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The Weinstein Company May Be Headed For Bankruptcy — But The Film Studio Calls The Rumors 'Complete Fiction'!

the weinstein company headed for bankruptcy

Is The Weinstein Company doomed following Harvey Weinstein's sexual misconduct scandal??

Sources say yes, but the independent film studio says no. Huh.

Related: New Accuser Says Harvey Forced Oral Sex On Her In 2006

According to TMZ, TWC is currently in a financial freefall. In fact, thanks to Harvey's bad behavior and poor management, the company is expected to file for bankruptcy within mere weeks. One source close to the situation spilled:

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The Weinstein Company Might Be Sold After All — To A Company Owned By A Trump Confidante!

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Last week, The Weinstein Company assured investors it was NOT shutting down after being hit by the explosive sexual assault scandal of co-founder Harvey Weinstein.

Well, it looks like it might be curtains for the company after all!

On Monday, it was announced that not only will Colony Capital invest in TWC, but TWC is also negotiating with Colony about the possible sale of "all or a significant portion" of its assets.

Related: Why Kate Winslet Refused To Thank Harvey In Oscar Speech!

In a statement, TWC board member Tarak Ben Ammar said the film production house believes Colony's "sponsorship" will "help stabilize the Company's current operations."

Interestingly enough, the private equity real estate trust is headed by billionaire Tom Barrack, who is also known for being one of Donald Trump's closest friends.

Barrack, who headed Trump's inaugural committee, said the film studio has "substantial value and growth potential," adding:

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Neverland Ranch May Turn Into Music School For Teens

Filed under: Music MinuteMichael Jackson

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This is so rad!

Owners of Michael Jackson's former home, Neverland Ranch, are considering turning the estate into a music school for teens. Much like NYC's Julliard, the school would focus on teaching kids, rich and poor, to write and perform music.

The only two things that are getting in the way is whether or not Santa Barbara County will sign off on the project and whether the owners, Colony Capital, will be able to use Michael's name to promote the property.

The good news is that sources from the Michael Jackson estate have expressed interest, saying, "it's an interesting idea and we'd be open to it."

So neat! What do U think? Good or bad idea?

[Image via National Photo Group.]

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Disney Sells Miramax For $660 MILLION!

Filed under: Film FlickersDisneyBusiness Blitz

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It's a done deal!

Disney announced yesterday that they have sold Miramax Films to Filmyard Holdings LLC - and its partners Ron Tutor and Tom Barrack - for a whopping $660 million!

The deal should go through sometime between September and January of 2011.

Disney President and CEO Bob Iger says:

"Although we are very proud of Miramax's many accomplishments, our current strategy for Walt Disney Studios is to focus on the development of great motion pictures under the Disney, Pixar and Marvel brands. We are delighted that we have found a home for the Miramax brand and Miramax's very highly regarded motion picture library.”

And Ron Tutor elaborates:

“I am delighted and honored to acquire the Miramax library. On behalf of my partners Tom Barrack and Colony Capital, we look forward to sharing this high quality content with the world in every form of media for many years to come.”

Big switch up! We wonder what this will mean for Miramax and its current employees!

What do U think??

[Image via WENN.]

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Annie Leibovitz Sued! Again!

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Annie Leibovitz is being sued for not paying her bills.

Is anyone really surprised?

The latest lawsuit filed by Brunswick Capital Partners LP claims the celebrity photographer owes more than $800,000 in fees for arranging the deal with Colony Capital LLC that would clear her $24 million debt without selling her artwork.

What's another $800K?

Both Annie's rep and Colony declined comment.

[Image via WENN.]

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Saved! Annie Leibovitz Gets Help To Clear Her $24 Million Debt

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Annie Leibovitz can breathe a sigh of relief now.

The celebrity photographer has inked a deal with private equity firm Colony Capital to help clear her debts, without selling the right to her pictures.

Annie says of the new deal "We will be working on new projects and I will have the support and freedom necessary for nurturing my work and preserving my archive."

In other words, they're finding out ways to dig her out of that $24 million dollar hole she's in, which includes a traveling exhibition of the photog's pictures as well as a book series to showcase her work.

Lucky break, Annie!

[Image via WENN.]

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