Weinstein Company says its bankruptcy filing won't protect ex-chairman

Brunilde Fioravanti
Marzo 21, 2018

He was sacked as chairman of the Weinstein Company last October when the allegations were first reported.

"Since October, it has been reported that Harvey Weinstein used non-disclosure agreements [NDAs] as a secret weapon to silence his accusers".

Weinstein Company Holdings and 54 related entities sought bankruptcy protection amid a sexual misconduct scandal that brought down co-founder Harvey Weinstein and triggered a worldwide movement to address predatory sexual behavior and harassment in the workplace.

Dressed in a black jacket and thigh-high leather boots, the British fashion designer - who co-founded Marchesa - also donned a Union Jack scarf. "Effective immediately, those "agreements" end", the company said in an emailed statement.

'We are not here to talk today about Harvey Weinstein, ' said Zumbro, who gave Walrath a brief chronology of the events leading up to the bankruptcy filing.

The company statement continued that "no one should be afraid to speak out or coerced to stay quiet". The Company thanks the courageous individuals who have already come forward.

He noted that media reports in October of "pervasive sexual misconduct" by Weinstein over more than 20 years had an "immediate and profound" effect on the company, he noted.

In doing so, the company said in its initial announcement, it will also release victims of and witnesses to Weinstein's alleged crimes from any nondisclosure agreements they might have signed regarding Weinstein.

The Weinstein Company knocked those statements down, calling them "an excuse".

The Weinstein Company's bankruptcy will halt victim's lawsuits against the company and any sexual misconduct claims would likely only be compensated after secured creditors are paid in full.

Variety reported Lantern's bid is somewhere in the range of $300 million to $320 million, according to one source, while it quoted a second source that said it was substantially higher, at nearly $450 million.

"While we had hoped to reach a sale out of court, the board is pleased to have a plan for maximising the value of its assets, preserving as many jobs as possible and pursuing justice for any victims", the Weinstein Company chairman Bob Weinstein said in a statement.

Hollywood has been reeling in the midst of the Me Too and Time's Up movements since the Weinstein allegations went public last fall.

'The Weinstein Company's agreement to release victims of and witnesses to sexual misconduct from non-disclosure agreements - which my office has sought throughout this investigation and litigation - will finally enable voices that have for too always been muzzled to be heard'.

Allegations of sexual misconduct have simultaneously subsequently risen against more than 50 powerful men in the entertainment industry, including bold-faced names like Kevin Spacey, Russell Simmons and Steven Seagal.

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