UPDATE: It’s not just that The Weinstein Company is denying today’s buzz in film financing circles that it’s taken a $50 million writedown because of all the movies it’s dumped into 2009. Nah, what’s way more interesting is that it’s blaming a specific guy for spreading the rumor. This afternoon, Harvey’s attorney Bert Fields phoned to tell me on the record: “This story is complete false. There is no Weinstein writedown, not for $50 million, not for $5. We think we know who’s feeding this venomous garbage to the media, and when we do he’ll find himself on the wrong end of a very big lawsuit.” So enquiring minds want to know: who’s Harvey fighting with now? Because this unnamed guy, whoever he is, must be a heavy to have major people take what he says as near-gospel. Indeed, this morning I heard the buzz in film financing circles that The Weinstein Company had to writedown $50 million of Goldman Sachs’ money this week. It’s reportedly taking the loss because of those four films it dumped into next year, Crossing Over, Killshot, Fanboys and Shanghai, plus The Road… (And let’s face it: who in their right mind thinks even one of those pics is going to make a dime of profit in 2009?) I also just received an emailed denial from Irv Reiter, the EVP of Financial Reporting at the Weinstein Company: “With regards to your blog entry of October 28 regarding the Weinstein Company I am writing to confirm that The Weinstein Company has not taken a writedown on any of the films mentioned; Kill Shot, Crossing Over, Fan Boys, Shanghai and The Road.”
Weinstein Company Blames Mystery Man For Spreading “False” Writedown Rumor
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