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The Weinstein Company Declares Bankruptcy


On Monday, it was revealed The Weinstein Company has filed for bankruptcy, following founder Harvey Weinstein's massive sexual misconduct scandal.

"Effective immediately, those "agreements" end".

He was sacked and his company was forced into bankruptcy after it failed to find a buyer.

Harvey Weinstein's film production company, Weinstein Co.

New York Attorney General Eric T. Schneiderman has been pushing to dissolve the agreements as part of his lawsuit against Weinstein for allegedly violating New York anti-discrimination laws. No one should be afraid to speak out or coerced to stay quiet. Weinstein, who founded TWC with his brother Robert in 2005, has denied any allegations of non-consensual sex.

On the other hand, the bankruptcy filing won't affect any pending civil suits targeting Weinstein personally, nor will it derail potential criminal cases that could emerge from ongoing investigations in New York, Los Angeles, and London. 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.

There are now more than 60 accusers who have come forward with allegations of sexual misconduct, including some who have accused Weinstein of rape. Secured creditors will get priority for payment over the women suing the company. That means that many women seeking to come forward against disgraced former executive Harvey Weinstein now have freedom to speak.




But most importantly, the company released all its employees from NDAs.

The bankruptcy process will bring the company's finances into public view, including the extent of its debt.

The studio has spent months looking for a buyer or investor.

"I wouldn't be surprised if you saw some sort of compromise where some proceeds from the sale might be set aside for victims", said Gerard Catalanello, a bankruptcy attorney at Alston & Bird.

A DE bankruptcy judge on Tuesday issued initial orders allowing the Weinstein Co.to continue paying its bills and working toward a sale of substantially all of its assets. According to the New York Times report that first shed light on Weinstein's alleged abuses past year, employees at the company were reportedly given contracts saying they could not "criticize it or its leaders in a way that could harm its "business reputation" or 'any employee's personal reputation'".

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

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