Boy, the mighty has really fallen.
On Monday, it was revealed The Weinstein Company has filed for bankruptcy, following founder Harvey Weinstein‘s massive sexual misconduct scandal. However, the once great film company might not be dead in the ground.
In fact, under new ownership, the mini film studio may be able to reorganize and continue to make projects for Tinseltown. It’s said that TWC has entered into a “stalking horse” agreement with Lantern Capital. The company higher-ups explained in a statement:
“The Board selected Lantern in part due to Lantern’s commitment to maintain the assets and employees as a going concern. 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 a crazier turn of events, The Weinstein Company also announced that they’re releasing their employees from their non-disclosure agreements. This legal move came about as part of an ongoing negotiation with New York Attorney General Eric Schneiderman.
The statement continued:
“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.”
Better late than never, we guess??
As for the sale, we’re still kind of bummed that the group of investors led by Maria Contreras-Sweet, didn’t successfully purchase TWC. Why??? Well, because if they had, the once predatory indie movie juggernaut would’ve been transformed into a female driven business.
Nonetheless, we’re glad to see that Harvey’s former peers are working hard to do right by those who may’ve been victimized by the disgraced film producer. (In case you somehow missed the biggest scandal of 2017, Mr. Weinstein has been accused of raping and sexual assaulting numerous women over decades.)
On the company’s decision to lift the NDAs, Schneiderman shared:
“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├óΓé¼ΓÇ¥which my office has sought throughout this investigation and litigation├óΓé¼ΓÇ¥will finally enable voices that have for too long been muzzled to be heard.”
What do YOU think?? Will The Weinstein Company have a second chance following this sale??
SOUND OFF in the comments (below)!
[Image via WENN.]