TWC files for bankruptcy after all

GettyImages-497723060

One day after it filed for bankruptcy, the Weinstein Company Holdings announced in a March 20 court filing that it found an opening bidder to buy the company.

"Effective immediately, those "agreements" end".

Armenta also worries that as creditors line up in front of those who have sued the company to get paid in bankruptcy, it could be "leaving the plaintiffs with nothing to hold on to".

The Weinstein Company (TWC), a multimedia production and distribution company launched in October 2005 by Bob and Harvey Weinstein, the brothers who founded Miramax Films in 1979, came under intense media scrutiny a year ago when Harvey Weinstein was accused of engaging in a pattern of sexually inappropriate behavior with the studios female cast members. Weinstein has denied having nonconsensual sex with anyone.

He called the action a "watershed moment".

The Weinstein Co. and the investor group moved to address those concerns, but the studio's board announced February 25 that it would file for bankruptcy because Contreras-Sweet had not delivered on a promise to fund the studio's operations until a transaction was completed.

In the process employees and alleged victims of Mr Weinstein have been released from the non-disclosure agreements that he wielded as "a secret weapon" to enforce their silence, the studio said. The studio has been the subject of multiple lawsuits ever since the news of Harvey Weinstein's sexual misconduct broke in October.




It's a fine statement to make, though the bankruptcy filing is also a blow to women with pending lawsuits against the studio.

"Any sale of The Weinstein Company must ensure that victims will be compensated, employees will be protected going forward, and that neither perpetrators nor enablers will be unjustly enriched", Schneiderman wrote in a press release, making a sale that much less likely to happen.

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.

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.

The Weinstein Co.is represented in the bankruptcy petition by Mark Collins of Richards, Layton & Finger. She told The Financial Times in October that Weinstein sexually harassed her "on every occasion I was alone with him" and said she spoke out in part to demonstrate "how egregious these agreements are".

He sold the rights to Paddington Bear to Warner Bros. but was soon accused of sexual misconduct himself.

Related news:

Hot News

isis-killer-beheading-video-story-top Trump Could Testify In 'Apprentice' Defamation Case After Judge's Ruling
Mar 21, 2018 - 08:01
Trump touched her inappropriately", she could force the Trump campaign to shed light on other allegations against the president. In her decision allowing the lawsuit to move forward, Justice Jennifer Schecter cited the 1997 Supreme Court case Clinton v.

isis-killer-beheading-video-story-top Amazon eyes soon-to-be-vacant Toys R Us stores
Mar 21, 2018 - 08:00
In 2015, Bloomberg notes, Amazon considered buying some closed down Radio Shack locations, but ultimately opted against doing so. However, with Amazon under no pressure at all to expand its bricks and mortar presence quickly, the deal may not go ahead.

isis-killer-beheading-video-story-top USA retailers urge Trump against tariffs
Mar 20, 2018 - 04:26
A Chinese national flag is seen at a port in Beihai, Guangxi province, China June 17, 2017. The groups represent companies, such as Apple Inc., Google and Wal-Mart Inc.

isis-killer-beheading-video-story-top National Weather Service: Winter is Not Over Yet
Mar 20, 2018 - 04:24
They note that in recent years, models have trended northwest on storms' approach to produce several significant snows. Widespread power outages may develop Wednesday with northeast to north winds gusting 25 to 35 miles per hour at times.

isis-killer-beheading-video-story-top Alibaba invests extra US$2bn in Lazada Group
Mar 20, 2018 - 04:23
Alibaba's stake will increase to an undisclosed size following the latest investment, a spokeswoman told Reuters . Global e-commerce giant Amazon entered the region past year , but is so far active only in Singapore.

isis-killer-beheading-video-story-top Deal struck as government 'capitulates' to EU
Mar 20, 2018 - 04:23
The draft withdrawal agreement is expected to ease business' fears of an abrupt exit for the UK. One of the biggest unsolved problems is the border between Ireland and Northern Ireland.

isis-killer-beheading-video-story-top Indian Diplomat Harassed by Bike-borne Men in Islamabad
Mar 19, 2018 - 00:22
Officials rejected allegations that Indian diplomatic staff were also facing hurdles and harassment in Pakistan. At the time of recall, Pakistan maintained that the envoy was called to Islamabad for "consultations".

isis-killer-beheading-video-story-top White House says no more staff changes coming
Mar 19, 2018 - 00:21
The person spoke on condition of anonymity because they were not authorised to speak publicly about private conversations. The scene aboard the presidential plane as Donald Trump departed for California was described by Politico .

isis-killer-beheading-video-story-top Stenson leads, Tiger struggles at Bay Hill
Mar 19, 2018 - 00:21
His iron stingers and flighted 3-woods when he hits them are gorgeous, but the big stick still needs (a lot of) work. He is coming off a runner-up finish at Innisbrook last week and has won eight times at Bay Hill.

isis-killer-beheading-video-story-top Xi Jinping unanimously elected Chinese president,
Mar 19, 2018 - 00:18
"Press like for Uncle Xi!" wrote another user, using a popular term of endearment for the Chinese leader. Bangladesh Prime Minister Sheikh Hasina also praised Xi's "wise and far-sighted leadership".

isis-killer-beheading-video-story-top Conte tells Chelsea to accept share of the blame
Mar 18, 2018 - 01:34
Antonio Conte has told his Chelsea players they must share the responsibility for an at-times tumultuous season. This is the FA Cup quarterfinal.

isis-killer-beheading-video-story-top Chelsea star reveals what went wrong against Barcelona
Mar 18, 2018 - 01:32
He added: "I think that we are talking about two good goalkeepers, Thibaut and Willy". The Blues reached the final last season but were beaten by Arsenal at Wembley.

isis-killer-beheading-video-story-top American Lawmakers And Activists Skewer Ryan Zinke For 'Konnichiwa' Comment
Mar 17, 2018 - 01:56
An Interior Department spokesperson didnt immediately respond to a message seeking comment Friday morning. Grace Meng, D-New York, called the remark "blatantly insensitive".

isis-killer-beheading-video-story-top Met Éireann issues snow warning for St Patrick's weekend
Mar 17, 2018 - 01:56
Meteorologist Martin Bowles said the weekend's weather could be dubbed a " mini Beast from the East ". The cold snap is expected to bring up to 5cm of snow in some parts and up to 20cm on higher ground.

isis-killer-beheading-video-story-top Malcolm Butler to sign with Tennessee Titans
Mar 17, 2018 - 01:54
He was the hero of New England's Super Bowl win after the 2014 season, intercepting a pass to seal the 28-24 victory over Seattle. With three solid cornerbacks, there are little ways the Texans can move Fuller and Hopkins around to try to get a mismatch.