22 March, 2018
The Weinstein Co. bankruptcy is bad news for victims of Harvey Weinstein's sexual harassment, who will likely receive little or nothing in compensation from the bankruptcy estate. "Effective immediately, those "agreements" end", the company said in a statement.
Judge Mary Walrath's rulings include interim approval for the company to borrow up to $25 million to see it through bankruptcy, but only after she expressed concern about the loan terms in the face of a competing financing proposal.
New York State Attorney General Eric Schneiderman noted in a statement that The Weinstein's Co.'s bankruptcy will not keep the company or the Weinstein brothers from facing a civil rights lawsuit he brought against them in February.
The Weinstein statement continued that "no one should be afraid to speak out or coerced to stay quiet". The company, however, was struggling even before the allegations against Weinstein, as it tried and failed in 2016 to find a satisfactory bidder for its television business.
The bankruptcy was announced on the same day New York Gov. Andrew Cuomo directed Schneiderman to review the Manhattan district attorney's handling of a 2015 sexual abuse case involving Weinstein.
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. Secured creditors will get priority for payment over the women suing the company.
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But most importantly, the company released all its employees from NDAs.
Armenta said her firm would take an active role in the bankruptcy and seek to ensure that the assets are sold for their maximum value, leaving the most on the table for her clients.
The countless allegations against Harvey Weinstein have officially bankrupted the production company he helped found with his brother Bob.
"I don't want to diminish the focus on conduct here", Sonnenfeld said in a phone interview Tuesday.
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 group called on NY state governor Andrew Cuomo to open an investigation to determine why Mr Cyrus Vance did not prosecute the 66-year-old Hollywood ex-powerbroker in a 2015 case, arguing it could have saved other potential victims. The company let go 50 employees in 2016 and continuously shuffled release dates while short of cash.