Harvey Weinstein Posts $1 Million Bail
Disgraced Hollywood producer Harvey Weinstein was arraigned on sex crime charges in New York City Friday morning, and he reportedly paid $1 million with a cashier's check to post bail.
The onetime mogul, who was once estimated to be worth as much as much as $300 million, has seen that figure cut by a factor of six, according to Celebritynetworth.com; the site estimates Weinstein's net worth at $50 million today.
Weinstein reportedly came to a divorce settlement with his estranged wife, Marchesa designer Georgina Chapman, near the end of 2017. Under the terms of the agreement, Chapman was to receive primary custody of their children, ages 4 and 7, and between $15 million and $20 million, the New York Daily News reported.
He also told his first wife, Eve Chilton, that he could not afford to pay child support for their two daughters for "at least one year," according to a court ruling first reported by the New York Post earlier this year. A previously sealed January 2 ruling by Manhattan Supreme Court Justice Michael Katz reportedly denied a demand for $5 million that Weinstein's first wife, Eve Chilton, said he still owes her from their 2004 divorce settlement.
Weinstein has been accused of sexual harassment and abuse by more than 100 women. He has denied the allegations.
He was fired from the Weinstein Company, the film production company he co-founded in October, too, following the October publication of a bombshell report in the New York Times detailing the Hollywood producer's alleged sexual harassment.
Here's what happened to Weinstein and the company—and what he's doing now.
Weinstein was reportedly notified of his termination in an email in early October. The New York Times reported that the company's four board members—Lance Maerov, Bob Weinstein (Harvey's brother), Richard Koenigsberg, and Tarak Ben Ammar—made the decision to fire him, and they issued a statement saying they were "shocked and dismayed by the recently emerged allegations of extreme sexual misconduct and sexual assault by Harvey Weinstein" and that the actions "come as an utter surprise to the Board."
Weinstein mogul reportedly spent time earlier this year undergoing treatment at the Meadows, a high-end rehabilitation facility in Wickenburg, Arizona that offers treatment for sexual addiction. (Kevin Spacey has also reportedly spent time there.) During his time there, TMZ posted a video of Weinstein getting slapped in the face at Elements restaurant in Scottsdale.
Brothers Bob and Harvey Weinstein founded the Weinstein company in 2005.
WHAT'S NEXT FOR THE WEINSTEIN COMPANY?
While an official valuation of the privately held Weinstein Company, which last year had about 150 employees in offices in Los Angeles and New York City, is not available, Harvey Weinstein told the Hollywood Reporter in 2016 that the company was worth $700 to $800 million. It has received 341 Oscar nominations and won 81 Academy Awards, according to the company's website.
But even before this scandal broke, the Weinstein Company faced challenges. It "dodged bankruptcy in 2010 with a $450 million debt-restructuring deal that forced it to hand over the rights to 200 films in its archives to Goldman Sachs and Assured Guaranty Ltd.," according to the New York Post.
Harvey Weinstein and Georgina Chapman in 2017.
And its recent movies haven't banked what past ones have. Between 2009 and 2013, five of its movies made more than $100 million domestically at the box offices, Forbes reports, but not a single movie has matched that since Lee Daniels's The Butler in 2013.
WILL IT BE SOLD?
It looks like it. On May 8, Deadline reported that a U.S. bankruptcy court had approved the sale of the company's assets to Lantern Capital. The Dallas-based private-equity firm has reportedly offered to pay $310 million in cash and $125 million in assumed debt for the beleaguered production company. But nothing is official until it's final, and at least one deal has fallen through in the past.