Weinstein Co. Files For Bankruptcy Months After Sexual Misconduct Allegations

21 March, 2018, 04:35 | Author: Julio Duncan
  • ABC News  YouTube

But the troubled studio finally flatlined.

The company also took the step of eliminating any non-disclosure agreements that kept its employees from discussing the unfolding drama around Harvey Weinstein.

According to court papers, an affiliate of Dallas private-equity firm Lantern Capital has offered to buy Weinstein Co.'s assets, including a library of 277 films, for $310 million in cash.

In the six months since The New York Times reported on the initial allegations of sexual harassment against Harvey Weinstein, TWC fired Harvey, many of its television deals collapsed, film releases were wiped and the 150-person company sunk to less than 100 employees.

LISTEN: The Life Bites podcast on how we can all help dismantle the toxic culture that gives rise to sexual misconduct.

They added: "No one should be afraid to speak out or coerced to stay quiet".

Allegations sprung up around the world, prompting police departments in the U.S. and U.K.to open investigations and sparking the so-called #metoo movement and Time's Up campaigns. "The company regrets that it can not undo the damage Harvey Weinstein caused but hopes that today's events will mark a new beginning".

US film and TV studio The Weinstein Company, whose ex-Chairman Harvey Weinstein has been accused of sexual harassment and assault, said on Monday it filed for bankruptcy and was ending all non-disclosure agreements that may have silenced some women. "We welcome the parties' efforts to preserve jobs and pursue justice for victims".


"I have directed the Attorney General to begin a review of the 2015 case in a way that does not interfere with the current investigation and, at the conclusion of the Manhattan District Attorney's current investigation, to review the entire matter and report to me on its findings", Cuomo said. He has spent recent months seeking treatment for sex addiction and anger management, according to his representatives.

Angelina Jolie and Gwyneth Paltrow are among the Hollywood stars who've shared their negative experiences with Harvey Weinstein. New criminal investigations have been opened in NY and Los Angeles.

Last year, the film company's co-founder and co-namesake Harvey Weinstein was accused of sexual harassment and assault by more than 70 women. The studio's secured creditors are first in line for any money that comes from the bankruptcy proceedings, and even they likely won't see the studio's full debts paid.

The upshot is that women alleging abuse may now have a harder time recovering damages. The US firm is cited as being owed almost $5.7m as a "film participant vendor", a possible reference to its Boies/Schiller Film Group unit, which has done business with the Weinstein Company, as well as almost $4.5m for "professional services" rendered to the debtor.

These possibilities were disrupted when New York Attorney General, Eric Shneiderman, announced a suit that demanded proper restitution be made to sexual misconduct victims.

Last year, the studio sold distribution rights for the movie "Paddington 2" to Warner Bros. for more than $30 million. That bid aimed to recreate the company as female-run.

Schneiderman's lawsuit will not be halted by the bankruptcy filing because it was filed by a law enforcement agency.

The bankruptcy filing claims The Weinstein Company has less than $500,000 on hand.

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