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Court approves auctioning of the film studio co-founded by Harvey Weinstein

Team SoOLEGAL 9 Apr 2018 5:31pm

Court approves auctioning of the film studio co-founded by Harvey Weinstein

Delaware (U.S.A.): Harvey Weinstein, among one of Hollywood's most influential figure, will have his studio auctioned for paying of his creditors and those who have sued him for sexual misconduct. An order to this affect was passed by a U.S. bankruptcy judge recently.

The Weinstein Co filed for bankruptcy last month and received an initial bid from an associate of Private Equity Firm Lantern Capital Partners. Those interested in bidding can make a bid by April 30.In case more than one bids qualify, an auction will be conducted on May 4 at  the office of law firm Richards, Layton & Finger in Wilmington, Delaware.

Weinstein has been accused of sexual misconduct, including rape and assault by more than 70 women. Weinstein has denied these charges saying he only had consensual physical relationship.

Since the scandal broke out in October, those Hollywood celebrities who used to be seen with him, have  completely distanced themselves from him.

The studio which is being auctioned was co-founded by Harvey with his brother Bob. The studio has over the years been involved who's who of Hollywood and has made critically acclaimed films  like The King’s Speech” and “Silver Linings Playbook,” as well as TV’s fashion reality competition “Project Runway".

The lawyer appearing for the company informed the U.S. Bankruptcy Judge Mary Walrath in Wilmington, Delaware that 16 potential bidders had already signed non-disclosure agreements, giving them access to confidential information about the company.

                    

Tagged: Harver Weinstein   U.S.Bankruptcy court   Hollywood  
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