The Weinstein Company, the studio co-founded by disgraced movie mogul Harvey Weinstein, has filed for bankruptcy and torn up legal contracts that kept sexual harassment victims from speaking out.

The company said late Monday that it will release victims of, and witnesses to, Weinstein's alleged misconduct from any non-disclosure agreements.

"Effective immediately, those 'agreements' end," the company said in a statement. "No one should be afraid to speak out or coerced to stay quiet," it added.

The Weinstein Company was crippled by the sexual harassment and assault allegations first made against Weinstein last year.

Now the studio has reached a deal with the private equity firm Lantern Capital Partners. Lantern is looking to acquire Weinstein Co. through the bankruptcy process.

The initial bankruptcy paperwork was filed on Monday night.

"While we had hoped to reach a sale out of court, the Board is pleased to have a plan for maximizing the value of its assets, preserving as many jobs as possible and pursuing justice for any victims," Bob Weinstein, Harvey Weinstein's brother and chairman of the company, said in a statement provided to CNNMoney.

Other bidders could come forward and try to top Lantern's bid for the Weinstein Co. assets.

The filing estimates the Weinstein Co. businesses are valued between $500 million and $1 billion.

New York Attorney General Eric T. Schneiderman had been pushing for this outcome for several months.

"This is a watershed moment for efforts to address the corrosive effects of sexual misconduct in the workplace," Schneiderman said Monday night. "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."

To date, dozens of women have accused Weinstein of abuse, following reports in the New York Times and the New Yorker last year about his treatment of women, including some of those with whom he's worked. Weinstein has been accused of rape, assault and other forms of sexual misconduct.

He sought treatment after the allegations were made public. Through a representative he has repeatedly denied allegations of "non-consensual sex."

Monday night's press release from the company said Weinstein Co. "regrets that it cannot undo the damage Harvey Weinstein caused, but hopes that today's events will mark a new beginning."

The bankruptcy filing came after a deal to sell the studio's assets fell apart earlier this month.

An investment group led by Maria Contreras-Sweet, the former head of the U.S. Small Business Administration, had been close to acquiring all of the company's assets for $500 million but negotiations fell apart at the last minute.

Schneiderman's office had been helping to mediate the deal talks.

Schneiderman's civil suit against Weinstein Co., Bob Weinstein, and Harvey Weinstein remains active and the investigation is ongoing, his office said Monday.

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.

This week's New York magazine features a story questioning why D.A. Cyrus Vance Jr. hasn't prosecuted Weinstein.

Time's Up, the female-led organization formed in the aftermath of the Weinstein scandal, responded to the story by calling for a probe into Vance and his office "to determine the facts related to the decision not to prosecute Harvey Weinstein for sexual abuse crimes against one of his accusers, Ambra Battilana."

Back in October, The New Yorker released an audio recording of Weinstein speaking with young model Ambra Battilana Gutierrez as part of a 2015 sting operation. The NYPD set up the sting after Gutierrez told authorities that Weinstein groped her the day before.

In the recording, Weinstein makes potentially incriminating comments to Gutierrez, but he was not arrested or charged with a crime at the time.

After the tape's release, the New York Police Department and the Manhattan DA's office traded public finger-pointing. But on Monday, Vance and the NYPD released a joint statement reiterating their shared commitment to investigate and prosecute sexual assault cases.

Vance has also faced criticism for accepting a $10,000 donation from David Boies, an attorney who has represented Weinstein, in August 2015, according to campaign financial disclosure forms from the New York State Board of Elections.

Vance's office said Monday that "our investigation of Mr. Weinstein is active and ongoing."

That response didn't seem to satisfy Cuomo. He answered Time's Up's call and referred the matter to Schneiderman's office, instructing the A.G. to review Vance's handling of the Battilana case "in a way that does not interfere with the current investigation..."

Schneiderman welcomed the opportunity, saying, "We are committed to pursuing a full, fair, and independent review of this matter."</s>The Weinstein Company filed for bankruptcy protection on Monday.

The company also announced on Monday that it was releasing any victims of, or witnesses to, Weinstein's alleged misconduct from any non-disclosure agreement that would prevent them from speaking out.

In a statement, the company says it "expressly releases any confidentiality provision" to the extent that it has prevented anyone who "suffered or witnessed any form of sexual misconduct by Harvey Weinstein from telling their stories".

The Weinstein Company says it has entered into sale agreement with a Texas equity firm, Lantern Capital Partners, subject to approval by the US Bankruptcy Court in Delaware.

The offer from Lantern - the first bidder - will set the floor for higher and better bidders in a court-supervised auction.

Lions Gate Entertainment Corp had made an earlier offer for some of the company's assets, as had Qatar-owned film company Miramax, which was founded by Harvey Weinstein and his brother Bob Weinstein. Both could be among potential bidders in the auction.

More than 70 women accused the company's co-founder, Harvey Weinstein, who was one of Hollywood's most influential men, of sexual misconduct, including rape. Weinstein has denied having non-consensual sex with anyone.

"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 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 harassed employees and the company failed to respond.

Bob Weinstein co-founded the company and is the co-chairman.

"This is a watershed moment for efforts to address the corrosive effects of sexual misconduct in the workplace," Schneiderman said in a statement after the Weinstein Company's announcement on Monday.

Launched in October 2005, the studio produced and distributed critically acclaimed hits including The King's Speech and Silver Linings Playbook, as well as TV series such as long-running fashion reality competition Project Runway.</s>NEW YORK (Reuters) - U.S. film and TV studio The Weinstein Company, whose ex-Chairman Harvey Weinstein has been accused of sexual harassment and assault, said on Monday it filed for bankruptcy with an offer from an affiliate of private equity firm Lantern Capital Partners to acquire its assets.

The Weinstein Company filed for bankruptcy in the Delaware court, listing $500 million to $1 billion in liabilities and $500 million to $1 billion in assets. bit.ly/2prGdNm

The studio’s bankruptcy comes after it spent months looking for a buyer or investor. The company inked a deal with an investor group led by former Obama administration official Maria Contreras-Sweet, but the group terminated its offer earlier this month after seeing that the company had more liabilities than previously disclosed.

Weinstein Co said in a statement it entered into a “stalking horse” agreement with a Lantern Capital affiliate, that would purchase substantially all of the assets of the company.

The offer from Lantern will set the floor for higher and better bidders in a court-supervised auction.

Lions Gate Entertainment Corp had made an earlier offer for some of the company’s assets, as had Qatar-owned film company Miramax, which was founded by Harvey Weinstein and his brother Bob Weinstein. Both could be among potential bidders in the auction.

More than 70 women accused the company’s co-founder, Harvey Weinstein, who was one of Hollywood’s most influential men, of sexual misconduct, including rape. Weinstein has denied having non-consensual sex with anyone.

“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 said in an emailed statement.

Movie producer Killer Content also said bankruptcy would be the best option for the company, and that it may be interested in the studio’s assets in a bankruptcy auction.

In February, New York Attorney General Eric Schneiderman sued the Weinstein Company, Harvey Weinstein and his brother Bob Weinstein, alleging that Harvey Weinstein sexually harassed employees and the company failed to respond. Bob Weinstein co-founded the company and is the co-chairman.

“This is a watershed moment for efforts to address the corrosive effects of sexual misconduct in the workplace,” Schneiderman said in a statement after the Weinstein Company’s announcement on Monday.

Launched in October 2005, the studio produced and distributed critically acclaimed hits including “The King’s Speech” and “Silver Linings Playbook,” as well as TV series such as long-running fashion reality competition “Project Runway.”</s>
• US film and TV studio The Weinstein Company has filed for bankruptcy.
• The company, cofounded by Harvey Weinstein who dozens of women have accused of varying degree of sexual misconduct, says it has a stalking horse bid for its assets from the private equity firm Lantern Capital.
• The filing comes on the same day that New York Gov. Andrew Cuomo ordered the state attorney general to investigate how the Manhattan district attorney handled allegations against Weinstein.

NEW YORK (Reuters) - U.S. film and TV studio The Weinstein Company filed for bankruptcy in Delaware on Monday night. The Dallas-based private equity firm Lantern Capital has made a stalking horse bid for the firm, a person familiar with the matter said.

An investor group led by former Obama administration official Maria Contreras-Sweet terminated its offer for the company earlier this month.

The bid from Lantern will set the floor for higher and better offers for the studio in a bankruptcy court-supervised auction, added the person.

The Weinstein Company has been looking for a buyer since its ex-chairman Harvey Weinsteinwas accused of sexual misconduct, including rape, by more than 70 women. Weinstein has denied having non-consensual sex with anyone.

Spokespeople for The Weinstein Company and Lantern Capital did not immediately return calls for comment. The source could not be identified because the person was not authorized to speak to the media.

New York Attorney General Eric Schneiderman filed a lawsuit against the company and Bob and Harvey Weinstein last month, alleging that Harvey Weinstein sexually harassed employees and the company failed to respond. Bob Weinstein, Harvey Weinstein's brother, co-founded the company and is co-chairman.

New York Gov. Andrew Cuomo on Monday ordered the state attorney general Eric Schneiderman to investigate how the Manhattan District Attorney Cyrus Vance handled misconduct allegations against Weinstei n. The inquiry stems from Vance's decision in 2015 not to file charges against Weinstein on accusations that he groped Italian model Ambra Battilana, the New York Daily News reported.

Reuters reported last month that the Weinstein Company was looking for a loan that would carry it through its bankruptcy.

Hollywood trade publication Deadline Hollywood first reported that The Weinstein Company planned to file for bankruptcy as soon as Monday.</s>The Weinstein Company files for bankruptcy, dissolves non-disclosure agreements with sexual harassment accusers

The Weinstein Company filed for bankruptcy protection on Monday (19 March) with a buyout offer in hand from a private equity firm, the latest twist in its efforts to survive the sexual misconduct scandal that brought down co-founder Harvey Weinstein, shook Hollywood and triggered a movement that spread out to convulse other industries.

The company also announced it was releasing any victims of or witnesses to Weinstein’s alleged misconduct from non-disclosure agreements preventing them from speaking out. That step had long been sought by New York Attorney General Eric Schneiderman, who filed a lawsuit against the company last month on behalf of its employees.

“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 said in a statement. “No one should be afraid to speak out or coerced to stay quiet.”

In a statement, Schneiderman praised the decision as “a watershed moment for efforts to address the corrosive effects of sexual misconduct in the workplace.”

The movie and TV studio becomes the first high-profile company to be forced into bankruptcy in the nationwide outcry over workplace sexual misconduct. Dozens of prominent men in entertainment, media, finance, politics and other realms have seen their careers derailed, but no other company has seen its very survival as tightly intertwined with the fate of one man as the Weinstein Company.

Some 80 women, including prominent actresses, have accused Harvey Weinstein of misconduct ranging from rape to harassment. Weinstein, who was fired as his company’s CEO in October, has denied any allegations of non-consensual sex.

The Weinstein Company said it has entered into a “stalking horse” agreement with an affiliate of Dallas-based Lantern Capital Partners, meaning the equity firm has agreed to buy the company, subject to approval by the U.S. Bankruptcy Court in Delaware.

Lantern was among a group of investors that had been in talks for months to buy the company outside of bankruptcy. That deal was complicated when Schneiderman filed his lawsuit, citing concerns that the sale would benefit executives accused of enabling Weinstein’s alleged misconduct and provide insufficient guarantees of compensation for his accusers. Talks to revive the sale finally fell apart two weeks ago when the group of buyers said they had discovered undisclosed liabilities.

The Weinstein Company said it chose Lantern as a potential buyer because the firm was committed to keeping on the studio’s employees as a going concern.

“While we had hoped to reach a sale out of court, the Board is pleased to have a plan for maximizing the value of its assets, preserving as many jobs as possible and pursuing justice for any victims,” said Bob Weinstein, who co-founded the company with his brother Harvey in 2005 and remains chairman of the board of directors.

Lantern co-founders Andy Mitchell and Milos Brajovic said they were committed to “following through on our promise to reposition the business as a pre-eminent content provider, while cultivating a positive presence in the industry.”

Under bankruptcy protection, civil lawsuits filed by Weinstein’s accusers will be halted and no new legal claims can be brought against the company. Secured creditors will get priority for payment over the women suing the company.

Schneiderman’s lawsuit will not be halted by the bankruptcy filing because it was filed by a law enforcement agency. Schneiderman said his investigation would continue and that his office would engage with the Weinstein Company and Lantern to ensure “that victims are compensated, employees are protected moving forward, and perpetrators and enablers of abuse are not unjustly enriched.”

Other bidders also could emerge during the bankruptcy process, particularly those interested in the company’s lucrative 277-film library, which includes award-winning films from big-name directors like Quentin Tarantino and horror releases from its Dimension label. Free of liabilities, the company’s assets could increase in value in a bankruptcy.

In more fallout over the scandal, New York’s governor directed the state attorney general to review a decision by the Manhattan district attorney’s office not to prosecute a 2015 case involving an Italian model who said Weinstein groped her.

The bankruptcy process will bring the company’s finances into public view, including the extent of its debt. The buyers who pulled out of the sale earlier this month said they discovered up to $64 million in undisclosed liabilities, including $27 million in residuals and profit participation. Those liabilities came on top of $225 million in debt, which the buyers had said they would be prepared to take on as part of a $500 million acquisition deal.

The Weinstein Company already had been struggling financially before the scandal erupted in October with a news stories in The New York Times and The New Yorker. Harvey and Bob Weinstein started the company after leaving Miramax, the company they founded in 1979 and which became a powerhouse in ’90s indie film with hits like Pulp Fiction. After finding success with Oscar winners The Artist and The King’s Speech, the Weinstein Company’s output and relevance diminished in recent years. The company let go 50 employees in 2016 and continuously shuffled release dates while short of cash.

Last year, the studio sold distribution rights for the movie Paddington 2 to Warner Bros. for more than $30 million.</s>RadarOnline participates in various affiliate marketing programs, which means we may get paid commissions on editorially chosen products purchased through our links to retailer sites.

The Weinstein Company has filed for bankruptcy after failing to salvage the empire built by sleazy producer Harvey Weinstein. In a statement released this Monday — six months after Weinstein, 66, was accused of sexual misconduct by a myriad of women — the company divulged their future plans to rebuild the business’ structure and reputation.

One of the biggest changes TWC made was to terminate any non-disclosure agreements signed by head honchos or employees.

“Today, the Company also takes an important step toward justice for any victims who have been silenced by Harvey Weinstein,” TWC stated. “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.”

PHOTOS: Rose McGowan Rips Other Actresses For ‘Silence’ About Harvey Weinstein

This decision came after Weinstein allegedly used such agreements to keep sexual assault victims quiet in regard to his treatment of them.

“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,” 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.”

“[TWC] regrets that it cannot undo the damage Harvey Weinstein caused, but hopes that today’s events will mark a new beginning,” the company concluded in their 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,”

As RadarOnline.com readers know, TWC blamed the entire sexual misconduct scandal on its founder, Harvey Weinstein, and claimed employers had no idea he was harassing female employees and stars behind closed doors. Regardless, Attorney General Eric T. Schneiderman filed a lawsuit against the company, claiming they were accomplices in the shamed producer’s many crimes.

“The Weinstein Company’s agreement to release victims of and witnesses to sexual misconduct from NDAs will finally allow voices that have too long been muzzled to be heard—something my office has sought from the start,” he wrote on Twitter. “My office will continue to fight for the victims. Our lawsuit against The Weinstein Company, Bob Weinstein, and Harvey Weinstein remains active and our investigation is ongoing.”

On October of 2017, Harvey Weinstein was bashed by a collection of women all over Hollywood, for having sexually assaulted, abused and harassed them over the course of the years. Though he previously denied the claims, he eventually came clean about his actions, apologized for his behavior, and locked himself up in sex rehab. He was soon dumped by his wife, Georgina Chapman, and fired from The Weinstein Company.

We pay for juicy info! Do you have a story for RadarOnline.com? Email us at tips@radaronline.com, or call us at (866) ON-RADAR (667-2327) any time, day or night.</s>The Weinstein Company announced late Monday that it had filed for bankruptcy protection in the aftermath of numerous sexual misconduct allegations leveled against co-founder Harvey Weinstein.

The company said that it had entered into a sale agreement with Lantern Capital Partners, subject to approval by the U.S. Bankruptcy Court in Delaware, that could enable it to continue producing movies and TV shows.

Variety reported that Lantern had bid between $300 million and $320 million for the company, which was created by brothers Harvey and Bob Weinstein in 2005.

The company also announced on Monday that it was releasing any victims of or witnesses to Weinstein's alleged misconduct from any non-disclosure agreement that would prevent them from speaking out.

In a statement, the company says it "expressly releases any confidentiality provision" to the extent that it has prevented anyone who "suffered or witnessed any form of sexual misconduct by Harvey Weinstein from telling their stories."

New York state Attorney General Eric Schneiderman said the company's decision was "a watershed moment for efforts to address the corrosive affects of sexual misconduct in the workplace."

Dozens of women have come forward to accuse Harvey Weinstein of sexual harassment and assault over a career in show business stretching more than four decades. In the wake of the allegations, Weinstein was removed from the company and expelled from the Academy of Motion picture Arts and Sciences.

Police in New York and London have also opened investigations into alleged sexual assaults by Weinstein in both cities. Earlier Monday, New York Gov. Andrew Cuomo ordered Schneiderman to review a 2015 decision by Manhattan prosecutors to not pursue a sex abuse case against Weinstein.

Weinstein, through his attorneys, has repeatedly denied any non-consensual sexual contact.

The Associated Press contributed to this report.</s>The Weinstein Co. Files For Bankruptcy, Cancels Non-Disclosure Agreements

The Weinstein Company Holdings LLC announced that it has filed for voluntary bankruptcy and entered into an agreement to sell its assets to a Dallas-based equity firm.

It also announced that it is ending all nondisclosure agreements that prevented victims of alleged sexual misconduct at the hands of disgraced Hollywood mogul Harvey Weinstein from talking about their experiences.

The Weinstein Co. will enter into a "stalking horse" agreement with an affiliate of Lantern Capital Partners in conjunction with entering into bankruptcy proceedings.

But it was the second and third paragraphs of the statement that are likely to draw even greater attention in light of the many women who have come forward to accuse Weinstein of sexually harassment and abuse.

"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."

The announcement comes after a group of investors, led by former Obama administration official, Maria Contreras-Sweet, tried and failed to purchase the assets of The Weinstein Co. earlier this month. That deal, which would have re-invented the firm as a female-run company, collapsed upon the discovery of debt previously unknown by the investors.

Weinstein has been accused of raping or sexually assaulting many women over decades.

New York Attorney General Eric Schneiderman, who has brought suit against The Weinstein Co., Harvey Weinstein and his brother, Bob Weinstein, issued a statement praising the announcement.</s>NEW YORK/CHICAGO (REUTERS) - The Weinstein Company's bankruptcy filing will not protect ex-chairman Harvey Weinstein, who has been accused of sexual harassment and assault, an attorney for the studio told US Bankruptcy Court Judge Mary Walrath on Tuesday (March 20).

"We are not here to protect Harvey Weinstein," attorney Paul Zumbro said. "(The Weinstein Company) filing for bankruptcy relief in no way affects anyone's ability to pursue civil or criminal claims against Harvey Weinstein."

Weinstein, who co-founded the company with his brother Bob and once was one of Hollywood's most influential men, has been accused of sexual misconduct including rape by more than 70 women. He has denied having non-consensual sex with anyone. It has been unclear how his alleged victims would be treated in a potential bankruptcy filing.

The Weinstein Company filed for bankruptcy late Monday after it spent months looking for a buyer or investor. Texas private equity firm Lantern Capital agreed to buy the Company out of bankruptcy for US$310 million (S$408.8 million), setting the floor for other bidders in a court-supervised auction scheduled for later this spring.

The bankruptcy will halt victim's lawsuits against the company and any sexual misconduct claims would likely be compensated only after secured creditors are paid in full. A failed offer for the studio from former Obama administration official Maria Contreras-Sweet included an US$80 million to US$90 million compensation fund that would supplement any insurance payouts victims would receive.

As part of the bankruptcy filing, the Weinstein Company said it released anyone "who suffered or witnessed any form of sexual misconduct by Harvey Weinstein" from nondisclosure agreements.

"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 said in an emailed statement.

In court Tuesday, the film studio also received approval to tap some of its bankruptcy loan to make payroll for its remaining employees.

The Weinstein Company, which has won 28 Academy Awards, owns a film library of 277 feature films that have generated over US$2 billion in aggregate box office receipts worldwide.

Yet the company said in court papers it has lost about 25 percent of its workforce and many of its longtime business partners since October 2017, when accusations against Harvey Weinstein became public.

"It is an understatement to say that the last six months have been trying for the company," Chief Restructuring Officer Robert Del Genio said in court papers.

The studio has spent months looking for a buyer or investor. Before the deal with Contreras-Sweet failed, the company had tried securing rescue financing from other investors.

Lions Gate Entertainment Corp had made an earlier offer for some of the company's assets, as had Qatar-owned film company Miramax, which was founded by Harvey Weinstein and Bob Weinstein. Both could be among potential bidders in the auction.

Movie producer Killer Content also said bankruptcy would be the best option for the company and that it may be interested in the studio's assets in a bankruptcy auction.

Launched in October 2005, the studio produced and distributed critically acclaimed hits including The King's Speech and Silver Linings Playbook, as well as TV series such as long-running fashion reality competition Project Runway.</s>Just before courts closed on Monday, the Weinstein Company filed for Chapter 11 bankruptcy protection in the state of New York, and in doing so, released anyone bound by a Weinstein Company non-disclosure agreement.

According to The New York Times, the company had been trying to hold on, keeping open an option to reorganize under a different, less polarizing name, and looking for an “angel investor” who might come along and keep the struggling production company afloat. Several companies expressed interest, but no help materialized, and now Weinstein’s namesake company needs protection from its creditors.

The Weinstein Company will now likely go on the auction block.

In a move that should help Weinstein’s alleged victims — which already number in the dozens — the bankruptcy filing includes a clause releasing anyone kept quiet under a non-disclosure agreement. The filing suggests that anyone “who suffered or witnessed any form of sexual misconduct by Harvey Weinstein” is now free to come forward with their own allegations. – READ MORE
After a series of allegations of sexual misconduct against co-founder Harvey Weinstein, The Weinstein Company files for chapter 11 bankruptcy. The company also states that it will release all employees from a non-disclosure agreement which could prevent them from coming forward regarding the alleged misconduct of Weinstein.