Harvey Weinstein’s Company Files For Bankruptcy

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A once reputed film production studio, The Weinstein Company recently announced their filing for bankruptcy as well as their plans for cancelling all the NDA’s that numerous people had signed, the result of which had silenced their voices against the company founder’s aggressive approach. But first, a quick recap :

With the barrage of sexual misconduct allegations rising in Hollywood, it all can be traced back to one person : Harvey Weinstein. The former American film producer was dismissed from his company as well as expelled from the Academy of Motion Picture Arts & Sciences after being hit by multiple sexual abuse allegations last year. Being the source of the #MeToo movement, this event led to many more reports of misconduct in the film industry, consequently dubbed as the ‘Weinstein effect’.

Harvey Weinstein
Harvey Weinstein

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tl;dr it was a messy affair.

The Weinstein Company will be entering into an agreement with an affiliate of Lantern Capital Partners. The following statement was released to the public by the company :

“Under the agreement, Lantern will purchase substantially all of the assets of the Company, subject to certain conditions including approval of the Bankruptcy Court. The Board selected Lantern in part due to Lantern’s commitment to maintain the assets and employees as a going concern. 
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.”

Eric Schneiderman, New York Attorney General, released the following statement after the news broke :Attorney General Eric Schneiderman's staetement

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Here’s hoping all this pans out nice and smooth.

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Rahul Majumdar
I've been writing here for quite a while. Tech, Gaming, Film, you name it. Lead Editor here at TechQuila. Occupational hazards include excessive gaming & movie-binging sessions. Most active on Twitter!

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