Weinstein's Accusers Just Got Released From Their Non-Disclosure Agreements

21 March, 2018, 04:33 | Author: Pamela Mathis
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To date, dozens of women have accused Weinstein of abuse, following reports in the New York Times and the New Yorker previous year about his treatment of women, including some of those with whom he's worked.

"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, who is also chairman of the board, said in the statement.

The company's move had always been sought by Eric Schneiderman, New York attorney general, who filed a lawsuit in February against the Weinstein Company as well as its disgraced former CEO on behalf of the company's staff.

"No one should be afraid to speak out or coerced to stay quiet", the company said, going on to thank "the courageous individuals who have already come forward".

It remains to be seen how many accusers or eyewitnesses will come forward now that the company has publicly lifted the NDAs.

Allegations sprung up around the world, prompting police departments in the USA and U.K.to open investigations and sparking the so-called #metoo movement and Time's Up campaigns. According to Bloomberg's sources, those questions arose because the Weinstein Company's "liabilities were higher than the $225 million previously thought". Insurance is expected to provide up to $30 million, though the insurer may yet contest its obligation to pay. It's now looking at a stalking horse bid from Lantern Capital.

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

The Weinstein Co.is known to owe about $225 million under a credit facility led by Union Bank. Even after his maneuvers bought the company some financial breathing room, it was still sitting 0n $375 million in secured debt and another $148 million in unsecured obligations, according to Variety.

Bob Weinstein, Harvey's brother, tried to keep TWC above water in the aftermath.

The call follows a report by the New York Magazine that investigators had sufficient evidence to build a case against Weinstein over a sexual assault claim made by Italian model Ambra Battilana Gutierrez, but charges were never filed because of Weinstein's purported ties to high-ranking officials at the Manhattan District Attorney's office. He was sacked three days later, and subsequently resigned his position on the company board.

The cash shortage forced the company to halt its independent investigation of Harvey Weinstein's alleged abuse by a partner of law firm Debevoise & Plimpton roughly one month after the probe got started.

If the offer by an affiliate of Lantern prevails, the firm would be taking on a company now missing a quarter of its employees along with several key executives.

Bidders have been circling since an on-again, off-again deal to sell the company to Burkle's group collapsed on March 6.



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