By Jessica DiNapoli and Tracy Rucinski
NEW YORK/CHICAGO (Reuters) – U.S. blur and TV flat The Weinstein Company, whose ex-Chairman Harvey Weinstein has been accused of animal aggravation and assault, filed for defalcation on Monday and said it was catastrophe all non-disclosure agreements that may accept silenced some women.
The filing in U.S. Defalcation Cloister in Delaware follows accusations by added than 70 women adjoin the company’s co-founder, Harvey Weinstein, who was one of Hollywood’s best affecting men, of animal misconduct, including rape. Weinstein has denied accepting non-consensual sex with anyone.
The women who batten out adjoin Weinstein spurred a civic movement adjoin animal harassment, with victims administering their belief on amusing media and labeling them beneath the hashtag #MeToo.
Texas clandestine disinterestedness close Lantern Capital agreed to buy Weinstein Aggregation out of defalcation for $310 million. The firm’s offer, extenuative the flat from ambagious bottomward its business, will be accountable to college and bigger bids in a court-supervised bargain appointed for May 2. http://bit.ly/2prGdNm
The borderline for added bids is April 30.
Lantern had been a abeyant broker in above Obama administering official Maria Contreras-Sweet’s bid for the studio, which was ultimately terminated.
The Weinstein Company’s defalcation will arrest victim’s lawsuits adjoin the aggregation and any animal delinquency claims would acceptable alone be compensated afterwards anchored creditors are paid in full. Maria Contreras-Sweet’s bid for the flat included a $80-90 actor advantage armamentarium that would supplement any allowance payouts victims would receive.
The Weinstein Company, which has won 28 Academy Awards, owns a blur library of 277 affection films that accept generated over $2 billion in accumulated box appointment receipts worldwide.
Yet the aggregation said in cloister affidavit it has absent about 25 percent of its workforce and abounding of its continued time business ally back October 2017, back accusations adjoin Harvey Weinstein became public.
“It is an adumbration to say that the aftermost six months accept been aggravating for the company,” Chief Restructuring Officer Robert Del Genio said in cloister papers.
As allotment of the defalcation filing, the Weinstein Aggregation said it appear anyone “who suffered or witnessed any anatomy of animal delinquency by Harvey Weinstein” from nondisclosure agreements.
“Since October, it has been appear that Harvey Weinstein acclimated non-disclosure agreements as a abstruse weapon to blackout his accusers. Effective immediately, those ‘agreements’ end,” the aggregation said in an emailed statement.
In February, New York Attorney General Eric Schneiderman sued The Weinstein Company, Harvey Weinstein and his brother Bob Weinstein, alleging that Harvey Weinstein sexually addled advisers and the aggregation bootless to respond. Bob Weinstein co-founded the aggregation and is the co-chairman.
“This is a watershed moment for efforts to abode the acerb furnishings of animal delinquency in the workplace,” Schneiderman said in a account afterwards the company’s advertisement on Monday.
In its filing, the Weinstein Aggregation listed $500 actor to $1 billion in both liabilities and assets.
The flat has spent months attractive for a client or investor. Before the accord with Contreras-Sweet’s accumulation failed, The Weinstein Aggregation had approved accepting accomplishment costs from added investors.
Lions Gate Entertainment Corp had fabricated an beforehand action for some of the company’s assets, as had Qatar-owned blur aggregation Miramax, which was founded by Harvey Weinstein and Bob Weinstein. Both could be amid abeyant bidders in the auction.
Movie ambassador Killer Content additionally said defalcation would be the best advantage for the company, and that it may be absorbed in the studio’s assets in a defalcation auction.
The Weinstein Aggregation additionally won commitments from its coffer lenders for a $25 actor defalcation loan.
Launched in October 2005, the flat produced and broadcast alarmingly acclaimed hits including “The King’s Speech” and “Silver Linings Playbook,” as able-bodied as TV alternation such as long-running appearance absoluteness antagonism “Project Runway.”
(Reporting by Jessica DiNapoli in New York, Tracy Rucinski in Chicago and Ismail Shakil in Bengaluru; Editing by Marguerita Choy)
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