Weinstein Co files for bankruptcy, ends all non-disclosure agreements
21 March, 2018, 08:16 | Author: Kristine Mills
The statement thanks "the courageous individuals who have already come forward".
Allegations sprung up around the world, prompting police departments in the USA and U.K.to open investigations and sparking the so-called #metoo movement and Time's Up campaigns. According to Reuters, at least one bid for The Weinstein Company includes an investor who would provide a $80-90 million compensation fund to supplement any insurance payouts victims would receive.
The Weinstein Companyfiled for Chapter 11 bankruptcy protection on Monday, a move that had been coming for some time after numerous failed attempts to sell off the studio's assets.
The film studio secured an initial bid for its assets from an affiliate of the Dallas-based private equity firm Lantern Capital Partners. Andy Mitchell and Milos Brajovic of Lantern Capitalsaid in a statement that they hoped to acquire Weinstein Co.'s assets "as a going concern". However, the disgraced Hollywood producer has denied all allegations of non-consensual sex.
The women who spoke out against Weinstein spurred a national movement against sexual harassment, with victims sharing their stories on social media and labeling them under the hashtag #MeToo.
Since Weinstein was sacked as chief executive back in October, the Weinstein Company has been pretty much dead; despite some talk of attempting to rebrand the studio without Harvey, a slew of canceled or sold projects and a growing debt has led to the inevitability of the filing for bankruptcy. "Our lawsuit against The Weinstein Company, Bob Weinstein, and Harvey Weinstein remains active and our investigation is ongoing".
Rose McGowan was one of the first to speak publicly against Weinstein, and is now among dozens of women to accuse the movie mogul of sexual harassment or assault. But when the deal seemed like it had been finalized, the investor group suddenly pulled out after it "uncovered new information about previous undisclosed liabilities" with the Weinstein Company.
"Happy birthday, Harvey Weinstein", she said in a sinister voice, looking down at her camera.
"This is a watershed moment for efforts to address the corrosive effects of sexual misconduct in the workplace", Mr Schneiderman said in a statement.
In its bankruptcy filings, the company listed its creditors between 200 and 1,000 and assets between $600 million and $1 billion. In the announcement, TWC said it will release Weinstein's victims from confidentiality obligations.
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