Tuesday, November 14, 2017

"Goldman Sachs Marks Weinstein Company Stake Down to Zero"

From Fortune:
Goldman Sachs has written down to zero the value of its stake in the Weinstein Company, the movie studio whose co-chairman Harvey Weinstein stepped down last month following sexual assault allegations, a person familiar with the matter said on Monday.

Goldman Sachs’ move comes as the Weinstein Company looks for fresh financing after more than 50 women claimed that Weinstein sexually harassed or assaulted them over the past three decades.
Weinstein has denied having non-consensual sex with anyone. Reuters has been unable to independently confirm any of the allegations.

Last month, Goldman Sachs said it was trying to find a buyer for its stake in the Weinstein Company. A Goldman Sachs spokesman had said at the time that the bank valued the stake at less than $1 million.

The source did not disclose how much of the Weinstein Company Goldman Sachs owns, but described the stake as small. He asked not to be identified because the bank has not publicly released its latest valuation....MORE