Business Goldman Sachs writes down its Weinstein Co. stake to zero By Reuters November 14, 2017 | 10:00am | Updated Modal Trigger Getty Images Goldman Sachs has written down to zero the value of its stake in the Weinstein Company, the movie studio whose co-chairman Harvey Weinstein stepped down last month following sexual assault allegations, a person familiar with the matter said on Monday. Goldman Sachs’ move comes as the Weinstein Company looks for fresh financing after more than 50 women claimed that Weinstein sexually harassed or assaulted them over the past three decades. Weinstein has denied having non-consensual sex with anyone. Reuters has been unable to independently confirm any of the allegations. Last month, Goldman Sachs said it was trying to find a buyer for its stake in the Weinstein Company. A Goldman Sachs spokesman had said at the time that the bank valued the stake at less than $1 million. The source did not disclose how much of the Weinstein Company Goldman Sachs owns, but described the stake as small. He asked not to be identified because the bank has not publicly released its latest valuation. A Weinstein Company spokeswoman did not immediately respond to multiple requests for comment. One of the Weinstein Company’s lenders, AI International Holdings Limited, an affiliate of billionaire Len Blavatnik’s industrial group Access Industries, filed a lawsuit last Friday in New York State Supreme Court demanding immediate repayment of its approximately $44 million loan. Referring to the allegations against Harvey Weinstein, AI International stated in court papers that his actions and his departure from the company have “left [the business] in shambles,” and “exposed to potentially massive liabilities [that] have severely, if not fatally, damaged its standing in the marketplace.” A spokeswoman for Harvey Weinstein declined to comment. The Weinstein Company’s other lenders include Bank of America and MUFG Union Bank N.A., according to the lawsuit. They did not immediately respond to requests for comment. The Weinstein Company’s board of directors has been receiving advice from investment bank Moelis & Co on its efforts to raise cash, including by potentially selling assets and finding a rescue loan, sources have previously told Reuters. A Moelis spokeswoman declined to comment. Investment firm Fortress Investment Group was considering lending to the film and TV studio, but those talks ended without a deal last week, according to another person familiar with the matter. Fortress would consider providing Weinstein Co with funding to help it through a bankruptcy process, if it came to that, the person said. A Fortress spokesman declined to comment. The Weinstein Company’s lenders have hired investment bank Houlihan Lokey for financial advice in a potential restructuring, a source close to that situation said. The Weinstein Co has been one of Hollywood’s most influential forces since its launch in October 2005 and has produced http://nypost.com/2017/11/14/goldma...urce=nypbusinesstwitter&utm_medium=SocialFlow
Goldman Sachs Is Now Executing Broker on Bloomberg Tradebook by JOHN D'ANTONA JR. Goldman Sachs has entered an exclusive arrangement with Bloomberg Tradebook under which Goldman Sachs will offer equities execution services to Bloomberg Tradebook's customers.
Goldman teams up with real estate startup in push to make more home-improvement loans The bank is rolling out a new tool that helps potential borrowers estimate how much an addition to a home — for instance, a new bathroom or a pool — will affect the value of the property. (CNBC finance)
Goldman Sachs asks tech banker to help infuse itself with tech Goldman Sachs over the last few years has been trying to infuse tech into how the giant does its business. And now it’s plucking one of its most well-wired tech bankers to help lead its tech effort, Recode has learned. (Recode)
Goldman Culture The DOJ has filed its first criminal charges over the 1MDB scandal, with the defendants including two former Goldman Sachs investment bankers. As the Financial Times notes, the charges implicate more Goldman "employees and agents" in being aware of the bribes and kickbacks, but prioritizing the closure of deals over compliance with the law. FT
Goldman Acquires Software Firm in Tech Push https://www.institutionalinvestor.c...m=Goldman Acquires Software Firm in Tech Push
Watch Out Goldman, Capitol Hill: Amazon is here for your talent https://adage.com/article/digital/watch-goldman-capitol-hill-amazon-talent/315607/?itx[idio]=5844952&ito=792&itq=46c1131c-0449-4e6b-889c-2ca7f5879c53
Continuing to trade right at the channel support below. Price has reversed hard after touching this area the 4th time.