Monday, May 20, 2024

Weinstein Company Files For Bankruptcy in Delaware, Lantern Capital Takes Over Assets, All NDAs Have Been Lifted


It’s the end of an era, that’s for sure.

In Delaware tonight, the Weinstein Company has filed for bankruptcy. The deal to sell to Ron Burkle and Maria Contreras-Sweet is over. Lantern Capital of Dallas, Texas– which was part of their deal — will pay between $300-$320 million and acquire the assets of the company.

Those assets include a few movies that are stored up including “The Upside,” “The War Against Grandpa,” and “Mary Magdalene.”

The big question is who will run this company? David Glasser is gone, forced out after his history was revealed recently. Bob Weinstein is pretty much ruined reputation wise, I can’t imagine anyone wants to be in the same room with him, let alone do business. (Even in Hollywood. Really.)

But Lantern’s plan seems to be to maintain the employees, regroup and move forward. Whether they can have a fund for Weinstein employees who claimed sexual harassment also remains unclear.

Also unclear is what they will call this company? Lantern Films? The Weinstein Company had dozens of Oscar nominations and two Best Picture winners back to back with “The King’s Speech” and “The Artist.”

“The Board selected Lantern in part due to Lantern’s commitment to maintain the assets and employees as a going concern,” the company said in a statement. “The Company hopes that this orderly sale process under the supervision of the Bankruptcy Court will allow it to maximize the value of the Company’s assets for the benefit of its creditors and other stakeholders.”

In addition, this lifts all the non disclosure agreements ever signed by Harvey Weinstein or the Company. I like that Bob Weinstein acts like he knew nothing of these agreements. He must have land to sell us in Kabul.

From the TWC Board:

Today, the Company also takes an important step toward justice for any victims who have been silenced by Harvey Weinstein. Since October, it has been reported that Harvey Weinstein used non-disclosure agreements as a secret weapon to silence his accusers. Effective immediately, those “agreements” end. The Company expressly releases any confidentiality provision to the extent it has prevented individuals who suffered or witnessed any form of sexual misconduct by Harvey Weinstein from telling their stories. No one should be afraid to speak out or coerced to stay quiet. The Company thanks the courageous individuals who have already come forward. Your voices have inspired a movement for change across the country and around the world.

Attorney General Eric T. Schneiderman:

“This is a watershed moment for efforts to address the corrosive effects of sexual misconduct in the workplace. 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 long been muzzled to be heard.

My office will continue to fight for victims’ best interests throughout the bankruptcy proceedings, and engage with all parties, including The Weinstein Company and Lantern, in an ongoing effort to advance the principles we set forward when we filed our complaint: ensuring that victims are compensated, employees are protected moving forward, and perpetrators and enablers of abuse are not unjustly enriched. We welcome the parties’ efforts to preserve jobs and pursue justice for victims.

Our lawsuit against The Weinstein Company, Bob Weinstein, and Harvey Weinstein remains active and our investigation is ongoing.”

Roger Friedman
Roger Friedman
Roger Friedman began his Showbiz411 column in April 2009 after 10 years with Fox News, where he created the Fox411 column. His movie reviews are carried by Rotten Tomatoes, and he is a member of both the movie and TV branches of the Critics Choice Awards. His articles have appeared in dozens of publications over the years including New York Magazine, where he wrote the Intelligencer column in the mid 90s and covered the OJ Simpson trial, and Fox News (when it wasn't so crazy) where he covered Michael Jackson. He is also the writer and co-producer of "Only the Strong Survive," a selection of the Cannes, Sundance, and Telluride Film festivals, directed by DA Pennebaker and Chris Hegedus.

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