The Weinstein Co. Files For Bankruptcy

Harvey Weinstein, understandably, has been one of the hottest topics in media for some time; for at least the past six months, if not even longer. With so much negative press surrounding him, it comes as no surprise that his half-creation, The Weinstein Company, hasn’t been able to sell yet.

As a matter of fact, The Weinstein Co. recently filed for bankruptcy, announcing its dire financial position on Monday, March 19, 2018.

In other news surrounding the former top-notch media company, all of The Weinstein Company’s non-disclosure agreements (NDAs) have been terminated, as employees can now legally talk about anything and everything related to the many issues surrounding Harvey Weinstein and, by extension, The Weinstein Co.

The Weinstein Company finally listened to the months-long demands of New York Attorney General Eric Schneiderman to let employees go from such NDAs in order to hold a proper, legal interrogation among them.

Lantern Capital put in an official bid to serve as a price floor in the event that no suitors bid for The Weinstein Company in the likely event of an unavoidable auction.

That bid totals $424.5 million, split between a whopping $310 million in M1 – that’s cash, as liquid as it gets – with the remaining $114.5 million existing in the form of receivables tied to some television and film projects, though how long they might take to collect was not specified.

The Weinstein Company, per the bankruptcy filing published yesterday, has just under $500,000 cash available to its organization.

Further, detailed in the filing are line items of $345 million in backed debt, $148 in unsecured debt, with several notes owed, including to Bob Weinstein of $11.2 million, David O. Russell and Bradley Cooper each owed $941,000, Wanda pictures for $14.4 million, Disney for $1.1 million, CAA for $1.5 million, Sony for $3.7 million, and several law firms were listed for smaller amounts.

What isn’t sure, however, is how much money could be left for the 80-odd victims of Weinstein’s sexual abuse allegations. It’s important to remember that Harvey Weinstein hasn’t actually been charged with any crimes, and he isn’t likely to be, either.

Weinstein voluntarily admitted to cases that were true, though no substantial evidence exists for any of them; although they’re almost all likely true, according to all parties involved, without any solid evidence, there likely won’t be a criminal case – just a civil case that pays damages.

Leave a Reply

Your email address will not be published. Required fields are marked *