“If the sale is not approved by 11:59 PM on May 8, Lantern Capital has the right to terminate,” Weinstein Co lawyer Paul Zumbro said. “We are concerned there would be significant value erosion if the Lantern Capital claim doesn’t move forward.”
The proceeding has been delayed at the request of the Weinstein Co’s attorneys until early this afternoon so the involved parties can look through an updated filing.
The proceedings began 20 minutes late because of the sheer number of attorneys; nearly 100 lawyers had packed into the small, fifth-floor courtroom, and Judge Mary Walrath had to remind them there was an overflow room.
Paul Heath, another Weinstein Co. attorney, told Walrath he always aims to have orderly hearings for her then joked, “I apologize in advance today might not be one of those hearings.”
Lantern Capital, the stalking horse, has long been the anticipated buyer of TWC, with an offer of $310 million in cash. TWC said earlier this month declared Lantern the winner.
News of a potential bid from Howard Kagan-backed Inclusion Media has especially been attractive to the unsecured creditors, a group that included representatives for two Weinstein victims. However, that bid has not been officially submitted to the court.