On Monday, the Weinstein Co. announced it would be filing for bankruptcy and cancelling its nondisclosure agreements that stopped survivors of Weinstein's alleged behavior from coming forth with their stories.
At the beginning of March, an investor group headed by Maria Contreras-Sweet and Ron Burkle reached a deal to purchase the Weinstein Company assets and use them to form a new, female-led movie studio.
The film studio secured an initial bid for its assets from an affiliate of the Dallas-based private equity firm Lantern Capital Partners.
The very first story about Harvey Weinstein's wrongdoing described the nondisclosure agreements that silenced victims and witnesses.
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"Effective immediately, those "agreements" end".
It remains to be seen how many accusers or eyewitnesses will come forward now that the company has publicly lifted the NDAs. "Your voices have inspired a movement for change across the country and around the world", the company's statement read. That move had always been sought by New York Attorney General Eric Schneiderman, who has filed a lawsuit against Weinstein and the company on behalf of its employees. Publicly, Weinstein has denied all of the allegations against him.
He called the action a "watershed moment". The beleaguered producer has retained NY defense attorney Benjamin Brafman, who also previously defended "Pharma Bro" Martin Shkreli as well as Michael Jackson, Sean Combs and Mafia boss Salvatore Gravano. The firm's offer, saving the studio from winding down its business, will be subject to higher and better bids in a court-supervised auction scheduled for May 2.
The Weinstein Company filed for bankruptcy Monday in DE after months of controversy and collapsed sales. Harvey and Bob Weinstein started the company after leaving Miramax, the company they founded in 1979 and which became a powerhouse in '90s indie film with hits like "Pulp Fiction". Media reports in October of "pervasive sexual misconduct" by Harvey Weinstein over more than 20 years had an "immediate and profound" effect on the company, he noted.
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.