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The Weinstein Company bosses sued over outstanding loan

Disgraced movie mogul Harvey Weinstein and his former colleagues at The Weinstein Company are facing legal action after defaulting on a $45 million (£34.1 million) loan.
According to court papers obtained by TheBlast.com, bosses at AI International Holdings issued the funds to TWC chiefs in September, 2016, but demanded its immediate repayment last month (Oct17) after the producer was fired from the board of executives amid multiple allegations of sexual misconduct.
AI officials cited a clause in their contract which declared the company could be considered in default if there was “the occurrence of a Material Adverse Change”, which covered things like “a material adverse effect upon the business, financial condition or results of operations”.
They are arguing that “Weinstein’s termination and the facts and circumstances leading to and surrounding that dismissal, …constitute a Material Adverse Change as defined in the Note”, and as the TWC bill was not settled, they are now seeking full repayment of the outstanding loan, plus interest and fees.
The sex scandal prompted a number of stars, including George Clooney, Ben Affleck, Meryl Streep, Matt Damon, and Leonardo DiCaprio to condemn Weinstein, while actor/producer Channing Tatum cut ties with TWC and abandoned a sex abuse drama he had been developing with the firm.
TWC heads also decided to remove their logo from home releases of Elizabeth Olsen and Jeremy Renner’s crime drama Wind River, animated movie Leap!, and Tulip Fever starring Cara Delevingne, one of the many actresses who have accused the producer of acting inappropriately.
Weinstein has acknowledged his past bad behaviour, but has denied all allegations of unconsensual sex, and is currently seeking treatment for his issues as he faces criminal investigations in London, New York, and Los Angeles.

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