Harvey Weinstein says he was duped into guaranteeing $45M loan, sues brother and other movie execs
Jailed and disgraced movie mogul Harvey Weinstein alleges in a new lawsuit that his brother, Bob Weinstein, and other executives at their now-defunct film company duped him into guaranteeing a $45 million loan in 2016, but diverted funds for their own personal use while setting the stage for his downfall.
Harvey Weinstein, 72, filed the claims Thursday in a long-running civil case in New York City involving a lender accusing him of defaulting on the loan. He is currently detained while awaiting a retrial on sex crimes charges in New York.
'Harvey Weinstein was deceived by those closest to him, and secured a $45 million dollar loan under the pretense of saving The Weinstein Company,' Imran Ansari, Harvey Weinstein's lawyer, said in a statement. 'While Harvey personally guaranteed the loan, others within The Weinstein Company enriched themselves and strategically undermined him, leaving him 'holding the bag' of debt while 'lining their pockets' when the company was in crisis.'
Ansari alleged Bob Weinstein and others at The Weinstein Co. were in on a plot to position Harvey Weinstein for a downfall in an attempt to seize control of the company, which went bankrupt in 2018 as the sexual misconduct scandal surrounding Harvey Weinstein exploded.
An attorney for Bob Weinstein, Brian Kohn, replied with a brief statement Friday saying, 'Harvey's allegations are entirely without merit,' in an email to The Associated Press.
Former Weinstein Co. chief operating officer David Glasser, now chief executive of 101 Studios, known for its production of Paramount's popular series 'Yellowstone,' is also named in Harvey Weinstein's lawsuit. He did not immediately return a phone message left at his office Friday.
AI International Holdings loaned the money to two affiliates of The Weinstein Co. and Harvey Weinstein, and later sued when it said they defaulted.
Harvey Weinstein alleges that his brother, Glasser and others duped him into guaranteeing the $45 million loan by saying the money would help the financially struggling company. Instead, his lawsuit says, they diverted millions of dollars from the company for improper purposes, leaving it short on cash and Harvey Weinstein liable for repaying the loan.
'As a direct result of these actions, the Companies were drained of, at the very least, $12 million in cash that should have been allocated to repay the Loan owed to AI International,' the lawsuit says. 'This mismanagement left the Companies unable to satisfy their financial obligations, resulting in insolvency and placing Weinstein at substantial personal financial risk as the guarantor of the Loan.'
The lawsuit, filed in the state Supreme Court in Manhattan, says Weinstein was made to suffer 'severe and outrageous financial and reputational harm.'
It also makes several allegations of financial misconduct against Bob Weinstein, Glasser and others.
It accuses Bob Weinstein of withdrawing at least $6 million from company accounts under false pretenses, to give himself priority over creditors including AI International.
The lawsuit alleges Glasser approved and received $5 million in excessive bonuses and unauthorized financial transactions, and used company funds to pay his father $1 million despite no legitimate business reason.
AI International Holdings sued Harvey Weinstein and the two affiliates of The Weinstein Co. in late 2017. The lawsuit said they defaulted on the loan after AI International had ordered the entire balance to be paid immediately because Harvey Weinstein had been dismissed as co-chairman amid the sexual misconduct allegations.
According to Harvey Weinstein, Bob Weinstein and Glasser settled their liability for the loan with AI International for about $15 million due to 'bad faith negotiations,' leaving Harvey Weinstein responsible for the remaining $30 million plus interest.
Harvey Weinstein's lawsuit seeks to shield him from any financial liability for the loan, as well as punitive damages for alleged fraud and financial misconduct and his legal fees.
Bob Weinstein recently asked the judge to reject subpoenas for documents and a deposition issued by Harvey Weinstein's lawyer.
Harvey Weinstein, who also co-founded the film company Miramax, was once one of the most powerful people in Hollywood, having produced films such as 'Pulp Fiction' and 'The Crying Game.'
In 2017, he became the most prominent villain of the #MeToo movement, which erupted when women began going public with accounts of his behavior.
He has long maintained that any sexual activity was consensual.
Harvey Weinstein is being retried on charges that he forcibly performed oral sex on a movie and TV production assistant in 2006 and raped an aspiring actor in 2013. Another charge filed in September alleges he forced oral sex on a different woman at a Manhattan hotel in 2006.
His 2020 conviction and 23-year prison sentence were overturned last year, as an appeals court found the trial judge unfairly allowed testimony against Weinstein based on allegations that weren't part of the case.
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Yahoo
an hour ago
- Yahoo
President Trump Approves Historic Partnership between U. S. Steel and Nippon Steel
President Trump Signs Executive Order to Unleash Unprecedented Investment in American Steelmaking PITTSBURGH & TOKYO, June 13, 2025--(BUSINESS WIRE)--United States Steel Corporation ("U. S. Steel") (NYSE: X) and Nippon Steel Corporation ("Nippon Steel") (TSE: 5401) together with its wholly owned subsidiary Nippon Steel North America, Inc. ("NSNA") (collectively, the "Companies") today announced that President Trump has approved the Companies' historic partnership that will unleash unprecedented investments in steelmaking in the United States, protecting and creating more than 100,000 jobs.1 On May 30, 2025, the partnership was celebrated by thousands of steel workers with President Trump at U. S. Steel's Irvin Plant of Mon Valley Works in West Mifflin, Pennsylvania. Commenting on the news, the Companies stated: "We thank President Trump and his Administration for their bold leadership and strong support for our historic partnership. This partnership will bring a massive investment that will support our communities and families for generations to come. We look forward to putting our commitments into action to make American steelmaking and manufacturing great again." In addition to President Trump's Executive Order approving the partnership, the Companies have entered into a National Security Agreement ("NSA") with the U.S. Government. The NSA provides that approximately $11 billion in new investments will be made by 2028, which includes the initial investment in a greenfield project that would be completed after 2028. The NSA also includes commitments related to governance (including a Golden Share to be issued to the U.S. Government), domestic production, and trade matters. Along with President Trump's Executive Order, the Companies have completed the U.S. Department of Justice review process. With those approvals, all necessary regulatory approvals for the partnership have now been received, and the partnership is expected to be finalized promptly. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This press release contains information regarding U. S. Steel and Nippon Steel that may constitute "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995 and other securities laws, that are subject to risks and uncertainties. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using the words "believe," "expect," "intend," "estimate," "anticipate," "project," "target," "forecast," "aim," "should," "plan," "goal," "future," "will," "may" and similar expressions or by using future dates in connection with any discussion of, among other things, statements expressing general views about trends, events or developments that we expect or anticipate will occur in the future, potential changes in the global economic environment, anticipated capital expenditures, the construction or operation of new or existing facilities or capabilities and the costs associated with such matters, as well as statements regarding the proposed transaction, including the timing of the completion of the transaction. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements include all statements that are not historical facts, but instead represent only U. S. Steel's and Nippon Steel's beliefs regarding future goals, plans and expectations about our prospects for the future and other events, many of which, by their nature, are inherently uncertain and outside of U. S. Steel's or Nippon Steel's control and may differ, possibly materially, from the anticipated events indicated in these forward-looking statements. Management of U. S. Steel or Nippon Steel, as applicable, believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. In addition, forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from U. S. Steel's or Nippon Steel's historical experience and our present expectations or projections. Risks and uncertainties include without limitation: the ability of the parties to consummate the proposed transaction, on a timely basis or at all; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement and plan of merger relating to the proposed transaction (the "Agreement"); risks arising from transaction-related litigation, either brought by or against the parties; the risk that the parties to the Agreement may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the proposed transaction and related litigation; certain restrictions during the pendency of the proposed transaction that may impact U. S. Steel's or Nippon Steel's ability to pursue certain business opportunities or strategic transactions; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the U. S. Steel's common stock or Nippon Steel's common stock or American Depositary Receipts; the risk of any unexpected costs or expenses resulting from the proposed transaction; the risk that the proposed transaction and its announcement could have an adverse effect on the ability of U. S. Steel or Nippon Steel to retain customers and retain and hire key personnel and maintain relationships with customers, suppliers, employees, stockholders and other business relationships and on its operating results and business generally; and the risk the pending proposed transaction could distract management of U. S. Steel. U. S. Steel directs readers to its Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, and the other documents it files with the SEC for other risks associated with U. S. Steel's future performance. These documents contain and identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements. ____________________________ 1 According to a study done by Parker Strategy Group, commissioned by U. S. Steel. Total jobs figure includes direct, indirect and induced jobs. View source version on Contacts U. S. Steel Contacts Media Corporate Communications+1 (412) 433 1300 / media@ Joele Frank, Wilkinson Brimmer KatcherKelly Sullivan and Ed Trissel / +1 (212) 355 4449Investors Emily Chieng / +1 (412) 618 9554 / ecchieng@ Nippon Steel Contacts Media For inquiries, Investors ir@ Yuichiro Kaneko / +81-80-9022-6867 / Yohei Kato / +81-80-2131-0188 / General Inquiries (U.S.) Nippon Steel North America, Inc. / +1 (713) 654 7111U.S. Media Contacts NSCMedia@ Robert Mead / +1 (917) 327 9828 / Tucker Elcock / +1 (917) 208 4652 / Jack Coster / +1 (207) 756 4586 / Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
an hour ago
- Business Wire
President Trump Approves Historic Partnership between U. S. Steel and Nippon Steel
PITTSBURGH & TOKYO--(BUSINESS WIRE)--United States Steel Corporation ('U. S. Steel') (NYSE: X) and Nippon Steel Corporation ('Nippon Steel') (TSE: 5401) together with its wholly owned subsidiary Nippon Steel North America, Inc. ('NSNA') (collectively, the 'Companies') today announced that President Trump has approved the Companies' historic partnership that will unleash unprecedented investments in steelmaking in the United States, protecting and creating more than 100,000 jobs. 1 On May 30, 2025, the partnership was celebrated by thousands of steel workers with President Trump at U. S. Steel's Irvin Plant of Mon Valley Works in West Mifflin, Pennsylvania. Commenting on the news, the Companies stated: 'We thank President Trump and his Administration for their bold leadership and strong support for our historic partnership. This partnership will bring a massive investment that will support our communities and families for generations to come. We look forward to putting our commitments into action to make American steelmaking and manufacturing great again.' In addition to President Trump's Executive Order approving the partnership, the Companies have entered into a National Security Agreement ('NSA') with the U.S. Government. The NSA provides that approximately $11 billion in new investments will be made by 2028, which includes the initial investment in a greenfield project that would be completed after 2028. The NSA also includes commitments related to governance (including a Golden Share to be issued to the U.S. Government), domestic production, and trade matters. Along with President Trump's Executive Order, the Companies have completed the U.S. Department of Justice review process. With those approvals, all necessary regulatory approvals for the partnership have now been received, and the partnership is expected to be finalized promptly. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This press release contains information regarding U. S. Steel and Nippon Steel that may constitute 'forward-looking statements,' as that term is defined under the Private Securities Litigation Reform Act of 1995 and other securities laws, that are subject to risks and uncertainties. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using the words 'believe,' 'expect,' 'intend,' 'estimate,' 'anticipate,' 'project,' 'target,' 'forecast,' 'aim,' 'should,' 'plan,' 'goal,' 'future,' 'will,' 'may' and similar expressions or by using future dates in connection with any discussion of, among other things, statements expressing general views about trends, events or developments that we expect or anticipate will occur in the future, potential changes in the global economic environment, anticipated capital expenditures, the construction or operation of new or existing facilities or capabilities and the costs associated with such matters, as well as statements regarding the proposed transaction, including the timing of the completion of the transaction. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements include all statements that are not historical facts, but instead represent only U. S. Steel's and Nippon Steel's beliefs regarding future goals, plans and expectations about our prospects for the future and other events, many of which, by their nature, are inherently uncertain and outside of U. S. Steel's or Nippon Steel's control and may differ, possibly materially, from the anticipated events indicated in these forward-looking statements. Management of U. S. Steel or Nippon Steel, as applicable, believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. In addition, forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from U. S. Steel's or Nippon Steel's historical experience and our present expectations or projections. Risks and uncertainties include without limitation: the ability of the parties to consummate the proposed transaction, on a timely basis or at all; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement and plan of merger relating to the proposed transaction (the 'Agreement'); risks arising from transaction-related litigation, either brought by or against the parties; the risk that the parties to the Agreement may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the proposed transaction and related litigation; certain restrictions during the pendency of the proposed transaction that may impact U. S. Steel's or Nippon Steel's ability to pursue certain business opportunities or strategic transactions; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the U. S. Steel's common stock or Nippon Steel's common stock or American Depositary Receipts; the risk of any unexpected costs or expenses resulting from the proposed transaction; the risk that the proposed transaction and its announcement could have an adverse effect on the ability of U. S. Steel or Nippon Steel to retain customers and retain and hire key personnel and maintain relationships with customers, suppliers, employees, stockholders and other business relationships and on its operating results and business generally; and the risk the pending proposed transaction could distract management of U. S. Steel. U. S. Steel directs readers to its Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, and the other documents it files with the SEC for other risks associated with U. S. Steel's future performance. These documents contain and identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements.
National Geographic
5 hours ago
- National Geographic
China is building the world's largest national parks system
China plans to overtake the United States by building the world's largest national park system, a network of wilderness bigger than Texas. Although China only created its first national park four years ago—some 149 years after the US did the same—it claims that by 2035 it will have 49 parks covering 272 million acres, triple the size of the U.S. National Park System. China has already opened five national parks, totaling 57 million acres. Collectively, the parks span alpine peaks, tropical rainforests, remote glaciers, vast deserts, and high-altitude wetlands. They also protect rare animals like the Giant Panda, Siberian Tiger, and Asian Elephant. According to the Chinese Government, these parks are also preserving cultural heritage, boosting local economies, and enticing tourists to experience the country's diverse landscapes. While domestic tourists flock to China's wilderness destinations, few foreigners follow suit, says Jun Wen, associate professor of tourism at Macau University of Science and Technology. Instead, most international visitors focus on China's giant, historic cities, like Beijing, Shanghai, and Xi'an. However, Wen believes that will change as China expands its park system; the country will become world-renowned for nature-based tourism. (Our ancestors walked these trails hundreds of years ago. Now you can too.) China aims to upstage the U.S. China's national park system will eclipse the US version, says Mei Zhang, CEO of Wild China, one of the country's biggest tour companies. Being launched so recently gives it the advantage of learning from the mistakes of other park systems. 'While the United States pioneered the Yellowstone model—preserving vast wilderness areas—it also made significant missteps,' Zhang says. 'Such as enclosing land and forcefully displacing Indigenous communities to create an image of 'pristine' wilderness. In contrast, China has the chance to chart its own course. By fostering a symbiotic relationship between local communities and wildlife conservation, China can create a national park system that integrates cultural vitality with ecological stewardship.' That is a lofty goal, but then again, so is building the world's biggest national park system, from scratch in 14 years. China has a history of record-breaking mega-projects, from the world's largest dam to the planet's longest bridge, and an unrivalled high-speed rail network. Now China is channeling its vast wealth, ambition, and capability into protecting and showcasing its extraordinary, yet overlooked natural scenery. Here's a look at five national parks in China worth visiting now. 5 must-see national parks in China 1. Giant Panda National Park: China's iconic Giant Panda has a park Kindergarten children visit a Giant Panda cub at the Dujiangyan Panda Base. Photograph by Ami Vitale, Nat Geo Image Collection Wen recommends visiting Giant Panda National Park, which covers 6.6 million acres of mountainous land in Central China's Sichuan, Shaanxi, and Gansu Provinces. It protects the habitats of most of the country's 1,900 wild Giant Pandas; a species found only in China. The best time to see this park is between April and October when the weather is warmest, vegetation is thickest, and Giant Pandas are most active. All year round, parkgoers can see pandas and learn about these unique creatures at the park's panda research centers at Wolong and Dujiangyan. 'Visitors have the opportunity to explore panda habitats on foot and even volunteer to assist panda caretakers,' Wen says. 'They can observe the daily activities of pandas, including climbing trees, playing, eating, and tumbling.' Good to know: Giant Panda National Park can be reached by flying into Chengdu and then heading two hours north by bus. The park is quite isolated; so, it is most easily explored on a guided tour booked with a Chinese tour company. 2. Northeast China Tiger and Leopard National Park: Saving big cats from extinction In addition to Giant Pandas, China's national parks aim to save rare animal species from extinction. Zhou says the endangered Amur leopards and Amur tigers are now protected in the Northeast China Tiger and Leopard National Park. Located in northeast China, this national park covers 3.5 million acres along the borders with Russia and North Korea, and it eclipses the size of any national park in the lower 48 States of the U.S. 'Through removing fencing in forest zones, reconnecting fragmented habitats, and implementing ecological translocation, the park has restored essential migration and reproduction corridors for these species,' Zhou says. Good to know: Visitors can observe some of these scientific projects up close by booking guided tours of this national park with Chinese tour operators like Benchmark. The isolated park can be reached by flying from Beijing or Shanghai into Yanji, followed by a three-to-four-hour bus ride. (China just had a museum building spree. Here are 6 of the best.) 3. Sanjiangyuan National Park: A national park bigger than Florida In northwest China's Qinghai Province, Sanjiangyuan National Park is 47 million acres and larger than Florida, making it China's largest park. The editor of Travel China Guide tour company, Catherine He says Sanjiangyuan is very diverse geographically. Dramatic mountains loom above glaciers, high-altitude wetlands, grassland meadows, desert plateaus, and mirrored lakes. Sanjiangyuan is called 'China's Water Tower' because it is the source region of the Yangtze, Mekong, and Yellow rivers, says He. While exploring its pristine wilderness, visitors may spot unique snow leopards and Tibetan antelopes. According to the Chinese Government, this new park is why the antelope's population has soared to 70,000. Good to know: Enter this vast park by flying into Xining or Golmud from big Chinese cities Xi'an, Shanghai, or Chengdu, and then take a relatively short bus or taxi ride. By visiting during the warmer months from May to September, visitors can hike its many trails in comfort, witness the park's grasslands in bloom, and increase their chances of seeing wildlife. 4. Hainan Tropical Rainforest National Park: China's version of Hawaii The Yanoda Rainforest Cultural Tourism Zone is known for its lush rainforest, waterfalls, and cultural experiences. It is part of the Hainan Tropical Rainforest National Park on Hainan Island, China. Photograph by Dmitrii Melnikov, Alamy The new Hainan Tropical Rainforest National Park is also impressive, according to Aliana Leong, Hospitality Professor from Macau University of Science and Technology. It envelops 1 million acres of Hainan, China's southernmost province. Sometimes called the 'Hawaii of China', Hainan is a picturesque island fringed by pretty beaches and with a hilly, verdant interior. Forest rangers patrol the Bawangling area of Hainan Tropical Rainforest National Park in south China's Hainan Province. Photograph by Zhang Liyun, Xinhua/Alamy 'This new national park has China's most diverse, best preserved, and largest contiguous area of tropical rainforest,' Leong says. Within its lush expanse lives 33 percent of China's reptile species, 38 percent of its bird species, 20 percent of its mammal species, and more than 3,500 plant species. Leong adds, 'It is the only habitat for the Hainan gibbon and a treasure trove of tropical biodiversity.' Good to know: This park is quickly reached by bus or taxi from either of Hainan's two international airports. Embrace its untamed vibe by joining a whitewater rafting tour through the commanding Wuzhishan Grand Canyon. (China's other great wall is impressive, too—and steeped in history.) 5. Wuyi Mountain National Park: Insta-worthy landscapes Researchers walk through Zhongshan meadow in Wuyishan National Park, southeast China's Fujian Province. Wuyi Mountain has a comprehensive forest ecosystem representative of the mid-subtropical zone. It boasts diverse groups of plants due to its varying altitudes. Photograph by Jiang Kehong, Xinhua/Alamy If you're on social media, then you may have seen eye-catching images and videos of Wuyi Mountain National Park. Covering 316,000 acres of mountainous terrain in Fujian and Jiangxi Provinces, it is known for its unusual Danxia landscapes, where red stone cliffs, gorges, and peaks contrast sharply against dense, green forests. This park encompasses the UNESCO World Heritage Site of Mount Wuyi, one of China's prettiest and most revered mountains, says Catherine He. Good to know: Visitors can follow spectacular hiking trails, go bamboo rafting on Jiuqu Stream, wander splendid tea tree groves, or admire historic mountainside temples and monasteries, she recommends. China's new environmental focus China already has thousands of protected nature reserves, says Ralf Buckley, emeritus professor of ecotourism at Australia's Griffith University. However, unlike most of the world's top national parks, those reserves don't qualify as national parks under the stringent system of the International Union for Conservation of Nature (IUCN). So China designed its new national parks to meet the IUCN criteria by making them 'mainly for conservation, with limited tourism under strict regulation, and no residential housing'. China's national park system is already improving wildlife preservation, says Bin Zhou, a tourism professor at China's Ningbo University. 'China is among the most biodiverse countries in the world, while also facing significant threats to its ecosystems,' Zhou says. Wearing a panda suit as camouflage, a panda keeper does a health check on a panda cub in Wolong, home to the Wolong National Nature Reserve and part of the Giant Panda National Park in China. Photograph by Ami Vitale, Nat Geo Image Collection 'The (park system) enables the designation of high-level protection zones in key ecological function areas, critical habitats, and ecological security barriers. Ensuring the long-term survival of flagship species such as the giant panda, Amur tiger and leopard, and Asian elephant, along with their habitats.' The new parks have helped increase China's populations of 200 species of rare animals and about 100 endangered plant species, announced in May 2025. (21 photos of China's best UNESCO World Heritage sites.) Cultural and social benefits of national parks China's national park system is also motivated by cultural heritage preservation, economic development, and public education, says Aliana Leong, a tourism professor at Macau University of Science and Technology. 'Many of China's national parks are rich in cultural and historical significance, so expanding the national park system helps protect ancient villages, traditional cultures, and historical sites,' she says. 'National parks also drive local economic growth through tourism. They create job opportunities, increase revenue, and promote sustainable development in rural and remote areas. (Finally) they serve as outdoor classrooms, raising public awareness of environmental protection and cultural heritage.' Andrew Nelson is the author of National Geographic's recently published travel book Here Not There. Follow him on Instagram.
