Because of the major controversy that Weinstein founder has been facing for quite a while now, the Weinstein Company had to declare their bankruptcy. This film studio has managed to produce some of the biggest films in Hollywood such as “Django Unchained,” “The King’s Speech,” “Silver Linings Playbook,” “Paddington” and more.
The company has started to go downhill when its founder and former chairman, Harvey Weinstein, has been accused by almost a hundred women, both in and out of the industry, with assault and harassment. This has indeed affected the company in the biggest way.
Weinstein Co. just filed for bankruptcy
Weinstein Co. Went Bankrupt
Brothers, Harvey and Bob Weinstein introduced Weinstein Co. after leaving Miramax Films in 2005. However, allegations have against Harvey have started even before they founded Weinstein Company, then again it all started with the report from The New York Times back in October 2017, when substantial allegations against Weinstein were revealed.
The report says that he has been harassing and assaulting actress and employees for more than three decades. This accusation has definitely affected the company in a severe way that led to them filing for bankruptcy protection and at the same time, they had to end all of their non-disclosure agreements. They filed for bankruptcy last week at the Delaware court wherein they listed $500 million to a billion liabilities as well as assets.
The past couple of months, the company has been looking for an investor and even a buyer, but luck is definitely out of their sight since this issue has definitely taken over the image of the company. They almost acquired a deal with the Maria Conteras-Sweet, who is a former member of the Obama Administration. However, before they have managed to finalize it, they had to back out of the deal when they found out that the said company actually has more liabilities that they said they have.
Weinstein Co. Founder Harvey Weinstein
In a statement released by one of the founders, Bob Weinstein, Harvey’s brother. The company is indeed hoping for Justice to any victims and they are hoping to maximize the value of its assets to preserve as many jobs as possible. However, because of the bankruptcy that has been declared, all the civil suits that will be filed against Harvey would then have no legal claims to the company.
Then again, New York Attorney General Eric Schneiderman’s lawsuit wouldn’t be halted since this case has been filed by a law enforcement agency, the New York Attorney General said that his investigation will continue and at the same time, he would work with the company to be able to ensure that the victims of the accused would be protected and compensated.
More than 80 women accused Harvey Weinstein of abuse and harassment
While in the bankruptcy process, bidders may still look into the company but the assets’ value may increase not just because of the bankruptcy but because of the 277-film library that the company has. It is the home to award-winning films by Quentin Tarantino, who is one of the greatest filmmakers of all time. Tarantino even released a statement regarding this issue last year, he said that he has talked to Harvey about it many years ago and asked him to stop, but obviously, he didn’t listen. One of the company’s last films, “Paddington 2,” was sold to Warner Bros. for the distribution rights last year.
Weinstein’s #MeToo Effect
This issue has definitely affected the Hollywood industry in a massive way. More and more celebrities have found the courage to speak up and joined the #MeToo movement such as actresses Angelina Jolie, Gwyneth Paltrow, Kate Beckinsale, Salma Hayek and more.
Other celebrities have also shown their support by encouraging other women to tell their stories so people like Weinstein would learn their lessons and so they could find justice as well. Because of these alleged actions the Academy of Motion Picture Arts and Sciences or AMPAS, who serves as the panel in the Oscars, had to remove him and considers his inappropriate behavior as a disgrace to the film industry. During the 90th Academy Awards, host Jimmy Kimmel even had to call out Weinstein for this issue in his opening monologue.
Also, because of this issue, more and more women are coming out and accusing male celebrities such as actors Kevin Spacey, Ben Affleck, Ed Westwick, and James Franco.