David Glasser owes more than $1.19 million to an Icelandic venture capitalist and has been ordered to pay up or else he risks losing his shares in his new movie studio.
The former chief operating officer of the Weinstein Company has been ordered in court documents filed in the Los Angeles Superior Court and obtained by Page Six to pay the amount owed to his creditor, Gunnlaugur Erlendsson, or else Erlendsson maintains the right to sell Glasser’s stake in 101 Studios to fulfill the debt.
The court order also permits Erlendsson to proceed with the foreclosure and sale of Glasser’s interests in the studio.
But a source tells Page Six that “Glasser signed on the property on behalf of his brother. He was informed that the payments were in default and agreed to assist in getting the payments up to speed.
“101 Studios was never involved in anyway and certainly not as a leveraged asset.”
Glasser, who serves as CEO, launched 101 Studios with former Weinstein Co. EVP David Hatkin in 2019 after securing $300 million in funding. Its projects include the Kevin Costner-starring “Yellowstone,” “Unstoppable” and “The Current War.”
It was the duo’s first major project since the Weinstein Company, where Glasser served as COO until he was fired in 2018 after Attorney General Eric Schneiderman filed a suit alleging that Glasser had failed to protect employees from Harvey Weinstein’s pattern of sexual harassment.
In turn, Glasser planned to file an $85 million lawsuit against The Weinstein Company board claiming Weinstein and his brother Bob “scapegoated” him to cover their own failures in covering up Harvey’s sexual predation.
“My client’s sudden termination was nothing more than a desperate attempt to deflect attention away from the very people who were empowered to halt Harvey Weinstein’s abusive behavior — chairman Bob Weinstein and the two other members of the TWC board of directors,” Glasser’s attorney, Eve Wagner, in a statement.
Glasser joined TWC in 2008.