agreement, a financing commitment, a deposit, or a number of other requirements for a qualified bid. While the Inclusion letter did claim to offer certain attractive aspects for victims, the Debtors concluded after discussions with Mr. Kagan that the Inclusion letter was not a bona fide offer. Thus, in furtherance of its fiduciary duty, the Board selected the bid that offered, with certainty, the most overall value to the estate.

Also Read: Broadway Producer Makes 11th-Hour Bid for Weinstein Co. That Includes $30 Million Victims Fund

TWC listed both assets and liabilities of between $500 million and $1 billion. Top creditors include Union Bank and Bank of America who are owed a combined $156 million.

Unsecured creditors include China’s Wanda Pictures ($14.4 million), marketing company Palisades Media ($13.7 million) and David Boies’ law firm Boies, Schiller and Flexner ($5.7 million).

Robert del Genioof of Fti Consulting has served as chief restructuring officer, overseeing the company’s finances and operations during the bankruptcy process. The board also retained Moelis as its banker and two law firms in Cravath, Swaine & Moore and Richards, Layton & Finger.

Also Read: Ashley Judd Sues Harvey Weinstein: Producer 'Torpedoed' My Career, She Says

The New York-based company, founded in 2005 by, has cut an outsize swath in the indie film world, producing back-to-back Oscar Best Picture winners (2010’s “The King’s Speech” and 2011’s “The Artist”) as well as mainstream hits like Quentin Tarantino’s “Django Unchained,” “Scary Movie 4” and the family film “Paddington.”

TWC’s profitable TV division boasts one megahit franchise: Lifetime’s long-running fashion reality series “Project Runway” and its many spinoffs. It has also produced episodic series such as MTV’s “Scream” and Netflix’s “Marco Polo,” which were both canceled after two seasons.

In conclusion, the TWC board said it “regrets that it cannot undo the damage Harvey Weinstein caused, but hopes that today’s events will mark a new beginning. Even as the Company heads into bankruptcy, the Company remains committed to doing whatever it can to maximize value for its creditors and, in cooperation with Attorney General, continue its pursuit of justice for any victims.”

Read original story Lantern Capital Wins Weinstein Co. in Bankruptcy Court At TheWrap...

Lantern Capital is the winning bidder to acquire The Weinstein Co., the once prestigious studio behind The King's Speech, The Artist, Project Runway and various other films and television shows, the embattled company said Tuesday.

"Lantern’s bid clearly achieves the highest and best value for the estate and its creditors,” said Ivona Smith, a member of The Weinstein Co. board. “We look forward to working with Lantern to close the transaction and consummate the going concern sale.”

When TWC filed for bankruptcy in March after Harvey Weinstein's sexual misconduct left the company reeling, Texas-based Lantern became the stalking horse bidder with a...

The Weinstein Co., which is two weeks away from a bankruptcy auction, appointed a new board member on Friday who will weigh in on the sale.

Ivona Smith is a consultant at Drivetrain Advisors, a firm that provides independent board service for companies in bankruptcy. According to a statement on Friday night from the Weinstein Co., Smith was added at the urging of the committee of unsecured creditors. The five-member committee includes an actress and former Weinstein Co. employee who have filed suits accusing Harvey Weinstein of sexual misconduct.

The committee is seeking to maximize the value of the Weinstein Co. estate, providing the largest possible return for creditors. In addition to Weinstein’s victims, the unsecured creditors include numerous law firms, studios, and vendors.

“We are delighted to welcome Ms. Smith to our Board,” Bob Weinstein, the company chairman, said in a statement. “Ms. Smith brings not only substantial...

The Weinstein Co. has appointed Ivona Smith, an executive with experience in corporate restructuring and working with distressed assets, as an independent director.

The Board made the decision to add an additional independent director as part of its ongoing discussions with the Unsecured Creditors Committee in the company’s chapter 11 bankruptcy proceedings.

“We are delighted to welcome Ms. Smith to our Board,” said Chairman Robert Weinstein. “Ms. Smith brings not only substantial expertise in the bankruptcy sale process, but also enhanced transparency toward Board’s goal of maximizing value for the benefit of all stakeholders.”

Smith is a finance professional with more than 20 years of experience in distressed debt and and special situations. She joins a board that is comprised of four other directors with substantial industry experience.

In November, the Company also appointed a chief restructuring officer, Robert Del Genio, who is a senior managing director at Fti Consulting...

The Weinstein Co., which is currently undergoing Chapter 11 bankruptcy proceedings, has appointed a new member to its board of directors — Ivona Smith of DriveTrain LLC, which advises distressed businesses.

Smith is described as a finance professional with more than 20 years of experience in restructurings, corporate finance and audits. And, in announcing her appointment, the board said it made the decision to add an additional independent director as part of its ongoing discussions with the Unsecured Creditors Committee in its Chapter II case pending in Delaware.

"We are delighted to welcome Ms. Smith to our board," board chairman...

The Weinstein Company has added Ivona Smith of DriveTrain to its board of representatives as an independent director to assist in its bankruptcy proceedings.

“We are delighted to welcome Ms. Smith to our Board,” TWC chairman and co-founder Robert Weinstein said in a statement. “Ms. Smith brings not only substantial expertise in the bankruptcy sale process, but also enhanced transparency toward Board’s goal of maximizing value for the benefit of all stakeholders.”

The addition of Smith, who specializes in distressed situations, including restructurings, corporate finance and audits, comes a month after the company filed for bankruptcy.

Also Read: Harvey Weinstein Seeks Emails He Says Will Help Him 'Defend Himself' in Court

The Weinstein Company filed for Chapter 11 bankruptcy in Delaware last month, with Lantern Capital Partners agreeing to buy the company’s assets for $310 million and to keep the studio’s employees on as a “going concern.”

In its bankruptcy filing, the company named Robert del Genioof Fti Consulting as its chief restructuring officer, overseeing the company’s finances and operations during the bankruptcy process.

Read original story Weinstein Co Names Ivona Smith to Board as Independent Director At TheWrap...

The Weinstein Co., which is currently undergoing Chapter 11 bankruptcy proceedings, has appointed a new member to its board of directors — Ivona Smith of DriveTrain LLC, which advises distressed businesses.

Smith is described as a finance professional with more than 20 years of experience in restructurings, corporate finance and audits. And, in announcing her appointment, the board said it made the decision to add an additional independent director as part of its ongoing discussions with the Unsecured Creditors Committee in its Chapter II case pending in Delaware.

"We are delighted to welcome Ms. Smith to our board,"...