Weinstein Company Declares Bankruptcy

Wendy Jensen
March 22, 2018

When the revelations of sexual assault and misconduct about Harvey Weinstein surfaced in late 2017, it was reported that Weinstein used NDAs to silence his victims. All employees will be released from their nondisclosure agreements, as part of an arrangement with New York Attorney General Eric Schneiderman.

At the beginning of March, an investor group headed by Maria Contreras-Sweet and Ron Burkle reached a deal to purchase the Weinstein Company assets and use them to form a new, female-led movie studio.

Weinstein Co. has filed for chapter 11 bankruptcy according to Deadline Hollywood.

The company reportedly listed $500 million to $1 billion in liabilities and $500 million to $1 billion in assets.

Based in Dallas, Lantern Capital is a unit of mid-sized private equity fund Lantern Asset Management and is run by Andy Mitchell and Milos Brajovic.

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Northwest Austin has a Toys R Us and Babies R Us store at 9333 Research Blvd., Bldg. The company filed for Chapter 11 bankruptcy protection in September.

A DE bankruptcy judge on Tuesday issued initial orders allowing the Weinstein Co.to continue paying its bills and working toward a sale of substantially all of its assets.

The company filed for bankruptcy in a DE court, listing $500 million to $1 billion in assets and the same in liabilities, according to Reuters.

TWC said: "No one should be afraid to speak out or coerced to stay quiet".

This was quickly overturned as the investors discovered "hidden debts" in Weinstein Co.'s accounts.

The company also agreed to release any women who settled sexual harassment claims involving the company from their non-disclosure agreements, freeing them to tell their stories without fear of being sued. Through a representative he has repeatedly denied allegations of "non-consensual sex". New criminal investigations have been opened in NY and Los Angeles.

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On Tuesday, Schneiderman's office sent out a tweet urging victims and witnesses to contact his office, which is conducting a civil rights investigation of the Weinstein Co. and of Weinstein himself.

In 2015, Model Ambra Battilana, then 22, filed a complaint with the NYPD alleging Weinstein groped her. Police set up a telephone conversation between the two and listened in.

After the tape's release, the New York Police Department and the Manhattan DA's office traded public finger-pointing.

In the fall, after the New York Times and the New Yorker revealed allegations of sexual harassment and rape, Weinstein's younger brother and partner in the studio, Bob Weinstein, unsuccessfully scrambled to line up bridge loans to keep the company operating.

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Other reports by Info About Network

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