Over the last couple of months, The Weinstein Company worked to find a buyer and thus avoid bankruptcy. At one point it looked like the company that Harvey Weinstein built would be bought out, would have its name changed, and would create a new workplace environment catered toward women, with breastfeeding rooms and more. All that fell through, and this week The Weinstein Company filed for bankruptcy. In addition, the company cancelled all of the non-disclosure agreements it had signed during the reign of Harvey Weinstein.
The bankruptcy filing, which officially happened on Monday, prompted the company to open up each and every one of the non-disclosure agreements, which means those who were silenced by the agreements may speak freely in the future. New York Attorney General Eric T. Schneiderman has been investigating what happened during Harvey Weinstein's tenure at the studio. It has been his investigation that may have led to the deal between Maria Contreras-Sweet and buyers and The Weinstein Company to initially fall apart. Following the Contreras-Sweet deal losing steam, it seemed as if the company would file for bankruptcy and now it has done so.
About the NDAs, the company noted in a statement (via the New York Times),
Currently, Harvey Weinstein has been removed from his positions of power in Hollywood. He was fired from his role at The Weinstein Company and was kicked out of the Academy for Motion Picture Arts and Sciences. However, this may only have been the start to his troubles, as groups in New York, Los Angeles and London are looking into criminal cases against him. Another woman, Kadian Noble, is pursuing a lawsuit accusing Harvey Weinstein of sex trafficking at the 2014 Cannes Film Festival.
The Weinstein Company is also dealing with the ramifications of all of Harvey Weinstein's alleged behavior over the years. The company also faces bankruptcy and additional lawsuits. The company even sold the rights to Paddington 2 to recover some of its costs a few months ago; however, now TWC is even being sued over Paddington 2. So, there's a lot that has gone on since the initial allegations against Weinstein came to light.
In the aftermath of all of this Maria Contreras-Sweet and co. pulled out and now with the bankruptcy announcement the company has Lantern Capitol as a "stalking horse bidder," which should keep the company from not having to take low bids. An auction will happen, and the court should supervise all of the bids that come in. Right now, the future of The Weinstein Company is still uncertain, but we'll keep you updated as more news develops. In the meantime, with the NDAs no longer an obstacle in the way of the investigation of Harvey Weinstein, that story seems far from over, as well.
Reality TV fan with a pinch of Disney fairy dust thrown in. Theme park junkie. If you’ve created a rom-com I’ve probably watched it.
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