Howard Kagan, the Broadway producer who placed a Hail Mary bid for the Weinstein Co. on Tuesday, told Variety that he was shut out of the process because the company refused to turn over information.
“I just needed a day or two,” Kagan said in an interview Tuesday evening. “They have refused to engage. We were shut down today and the victims were shut down today. They’re going to get zero.”
The Weinstein Co. declared on Tuesday afternoon that Lantern Capital was the winning bidder. Lantern, which had partnered earlier with billionaire Ron Burkle on a pre-bankruptcy sale, put in a stalking horse bid of $310 million, plus some liabilities. Though the Weinstein Co.’s attorneys had talked up interest in the sale, at one point saying that 60 potential buyers had expressed interest, only Lantern submitted a bid for the whole company by the 5 p.m. deadline on Monday.
Kagan, a former partner at Harbinger Capital Partners, submitted a late bid on Tuesday morning for $315 million. Kagan offered a $30 million fund for victims of Weinstein’s alleged sexual harassment, including equity in the company. However, the company said in a statement that his offer lacked a deposit, a purchase agreement, and committed financing. The company rejected the offer and canceled the bankruptcy auction, which was set for Friday. A court hearing is scheduled for May 8 to confirm the sale to Lantern.
Kagan said the company…
